According to the CCTV camera industry analysis by Persistence Market Research, the global market is predicted to surge at a CAGR of around 12% from 2022 to 2032. The report reveals that the market is expected to reach a valuation of US$ 14.7 Bn by the end of 2022.
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Talking of smart cities, security has become a crucial aspect. Authorities need to involve security solution experts at the initial planning stages of proposed smart cities projects. This is to ensure that the required security aspects are not overlooked but are built into the framework right at the beginning.
Since smart cities comprise buildings specifically designed to accommodate advanced technology, planning will become vital to address the safety and security needs of the inhabitants. Video surveillance, fire alarms & protection, access control, intrusion alarms, and emergency evacuation systems are some of the important components that concerned agencies need to properly plan for effective and efficient monitoring.
Physical security involves the use of multiple layers of independent or dependent systems that include protective barriers, access control, and fire protection. Such components are enhanced by the use of CCTV cameras. Also, new generation Video Management Systems (VMS) are a great tool that can be used with CCTV, giving stakeholders visual insights into activity across their premises.
Developments, innovation, and product launches are rapid in this market:
- In February 2022, Hikvision launched its new TandemVu PTZ camera range, which integrates PTZ and bullet camera capabilities into a single unit. These camera systems do away with the need to set up separate PTZ and bullet cameras in pairs. TandemVu PTZ cameras are able to monitor vast areas and zoom in on specific security incidents.
- In November 2021, Johnson Controls introduced six new additions to the Cloudvue camera portfolio. Cloudvue Gen3 cloud-ready cameras are available in 3MP and 8MP resolutions, compact mini-dome, outdoor mini-dome, and outdoor bullet cameras to offer surveillance options for a wide range of applications, including retail, apartment complexes, and manufacturing facilities.
- In April 2020, Bosch announced the launch of INTEOX, a new camera platform that gives users, system integrators, and application developers unprecedented freedom for innovation and customization. The INTEOX platform powers a completely new line-up of MIC, AUTODOME, FLEXIDOME, and DINION fixed and moving cameras that are supported by an open IoT infrastructure.
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Key Takeaways from Market Study
- By camera type, dome cameras are anticipated to account for a leading market share. However, demand for PTZ cameras is estimated to surge at a robust CAGR of 15.3% through 2032.
- By technology, the AI-based segment is anticipated to increase at a CAGR of 13.8% from 2022 to 2032.
- The commercial sector is estimated to dominate the global CCTV camera market in 2022, while the residential sector end user is expected to grow 3.1X by 2032.
- North America is expected to lead the market, followed by Europe, in 2022. South Asia & Pacific is anticipated to emerge as the fastest-growing regional market through 2032.
- The market in China is expected to progress at a healthy CAGR of around 11.6% through 2032.
- The Japan CCTV camera market is expected to grow 3.6X during the forecast period.
- The CCTV camera market in India is estimated to witness an absolute $ opportunity of US$ 1.4 Bn by 2032.
Rise in Theft & Burglaries Boosting Demand for CCTV Cameras
Theft, robbery, and burglary continue to plague the length and breadth of the world. In India, as per the National Crime Records Bureau (NCRB), 244,119 cases of robbery, theft, and burglary took place in residential premises in 2017. According to an FBI report, in 2019, there were an estimated 1,117,696 burglaries in the U.S.
Burglaries accounted for 16% of the estimated number of property crimes in the U.S. Thefts and crimes are also a huge concern for businesses and owners, as these illegal activities affect the profits of companies.
Usually, conventional policing focuses mainly on the physical presence of police officers in the field. But the use of video surveillance and analysis through CCTV has been a growing trend in the security sector over the past few years. Also, the psychological effect of the presence of surveillance cameras serves as the greatest step in crime reduction and prevention.
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