The global CCTV cameras market expected to witness immense growth and is set to reach US$ 24.00 Bn by 2026, expanding at a CAGR of 12.3% during the forecast period from 2018 to 2026. Growth of the market mainly attributed to the increasing use of CCTV cameras in law-enforcement, traffic surveillance and for surveying high-crime areas or neighborhood. CCTV cameras have become more user-friendly and affordable and are finding their way into several homes and businesses. CCTV cameras are used for capturing images or videos in surveillance or monitoring systems. It enhances surveillance capabilities that are used for protection of assets, people and systems. CCTV cameras mainly serves as a security force multiplier that helps in providing surveillance for a large area. These cameras are often used for supporting comprehensive security systems with the incorporation of security alarms and video coverage for access control, barriers and intrusion detection.
CCTV cameras have gained lot of traction across the globe due to growing concerns for protection and safety. Increasing number of terror attacks and crime rates have uplifted the demand for CCTV cameras, which in turn is facilitating the growth of CCTV cameras market. Moreover, rising penetration of CCTV cameras in hospitals, education and retail sectors are amongst the major drivers accelerating the market growth. CCTV cameras used in these sectors allows one to effectively monitor large areas with minimal requirement of manpower. Furthermore, with the emergence of IP signaling technology and the benefits of remote CCTV monitoring are realized as cost effective and efficient alternatives to the conventional technology like analog systems. The CCTV cameras market expected to witness significant growth due to the increasing safety concerns in various regions across both residential and commercial sectors. However, high costs of 4k CCTV cameras and HD CCTV cameras expected to restrain the growth of the CCTV cameras market during the forecast period from 2018 to 2026.
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Dome Cameras to Emerge as Lucrative Segment in the CCTV Cameras Market during the Forecast Period
The global CCTV cameras market, on the basis of model type is segmented into box cameras, bullet cameras, dome cameras and PTZ cameras. In 2017, the CCTV cameras market was dominated by the dome cameras in terms of value contribution. Dome cameras are becoming increasingly popular as they possess an ability to blend with their surroundings. These cameras are mainly used in residential applications as well as in public places including offices, lobbies, casinos, restaurants and convenience stores. These type of cameras are generally mounted on the ceiling and can also be mounted on a wall.
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IP-based CCTV Systems to Augment the Growth of CCTV Cameras Market during the Forecast Period
In terms of value contribution, the analog CCTV system segment accounted for the largest market share in 2017. The demand for analog CCTV systems expected to slow down during the forecast period, as these systems are difficult to integrate with other security applications like automatic face recognition systems. On the other hand, IP-based CCTV systems expected to witness fastest growth during the forecast period. The growth of IP-based CCTV systems is mainly accredited to the technological advancements in these cameras and several advantages offered by them including product scalability, reliability, flexibility, high resolution and superior image quality. IP-based CCTV systems helps business organizations to lower the total cost of ownership and enhance their operational efficiency, thereby facilitating the growth of the market.
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