The global CCTV camera market is projected to account for USD 31990.8 million by 2024, registering a CAGR of 12.90% during the forecast period. Market Research Future (MRFR), in its report, envelops segmentations and drivers to provide a better glimpse of the market in the coming years. Over the past two decades, governments, businesses, enterprises, and residents across the globe have become attentive towards preventing their people and assets from potential threats, such as thefts, terrorist attacks, civil unrest, and natural disasters. Safety of people and assets require real-time monitoring of activities in public places and surroundings. Video surveillance plays a vital role in the development of smarter and safer cities by reducing crime rates and implementing preventive measures.
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The global CCTV camera market spans across North America, Europe, Asia-Pacific, and the rest of the world.
The growing adoption of smart homes, increasing awareness regarding security and safety and ease of installation rising adoption are expected to drive the market during forecast period. Advancements in wireless IP cameras and emerging smart city initiatives are expected to create opportunities for the CCTV camera market. However, issues regarding privacy and loss of data are expected to limit the market growth during the forecast period.
The geographic analysis of the CCTV camera market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world. North America is expected to dominate the CCTV camera market during the forecast period due to the high adoption of CCTV cameras by the government for surveillance. Among the major countries in North America, the US exhibited a steady growth in the CCTV camera market over the last decade
Asia-Pacific was the second largest market in 2018, valued at USD 4,897.8 million; the market is projected to exhibit the highest CAGR during forecast period. China accounted for the largest market share of 46.87% in 2018. The rest of Asia-Pacific was the second-largest market in 2018. However, the market in India is expected to register the highest CAGR during forecast period.
In 2018, the UK accounted for the largest market share 2018; the market is expected to register the highest CAGR during the forecast period. The rest of Europe was the second-largest market in 2018.
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The key players of global CCTV camera market are FLIR Systems, Inc (US), Bosch Security Systems (Germany), CP Plus International (India), Digital Watchdog, Inc (US), Hangzhou Hikvision Digital Technology Co., Ltd (China), Sony Corporation (Japan), Honeywell International, Inc. (US), Axis Communications AB (Sweden), Hanwha Techwin Co., Ltd (South Korea), and Dahua Technology Co., Ltd (China), among others.
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