CCTV Camera Market Size, Share & COVID-19 Impact Analysis, By Camera Type (Box CCTV, Bullet CCTV, Dome CCTV, C-Mounted, PTZ Camera, and Others), By Technology (Analog, IP Camera, and Others), By End-user (BFSI, Homeland Security, Retail, Residential, Logistics & Transportation, Hospitality, Government, Commercial Spaces, and Others), and Regional Forecast, 2022-2029

The global CCTV camera market size was valued at USD 31.88 billion in 2021. The market is projected to grow from USD 35.47 billion in 2022 to USD 105.20 billion by 2029, exhibiting a CAGR of 16.8% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with CCTV camera experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global CCTV camera market exhibited a decline of 4.6% in 2020 as compared to 2019.

CCTV camera transmits a signal to a specific place. It consists of a set of a recorder and displays for monitoring the activities in a company or store. It is widely used in banks, financial institutes, and educational complexes, commercial and public places to increase the security of the premises.

In the scope considered, CCTV camera players, such as Bosch Security Systems Inc., Mobotix AG, Dahua Technologies, Honeywell Security Group, Panasonic System Networks Co., Ltd., Axis Communications AB, and others, are offering security system products. These players offer several camera types, including dome cameras, PTZ, box, bullet, C-mounted, and others. Rising adoption of security systems with rising investments in smart cities and government initiatives for providing public securities are driving the market. According to the Smart City Association Report in 2021, the smart city market is expected to reach USD 3.5 trillion by 2026.

These surveillance systems are integrated with advanced digital technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and others that help to facilitate security for businesses, individuals, and the public. Several leading players in the market are developing security and surveillance systems using technologies such as AI and IoT to meet the growing demand for security. For instance,

• In May 2022, Tenda launched AI-based Full HD 1080p smart security camcorder with tilt and pan functions. It features a full duplex with two-way audio communications and a three-year warranty period.


• In January 2021, Axis Communications launched Dome Camera AXIS P3255-LVE, providing the perfect platform for analytics based on Artificial Intelligence (AI) with deep learning. This fixed dome camera is an innovative dual chipset for nuanced and granular object classification.

COVID-19 IMPACT

COVID-19 Pandemic Declined the Global Market Growth Owing to Disruption in International Trade Activities

The COVID-19 pandemic has significantly affected the electronics and semiconductor industry. Owing to social distancing measures, manufacturing units and businesses across nations were closed. In addition, travel and international trade restrictions decreased the overall sales of the products. Furthermore, the lockdown disrupted the global supply chains, significantly impacting the sales of video surveillance systems for a short time.

The countries in Asia and Europe, such as China, the U.K., Germany, and others, suffered majorly from the closure of manufacturing plants. Also, the demand for the camera market has declined due to the closure of international trade activities.

The global market declined by 4.6% in 2020 compared to 2019. The global surveillance system market revenue in 2020 reached USD 29.12 billion compared to USD 27.53 billion in 2019. Although the revenue declined in 2020, the key players developed advanced technologies such as AI and deep learning-based surveillance systems. For instance,  

• In October 2020, Axis Communications Inc. launched an advanced deep-learning technology-based CCTV camera. This camera has gained popularity owing to its AI accelerator and deep learning technology-based capabilities. Axis Communications Inc. launched Mk III AXIS Q1615 Network vigilance system, which allows additional advanced technology-based deep learning applications and several analytics solutions.

Post-pandemic, several leading players in the market are investing in advanced technology-based cameras with exceptionally high-resolution features and quality. For instance,

• In June 2022, Axis Communications launched and opened the Axis Experience Center (AEC) in Georgia. This state-of-the-art technology center facilitates hands-on experience to test and view the latest technology-based high-performance network cameras.

LATEST TRENDS 

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Rising Adoption of AI-based Cameras in Commercial and Public Places to Propel Market Growth

These cameras are integrated with AI and deep learning advanced technologies. The artificial intelligence (AI) technology adds features such as network video recording, face detection, and others. These offer technological compatibility with enhanced 360-degree vision across surveillance industries. Several leading players in the market are developing advanced AI-based surveillance systems to meet the growing demand for security in public places. For instance,

• In October 2021, Xiaomi Inc. China-based consumer electronics manufacturer, introduced Xiaomi Mi AI-based Smart 2 PTZ in China that facilitates 360° panoramic views and remote access using a smartphone.


• In October 2021, Spot AI, a US-based surveillance system firm, launched an AI-based camera system for better access to video intelligence. The company received around USD 22 million in Series A funding from Bessemer Ventures and Redpoint Venture Partners.

DRIVING FACTORS

Rising Adoption of Security Systems in Residential and Commercial Areas Aids Market Growth

CCTV camera is widely used for the protection of residential and commercial spaces around the globe. It has been built with advanced technologies such as infrared, AI, and deep learning to provide additional security for public and residential spaces. Also, rising robbery cases in residential and commercial spaces with increasing consumer awareness about surveillance cameras aid the market growth.

The rising adoption of cameras across residential and commercial spaces to reduce crime rates and protect assets is driving market growth. The number of surveillance cameras is growing rapidly around the globe for governments to control their population. There is rising installation of millions of vigilance systems across urban areas on all continents. According to the PreciseSecurity Report, globally, more than 1 billion cameras have been installed, with China having around 200 million surveillance systems installed across the country. Also, the U.S. and Germany have around 50 million and around 5.2 million surveillance systems installed, respectively.

The rising adoption of these systems for surveillance in public places drives the global CCTV camera market growth.

RESTRAINING FACTORS

Data Security Concerns Associated with Video Surveillance Hinder the Market Growth

Increasing privacy concerns about protecting video data from hackers and theft are expected to hinder product adoption. There is high risk of video data being misused in the public cloud in camera recorders and growing data breaches restrict organizations from storing video footage. Networked video surveillance systems are more vulnerable to cyberattacks, and hackers create Distributed Denial of Service (DDoS) attacks on targeted systems. Also, the high manufacturing cost associated with advanced technology-based systems hinders market growth.

SEGMENTATION

By Camera Type Analysis

PTZ Camera to Dominate the Global Market Share

Based on camera type, the market is divided into box CCTV, bullet CCTV, dome CCTV, C-mounted, PTZ camera, and others (infrared camera). Dome CCTV segment had the largest share in 2021. This is primarily attributed to rising product adoption across public places to protect government assets. In September 2022, Bhubaneswar Smart City Limited in India installed more than 350 high-end dome cameras for smart city surveillance as part of the government project. Rising urbanizations and surge in global population have propelled the market growth.

The PTZ camera segment is expected to grow with the highest CAGR during the forecast period. The rising adoption of AI-based PTZ systems with a wide range of intelligent features and zoom aids the market growth.

By Technology Analysis

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Rising Adoption among Businesses Drives the Market Growth

By technology, the market is divided into analog, IP camera (network), and others (wireless camera). Among these, analog segment dominated the global market in 2021. This is primarily owing to a surge in demand across public places and rising adoption across public places with a surge in government initiatives for smart city projects.

The IP camera (network) segment is projected to grow with the highest CAGR during the forecast period. Rising infrastructure investment with rapid adoption for protecting assets drives market growth. For instance,

• In April 2021, ACT HomeCam launched a surveillance home security system. It is simple to install, connects with Wi-Fi, and is cost-effective. The camera pairs with the TP-Link Tapo application on Google Play store that allows users to see live footage of their home from anywhere.

By End-user Analysis

BFSI Sector to Witness Strongest Adoption of Vigilance Systems and Government Segment to Show Exponential Growth

Based on end-user, the market is categorized into Banking, Financial Services and Insurance (BFSI), homeland security, retail, residential, logistics & transportation, hospitality, government, commercial spaces, and others (energy & power). BFSI held the largest market share in 2021. This is primarily owing to the rising adoption of cameras to protect banking assets. The Reserve Bank of India (RBI) has made it compulsory to adopt vigilance systems to ensure that all bank transactions are under surveillance, preventing discrepancies and promoting bank transparency.

The government segment is growing with a moderate CAGR during the forecast period. This is owing to the surge in adoption of security systems in public places to prevent crime and discrepancies. In March 2022, the Delhi Government in India planned to spend around USD 32.07 million to install 1.3 million vigilance systems for the next five years.

REGIONAL INSIGHTS 

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By region, the market of CCTV camera has been analyzed across five major regions, North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Asia Pacific is expected to dominate the global market owing to increasing government initiatives and investment in smart city projects. According to the World Construction Report in 2021, investments in China related to smart city projects related to advanced technologies reached around USD 30 billion in 2021 and are expected to reach USD 38.92 billion. Rising investment in smart cities has created a massive demand for the product widely to protect government assets. Also, according to a UN estimate report, around 54% of the globe’s cameras are in China in 2021, which equals to around 540 million surveillance systems. China has around 1.46 billion people and has around 372.8 cameras per 1,000 individuals.

North America is growing with a moderate CAGR during the forecast period. This is owing to rising demand from public places with growing infrastructure development projects. Also, rising cases of burglaries and thefts across the U.S. and Canada are expected to drive market growth. According to the U.S. Federal Government, in 2021, around 91,628 burglary cases were reported in the U.S., with most cases across North Carolina, Washington, Colorado, and Ohio.

Europe is expected to grow at a moderate rate during the forecast period. European countries import surveillance systems from Asia Pacific countries, including China, Japan, and others. Several governments in countries such as Germany, the U.K., and France are taking key initiatives to adopt smart surveillance systems to protect assets. According to the Analysis Report, more than 5.2 million surveillance systems were installed in the U.K., with around one camera for every 13 people for public surveillance, residential, and doorbell system. In the U.K., around 96% cameras are operated by residential and private businesses.

The Middle East & Africa region is expected to grow with moderate CAGR during the forecast period owing to the rising import of public surveillance appliances across the UAE, Saudi Arabia, and other GCC countries.

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South America is growing with a moderate CAGR during the forecast period. This is primarily owing to the rising adoption of CCTV camera systems in Brazil, Argentina, and others. Brazil’s city of Salvador has more than 7,300, Rio de Janeiro has 4,500, and Sao Paulo has around 2,623 cameras.

KEY INDUSTRY PLAYERS

Rising Launching & Development of Advanced Technology-based Cameras Aids the Market Growth

Major CCTV camera players, such as Bosch Security Systems Inc., Mobotix AG, Dahua Technologies, Axis Communications AB, and others, are focused on offering innovative digital technologies-based cameras. These players are expanding their product portfolios owing to rising demand across the residential and commercial sectors. Key players in the market are adopting several business strategies, such as mergers, partnerships, and collaborations, to expand their businesses across the globe. For instance,

• In February 2022, Hangzhou Hikvision Digital Technology Co., Ltd. launched the TandemVu PTZ system that integrates bullet surveillance system capabilities in a single unit. These have zoom-in facilities for specific securities incidents.


• In April 2020, Bosch Security Systems Inc. launched an advanced INTEOX vigilance platform for integrators, users, and application developers. The INTEOX platform will power the line-up of Autodome, Mic, Dinion, Flexidome, and fixed & moving cameras that support IoT infrastructure.

List of the Key Companies Profiled:

• Bosch Security Systems Inc. (U.S.)


• Honeywell Security Group (U.S.)


• Hangzhou Hikvision Digital Technology Co., Ltd. (China)


• Axis Communications AB (Sweden)


• Mobotix AG (Germany)


• Zhejiang Dahua Technology Co., Ltd. (China)


• Panasonic System Networks Co., Ltd. (Japan)


• Geovision Inc. (Germany)


• Sony electronics Ltd. (Japan)


• FLIR Systems Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• In September 2022 – Airtel launched the 'Xsafe’ end-to-end home surveillance systems solution. The company has launched this system across 40 cities in India, including Chennai, Mumbai, Delhi, Kolkata, Bengaluru, and others. Airtel India-based telecom company offers three different types of surveillance system.


• In September 2022 – Sony Electronics Inc. launched Cinema Line – the FX30 camera. This FX30 is a 4K Super 35 compact and provides professional features for the cinema line.


• In September 2022 – Honeywell Security Group launched IP vigilance systems with the feature of ONVIF integration to record videos with new technologies. This was designed to meet customers’ security requirements and the MAXPRO NVRs integration.


• In September 2022 – Axis Communications AB launched Axis M11's next-generation box vigilance systems that offer effective image quality. This was designed as the indoor model's Axis M1137 Mk II and M1135 Mk II and offered 2 MP and 5 MP resolution, respectively. The models are built-in with a microphone and audio recordings.


• In December 2021 – Mobotix AG launched 18 advanced products with innovative vigilance systems and software solutions. This innovative solution includes splash technology and a MOBOTIX7 cloud-based monitoring platform.

REPORT COVERAGE

An Infographic Representation of CCTV Camera Market

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The research report highlights leading regions across the world to offer a better understanding to the user. Furthermore, the report provides insights into the latest industry growth trends and analyzes technologies being deployed rapidly globally. It further highlights some drivers and restraints, helping the reader gain in-depth knowledge about the report.

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