A new report prepared by Transparency Market Research describes the current conditions and projections for the CCTV camera market, in terms of global industry analysis, size, share, growth, trends, and forecast to 2025. Transparency researchers predict that the global CCTV camera market is expected to expand at a robust 12.7% CAGR over the forecast period to reach a global value of US$23.32 billion by 2025.
The analysts observe that the global CCTV camera market is seeing consolidation on account of players banking upon mergers and acquisitions to bolster their positions. They also note that competition in the market is tough due to the numerous hardware and software providers involved. Most of the prominent players in the market are concentrating on unveiling upgraded and sophisticated systems and solutions in the CCTV camera market in order to up sales.
The mushrooming modern retail outlets and a booming hospitality industry are serving to provide a major impetus to the global CCTV camera market. Besides, continued progress in technology on account of players expending money on product development is also having a positive impact on the market. As per Transparency Market Research, the global CCTV camera market is expected to expand at robust 12.7% CAGR during the period between 2017 and 2025 to become worth US$23.32 billion by 2025.
The global CCTV camera market can be segmented depending upon the type of model, into PTZ camera, box camera, dome camera, bullet camera, etc. Of them, the segment of dome camera leads the market and in 2016 its leading share came to about 45%. The segment is expected to grow at a healthy clip in the years ahead as well on account of further investments in it and on the back of technological progress.
In terms of the type of technology used, analogue CCTV camera systems accounted for maximum market share in 2016, and from a geographical standpoint, the global CCTV camera market is dominated by North America and Asia Pacific. Currently, Asia Pacific market is being powered by China which manufactures cheaper varieties of the product that are seeing widespread uptake. India is another key market in the region vis-à-vis demand. As per the TMR report, the market in Asia Pacific will likely outpace all other regions in terms of growth rate by registering a CAGR of 14.6% from 2017 to 2025 to become worth US$9.554 billion by 2025.