International. Global CCTV camera shipments currently represent a value of US$10.4 billion, and are projected to increase at a CAGR of 6.4% from 2022 to 2029, to give the global CCTV camera market a valuation of around US$16.1 billion by 2029.
The Future Markets Insights (FMI) report reveals that CCTV camera sales currently account for around 25% of the global video surveillance industry market. Demand for IP cameras is gaining momentum as the proliferation of the Internet has increased substantially in multiple user applications.
Many CCTV systems come in a combination of IP cameras, dome cameras, bullet cameras, etc., to ensure proper CCTV surveillance coverage.
According to FMI's analysis and review of the CCTV camera market, the first half, 2022 (Forecast) – first half, 2022 (Projected) witnessed growth of 16 BPS points.
The reopening of the economy after the pandemic caused crowds of people to slowly return to pre-pandemic levels in several places, prompting increased demand for CCTV cameras.
The increase in the number of startups worldwide and office spaces automatically lead to the installation of CCTV cameras. Certain people also choose to place CCTV cameras outside their homes for safety. Government mandates also make it necessary to place CCTV cameras in certain locations.
Analysis of CCTV camera sales (2014 to 2021) versus market predictions (2022 to 2029)
Surveillance cameras have seen a major shift in demand in recent years as digitization and technological proliferation in the human lifestyle has increased. Security has become a major concern in recent times, as the risk of theft and other security-related issues have become more prevalent than ever.
Demand for CCTV cameras increased at a CAGR of 6% between 2014 and 2021. Due to the increasing demand for security solutions in infrastructures such as power plants, smart grids, etc., increasing technological proliferation, increasing urbanization and digitalization, and rapid technological advancements, CCTV camera technologies are expected to greatly influence the potential of this market.
Government initiatives to improve security have also helped boost CCTV camera sales in several countries. For example, Indian Railways began installing IP cameras to bolster passenger safety on train journeys. Surveillance cameras will be installed at major stations across the country and the installation is expected to be completed by March 2022.
CCTV camera consumption is estimated to increase at a CAGR of 6.4% between 2022 and 2029.
The demand for home surveillance cameras is increasing rapidly due to the growing awareness of safety among people with increasing physical risks. Home CCTV cameras are expected to have a bright outlook during the forecast period. Residential applications account for 16.4% of the global CCTV camera industry landscape.