International. The global closed-circuit television (CCTV) camera market was valued at USD 31.88 billion in 2021 and is projected to grow to USD 105.20 billion by 2029, with a CAGR of 16.8% during the forecast period, according to a report published by Fortune Business Insights.
In 2022, the market recorded USD 35.47 billion. Asia Pacific accounted for 68.76% share in 2021, consolidating itself as the leading region in the adoption of this type of device.
The study points out that the Covid-19 pandemic impacted the industry with a decrease of 4.6% in 2020 compared to 2019. "The Covid-19 pandemic has significantly affected the electronics and semiconductor industry. Due to social distancing measures, manufacturing units and businesses in all nations were shut down," the document states.
Video surveillance systems have integrated new technologies such as artificial intelligence (AI) and the Internet of Things (IoT), which has driven their adoption in sectors such as banking, retail, transportation, government, and residential. In May 2022, Tenda launched a Full HD 1080p intelligent security camcorder with AI-based tilt and pan features, while in January 2021 Axis Communications introduced the Dome Camera Axis P3255-LVE, equipped with a dual chipset designed for deep learning object analysis.
The report also highlights the overcrowding of cameras in public spaces. According to PrecisesseCity, "Globally, more than one billion cameras have been installed, and China has about 200 million surveillance systems installed across the country. In addition, the United States and Germany have about 50 million and about 5.2 million surveillance systems installed, respectively."
In terms of device types, the dome camera segment had the largest share in 2021, driven by its use in smart city projects such as Bhubaneswar in India, where more than 350 pieces of equipment were installed in September 2022. The report forecasts PTZ cameras to register the highest growth due to their advanced zoom features and AI integration.
In technology, analog cameras dominated in 2021, although the report projects that IP (network) cameras will grow at the highest rate in the coming years, due to the expansion of infrastructure and their use in asset protection.
The analysis also warns of limitations related to privacy and cybersecurity. "There is a high risk of video data being misused in the public cloud in camera recorders and increasing data breaches restrict organizations from storing video footage," the report notes.
