Albany, NY -- (SBWIRE) -- 11/15/2017 -- The global CCTV Camera Market is witnessing a wave of consolidation on account of mergers and acquisitions. Another noticeable pattern in the market is the high concentration of manufacturers in the U.S. and Asia Pacific. Most of them are pouring money into development of new and better products to outgun their competitors.
Some of the prominent participants in the global CCTV camera market are Axis Communications AB, Bosch Security Systems, Inc., Geovision Inc, Hangzhou Hikvision Digital Technology Co Ltd, Hanwha Techwin Co. Ltd, Honeywell International Inc., Panosonic System Network Co. Limited, Pelco Inc, Toshiba Corporation, and Zhejiang Dahau Technology Co. Ltd.
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As per a report by Transparency Market Research, the global CCTV camera market is slated to expand at robust 12.7% CAGR during the period between 2017 and 2025 to become worth US$23.32 bn by 2025.
Depending upon the type of model, the global CCTV camera market can be segmented 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% share in 2016. The segment is expected to grow at a healthy clip in the years ahead as well on account of the investments in its technology.
Geographically, the key segments of the global CCTV camera market are North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Of them, Asia Pacific is a market leader and will likely remain so in the years to come as well. This is primarily on account of the low priced CCTV camera systems, manufactured mainly in China, which gives tough competition to higher priced products from other regions. The TMR report predicts the market in Asia Pacific to expand at 14.6% CAGR from 2017 to 2025.
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Pressing Security Issues Benefits Market
At the forefront of driving growth in the global CCTV camera market is the burgeoning modern retail outlets and hospitality sector where surveillance becomes important in order prevent shoplifting and also to keep a tab on other activities of attendants and customers. Besides, increasing need for surveillance to tackle security issues is also having a positive impact on the market. Rising threat of terrorism and other geopolitical problems have had a direct bearing on the sales in the market.
Technological Advancements Stoke Market Growth
Another factor majorly fuelling the global CCTV camera market is the technologically advanced cameras with better image quality and other functionalities. Adds the lead analyst of the TMR report, "Digitization in the surveillance market has led to the emergence of effective CCTV cameras having integrated solutions. On account of gigantic strides made in the domain of technology, various types of CCTV cameras are available in the market that differ on the basis of model types and technology. The software and hardware integrators of CCTV cameras are engaged in offering effective design and installation facilities to their customers."
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Robust investments in research and development initiatives have had a positive impact on the growth of CCTV camera market worldwide. The CCTV camera market is governed by technology advancements in the areas of software, hardware, service, and maintenance.