Albany, NY -- (SBWIRE) -- 02/15/2018 -- A report by Transparency Market Research observes that the global CCTV camera market is seeing consolidation on account of players banking upon mergers and acquisitions to bolster their positions. Competition in the market is stiff on account of numerous hardware and software providers. 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 bn by 2025.
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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.
Depending upon the type of technology, analog CCTV camera systems accounted for maximum market share in 2016. The other types of technology leveraged in the making of CCTV cameras are wireless CCTV systems, IP-based CCTV systems, and hybrid CCTV systems.
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 bn by 2025.
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North America is another prominent market which has been seeing soaring sales of CCTV cameras on account of a major thrust on public security. Terrorist attacks in the past and other security issues threatening to undermine the peaceful lives of people has resulted in enormous adoption of CCTV cameras for surveillance. Other factors serving to boost the market in the region is the investments into research and development of better products with more sophisticated technologies. Regulatory policies too have supported the sales of CCTV cameras in the region, particularly in the U.S. The market in North America is projected to clock a 10.2% CAGR in the forecast period.
The Europe market for CCTV cameras has already seen large scale progress and the markets in the Middle East and Africa and South America are predicted to see a slower pace of growth as compared to other regions.
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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.