CCTV Sales Will Hit $US45.7B
♦ According to CCTV industry analysis, CCTV sales will hit $US45.7B up from $14.7B at the end of 2022.
Led by video analytics technology the global CCTV camera market is predicted to surge at a CAGR of around 12 per cent from 2022 to 2032. Dome cameras are anticipated to account for a leading market share. However, demand for PTZ cameras is estimated to surge at a robust CAGR of 15.3 per cent through 2032.
The AI-based segment is anticipated to increase at a CAGR of 13.8 per cent from 2022 to 2032, the commercial sector is estimated to dominate the global CCTV camera market in 2022, while the residential sector end user is expected to grow threefold by 2032.
North America is expected to lead the market in 2022, followed by Europe. South Asia and the Pacific, including Australasia, are anticipated to emerge as the fastest-growing regional market through 2032.
The market in China is expected to progress at a healthy CAGR of around 11.6 per cent through 2032, Japan is expected to grow 3.6x during the forecast period, while India will reach CCTV sales of $1.4B by 2032.
“CCTV camera manufacturers are focusing on developing cameras that feature edge-based person detection with AI technology for more personal and intelligent automation and surveillance of smart homes,” says a Persistence Market Research analyst.
Drivers of the market include concerns around security and crime in emerging markets, as well as a push towards greater operational efficiency, remote monitoring, and situational awareness through the growth of smart organisations and smart cities.
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