CLOSED-CIRCUIT TELEVISION (CCTC) MARKET REPORT OVERVIEW
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The global closed-circuit television (CCTV) market size was USD 28,197 in 2019 and is expected to touch USD 106261.19 by 2031, exhibiting a CAGR of 11.69% during the forecast period. In the market study, our analysts have considered closed-circuit television (CCTV) players such as Hikvision, Johnson Controls, Dahua Technology, Bosch, ADT Security, Schneider Electric, Hanwha Techwin, Sony, Axis, Avigilon, Panasonic and Honeywell.
The sudden rise in CAGR is attributable to the Closed-Circuit Television (CCTC) market growth and demand returning to pre-pandemic levels once the pandemic is over. The COVID-19 pandemic has negatively affected several markets globally and is expected to be negatively affected during the COVID-19 pandemic. Closed-circuit television (CCTV) is used to transmit signals to a particular system or set of televisions. The rising demand for a security monitoring system is expected to boost the product's demand drastically. The adoption of CCTV is increasing rapidly because of its excellent security and data feeding abilities. It can handle harsh environmental conditions and possesses features such as night vision to provide excellent security to users. It can monitor and securely provide data to televisions or systems.
Robust demand from healthcare, construction, education, transportation, and other industries is likely to bolster product demand. The incorporation of artificial intelligence and machine learning technologies is expected to attract significant consumer demand. Furthermore, the rising demand for technologically advanced products is expected to bolster the product demand. Additionally, government investments in citizen safety lead to its adoption in infrastructure development. These factors are likely to boost closed-circuit television (CCTV) market development.
COVID-19 Impact: Lack of Semiconductor Chipsets and Components to Hinder Market Progress
The COVID-19 pandemic negatively affected several markets globally. The spike in COVID-19 cases has led to the imposition of restrictions on the manufacturing and transport industry. The lack of raw materials and components required to manufacture electronics may lead to disruption in the supply chain. Furthermore, the lack of semiconductor chipsets is expected to impede the production of the product. The lack of manufacturers and stock is expected to hinder CCTV's sales drastically. Problems regarding lack of labor and limited supply are expected to negatively affect sales. These factors are likely to impede market progress during the pandemic.
LATEST TRENDS
"Increasing Adoption from Residential and Commercial Buildings to Impede Market Progress"
Closed-circuit television (CCTV) is used extensively in several residential and commercial buildings to maintain safety. It provides excellent security to the users and maintains a safe living environment in buildings. Evolving consumer lifestyles and increased spending on advanced safety features are expected to boost CCTV's demand from the residential and commercial sectors. CCTV helps prevent accidents, theft, and other threats. It possesses an excellent lifespan because of its resistance to harsh environmental conditions. The product is highly compact and provides secure wireless transmission to systems. CCTVs incorporate strong lenses and sensors that utilize lasers to accurately capture video footage. It provides excellent night visibility because of the incorporation of features such as night vision sensors and laser detection.
Increasing investment in resident safety is expected to boost demand for high-quality CCTV systems. Manufacturers incorporate advanced features such as night vision, compact size, wireless transmission, artificial intelligence, weather resistance, and others to satisfy consumer demand. These factors are likely to fuel the growth of the closed-circuit television (CCTV) market.
CLOSED-CIRCUIT TELEVISION (CCTC) MARKET SEGMENTATION
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- By Type Analysis
By type, the market is segmented into HD CCTV, network cameras, and analog cameras.
The HD CCTV segment is expected to dominate the market because of its extensive adoption in residential and commercial buildings, offices, malls, and others. It provides excellent resistance against dust, water, and other damages. It provides excellent resolution and tracks faces to provide theft protection and kid protection. These factors are likely to facilitate industry growth.
- By Application
Based on application, the market is segmented into healthcare, education, energy, utilities, transportation, BFSI, business, retail, and others.
The business segment is expected to fuel market growth because of the rising adoption of closed-circuit television (CCTV) in business organizations. Increasing demand for effective security measures is expected to boost product demand. These factors are likely to boost industry growth.
DRIVING FACTORS
"Incorporation of Artificial Intelligence Technology to Foster Market Growth Positively"
The incorporation of artificial technology is expected to boost performance significantly. It improves subject detection and optimizes image processing. It supports several features such as face detection, vehicle detection, and others. Manufacturers such as Simcam provide excellent cameras with face and vehicle detection to improve their product's quality drastically. Rising demand for advanced and secure CCTV systems is likely to boost the product's demand. The incorporation of AI is expected to boost protection against child safety and thefts. It optimizes performance and eliminates performance issues such as throttle, lag, and others by managing performance allotment. It enhances transmission security by utilizing advanced safety algorithms to prevent hacking. It improves image processing and stores registered faces in its database to provide excellent safety. It connects with alarms to inform users regarding threats such as fires, earthquakes, and others. These factors may boost the closed-circuit television (CCTV) market progress.
"Weather Resistance, Heat Management, and Durability of CCTV's to Facilitate Industry Growth"
The incorporation of advanced weather sealing increases the product's demand drastically. The incorporation of protective materials increases its resistance against damages. It increases its lifespan and improves its monitoring ability. The adoption of high-quality seals and rubber gaskets for ports improves the weather seal and enhances its ability to withstand damages. Further, CCTVs use excellent heat venting systems to prevent throttling and damages to circuit boards and sensors. It efficiently dissipates excessive heat and maintains consistent temperatures all day long. Additionally, they utilize strong metals and glass coatings for protection against impacts, dust particles, and electric interference. These factors are responsible for the closed-circuit television (CCTV) market growth.
RESTRAINING FACTORS
"High Installation and Maintenance Costs to Impede Market Progress"
Higher costs associated with the installation of closed-circuit television (CCTV) are expected to lower its sales from small households and industries. Its higher maintenance costs are expected to impede its demand. Additionally, the lack of awareness regarding the benefits of CCTV is expected to hamper the market growth.
CLOSED-CIRCUIT TELEVISION (CCTC) MARKET REGIONAL INSIGHTS
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"Presence of a Developed Digital Infrastructure to Boost Market Growth in North America"
Regionally, the market is grouped into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
North America is expected to dominate the closed-circuit television (CCTV) market share because of the presence of developed digital infrastructure. The emergence of several business organizations is responsible for the rising demand for closed-circuit television (CCTV). Additionally, rapid technological development and the emergence of several manufacturing facilities are expected to boost the market growth.
Asia-Pacific is the second-largest market shareholder because of the rising adoption of closed-circuit television (CCTV) from residential and commercial applications. Rising per-capita income and evolving consumer preferences are expected to fuel the product's sales. Additionally, the presence of several manufacturers such as Sony and Panasonic is expected to propel closed-circuit television (CCTV) market progress.
In Europe, the presence of several industries is expected to fuel closed-circuit television (CCTV) production. Additionally, the presence of several semiconductor and component manufacturing firms is expected to facilitate industry progress.
KEY INDUSTRY PLAYERS
"Adoption of Technologically Advanced Production Techniques to Improve Market Position"
Prominent companies operating in the market incorporate technologically advanced production techniques to improve product quality, reduce labor costs, and time-consuming, improve operational efficiency, and enable businesses to satisfy their organizational goals. This strategy enables companies to improve their market position. Further, companies devise strategies such as research and development to improve their product's quality. It enables them to develop better services to meet consumer's requirements and improve their services. This strategy enables companies to improve their services and improve their brand image.
List of Market Players Profiled
- Hikvision
- Johnson Controls
- Dahua Technology
- Bosch
- ADT Security
- Schneider Electric
- Hanwha Techwin
- Sony
- Axis
- Avigilon
- Panasonic
- Honeywell
REPORT COVERAGE
The report highlights the top segments and the latest market trends. It comprehensively studies the impact of COVID-19 and the driving and restraining factors. This report observes the strategies devised by the major players and the regional developments. Additionally, it informs the readers regarding the factors that are responsible for the progress of the industry.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 28197 Million in 2019 |
Market Size Value By |
US$ 106261.19 Million by 2031 |
Growth Rate |
CAGR of 11.69% from 2019 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type, Application & Region |
Frequently Asked Questions ON Closed-Circuit Television (CCTC) Market
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What value is the closed-circuit television (CCTV) market expected to touch by 2031?
Based on our research, the closed-circuit television (CCTV) market is expected to touch USD 106261.19 by 2031.
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What CAGR is the closed-circuit television (CCTV) market expected to exhibit by 2031?
This closed-circuit television (CCTV) market is expected to exhibit a CAGR of 11.69% during the forecast period.
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Which are the driving factors of the closed-circuit television (CCTV) market?
Incorporation of Artificial Intelligence technology, weather resistance, heat management, and durability is expected to be the driving factors of the closed-circuit television (CCTV) market.
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Which are the top companies operating in the closed-circuit television (CCTV) market?
Hikvision, Johnson Controls, Dahua Technology, Bosch, ADT Security, Schneider Electric, Hanwha Techwin, Sony, Axis, Avigilon, Panasonic, and Honeywell are the top companies operating in the closed-circuit television (CCTV) market.
