Recently, a fresh study highlighting the market snapshot of Data Management Platforms has been publicized to the wide database of Market Research Reports Search Engine (MRRSE). This in-depth study is headlined as “Global Market Study on CCTV Cameras: Strong Distribution Channels Expected to Provide More Convenience to Various End Users in the Global Market” which discusses the historic and current scenario of the global market, along with the future prospects it holds for a 8 year assessment period, 2017-2025. For the benefit of the investors of the report, this research focuses on the drivers and restraints anticipated to impact the demand for CCTV Cameras Market in the coming years.
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The commercial market for CCTV cameras will grow with an increase in the need for surveillance in commercial and retail stores
Physical security is the type of security associated with safeguarding personnel, property, or information in business organizations, residential and industrial applications, and sectors such as retail, utilities, and energy etc. Infrastructural development and growing security concerns caused by the rising number of terrorist activities have led to the development of innovative physical security solutions.
This is expected to help the CCTV camera market grow at an exceptional rate during the period 2017-2025. The CCTV camera market is growing rapidly due to a technological shift from analog video surveillance systems to network camera solutions. Companies need to focus on manufacturing a variety of network cameras that are in huge demand in various industry verticals. Among various end users of CCTV cameras, the residential sector is expected to witness increased preference towards CCTV cameras.
According to the market analysis, the residential segment is expected to grow at a CAGR 17.8% during the forecast period, which is the highest among all other end users of CCTV cameras. However, in terms of market share, the commercial sector dominates the global CCTV camera market. The commercial segment is expected to reach a market size of over US$ 13,100 Mn by the end of 2025.
Technological advancements have taken the global CCTV camera market to new heights
The advancements in technology are driving the growth of the global CCTV camera market. The introduction of 4K cameras and advanced security camera technology are adopted in different sectors in order to ensure security against threats, shoplifting and terrorism. This factor helps in driving the growth of the CCTV camera market. The internet of things (IoT) is also playing a major role in CCTV camera related advancements and is contributing to the growth of the global CCTV camera market.
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The newer digital cameras are much more convenient than the traditional analog cameras. Network Cameras are digital video camera with a built-in Ethernet network connection and a web server. The digitally compressed video from the camera can be seen immediately from all computers that are connected to a network. Analog cameras are physically connected to monitors and recording devices using coaxial cables. The worldwide retail sales of CCTV cameras is increasing significantly every year. The rise in retail sales is also a result of continuous increasing population as well as disposable income in the last few years.
High costs associated with new technology and privacy concerns may hinder the growth of the global CCTV camera market
The global CCTV camera market is at a hike and is expected to continue growing during the forecast period 2017-2025. However the market is also expected face a few hindrances in revenue growth. One of the major restrictions the CCTV camera market may face is the high costs associated with the new technologies introduced in the global market. The newer costly cameras come with IP/Network facilities, which is not affordable to every end user.
The HD cameras and 4k cameras are also costly especially for a normal residential use. This factor may restrict the growth of the global CCTV camera market. There are also rising concerns over people’s privacy that is interrupted by excessive use of CCTV cameras worldwide. These concerns may restrict the use of CCTV cameras in certain areas, lowering the scope of business for CCTV camera manufacturers.
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