Critical infrastructure security is of extreme significance since these amenities consistently face thefts, physical intrusions, trespassing issues, and terrorism threats. Numerous governments all over the world are increasing their safety efforts to ensure critical infrastructure, for example, water utilities, smart grids, power plants, and oil & gas refineries from border interruption attacks. Subsequently, CCTV-based video surveillance systems are in huge demand to secure basic resources inside these infrastructures. Solutions, for example, IP CCTV cameras, AI-enabled video analytical solutions, and thermal imaging cameras are progressively being embraced to guarantee strong video surveillance, and in this manner, adding to market development. The worldwide market for CCTV cameras is foreseen to show a CAGR of 6% over the estimated time of 2019-2029.
COVID-19 Pandemic Impact Analysis
As worldwide economies are as of now confronting a basic emergency circumstance because of the COVID-19 outbreak, this, thusly, is affecting the logistic operations and supply chain of different video surveillance system makers. In recent years, the market has developed by nearly 6%, worldwide. In 2019, the overall estimation of the worldwide market is evaluated to be about US$ 9 Bn. On the other hand, because of the coronavirus outbreak, the requirement for video reconnaissance has grown further in Q1, 2020, which will proceed in Q2, 2020, as the need for public video observation would develop remarkably for security checking amid lockdowns.
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Key Takeaways of Market Research
- North America is likely to account for a noteworthy share in the worldwide CCTV camera market amid the projected period.
- Dome cameras are anticipated to gain a leading overall market share amid all model types over the projected period since these cameras are extensively employed for end-to-end security solutions all over the world.
- Based on technology, IP/network-based CCTV systems are projected to keep their hegemony in the worldwide market for CCTV camera over the assessment period, since they discovered huge application in the residential industry.
- The need for CCTV cameras in the residential industry is likely to grow at a notable CAGR. On the other hand, the commercial industry is likely to keep on holding a noteworthy market share in the worldwide CCTV camera market.
“The video surveillance sector is at present foreseeing improvement in CCTV cameras with advanced thermal imaging techniques and AI-enabled capabilities. These improved video monitoring cameras are slated to significantly influence the video surveillance sector in the near term. Additionally, during the recent coronavirus outbreak, AI technologies offer better face recognition, event recognition, and object recognition capabilities which could help identify assumed patients of COVID-19.”
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Growing Implementation of Video Analytics to Boost Sales
Smart CCTV surveillance systems are capable to detect, analyze, recognize, and track objects, vehicles, and people, alike. Video analytics software made into CCTV face recognition technology additionally monitors impeccably in real-time, and adds notable benefits in incident review operations and live-monitored. Video analytics offers enhanced operational performance along with enhanced security monitoring to spot unauthorized physical intrusions all over perimeters.