According to a new market research report published by Credence Research “Security Cameras Market(Type – Analog, and Network) – Growth, Future Prospects, Competitive Analysis and Forecast 2016 – 2024”, the global security cameras market stood at US$ 270.8 Mn in 2015 and is estimated to expand with a CAGR of 21.1% from 2016 to 2024.
The report includes forecast and analysis for the Security Cameras market on a global and regional level. The research gives important data of 2016, 2017 and 2018 along with a projection from 2018 to 2026 based on revenue. The study covers drivers and limitations of the Security Cameras market along with the impact they have on the trade over the forecast period. Additionally, the report covers the study of possibilities available in the Security Camerasmarket on a global level.
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The global security cameras market has been primarily driven by increasing adoption of video surveillance systems and services across the world. With rising security threats and increasing instances of crime and terror attacks, there has been a growing need for public safety and protection. It has become imperative for various government bodies and businesses to deploy security cameras within the premises and around the perimeter to ensure law enforcement and public protection. Other factors such as technological advancements in cameras and rising applications in video analytics have opened up new avenues in the overall security cameras market across the world. End-use industries including retail, hospitability, and entertainment have been adopting security cameras with features such as facial recognition, behavior analysis, and event prediction. Moreover, declining cost of network or IP-based cameras has further fuelled the growth of the security cameras market across the world. In addition, technological advancements in thermal cameras, motion detection cameras, and day/night cameras have led to its increasing adoption in various high-end sectors in the developed market such as the U.S., UK, Germany, France, Japan, South Korea and China, among others.
Some of the factors restraining the growth of security cameras market included
lack of technological awareness among consumers and high initial costs. Despite declining costs of network cameras, customers in most of the developing countries are yet to adopt security camera solutions in their premises. In addition, lack of technological awareness among consumers has led to limited popularity of security cameras among various business owners in the emerging markets. However, with the rise of cheaper cameras and growing adoption of video surveillance as a service (VSaaS), the overall security cameras market is expected to witness a strong demand from these service providers. Thereby, the overall security cameras market is expected to witness strong growth across the world during the forecast period.
One of the major factors driving the growth of the security cameras market is the increasing government budget towards public safety. This factor has played a predominant role in the growth of the security cameras market especially in countries such as China and the U.S. Other factors such as increasing terror threats and rising incidents of crime have compelled government bodies to deploy security cameras at critical sites. In addition, increasing adoption of security systems in households, and private businesses has fuelled the growth in the security cameras market across the world. However, higher costs associated with advanced security cameras deter the growth of the market in the small and medium enterprises segment.
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This report provides pin-point analysis for changing competitive dynamics
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It provides a six-year forecast assessed on the basis of how the market is predicted to grow
It helps in understanding the key product segments and their future
It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
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