Over the next five years, the global market for CCTV cameras will continue to grow, despite the negative consequences of the COVID-19 pandemic and the ban on the participation of Chinese manufacturers Hikvision and Dahua in US government contracts.
According to IDC forecasts, revenue from sales of surveillance cameras will increase from $ 23.6 billion in 2019 to $ 44 billion in 2025. The average annual growth rate in the reporting period will amount to almost 13%. Analysts believe that the positive dynamics in the market will mainly be facilitated by the introduction of intelligent video surveillance systems and analytical software that provide additional functions and allow you to go beyond simple observation.
“Although there is a short-term decline in the market due to the coronavirus pandemic, growth will ensure increased use of video surveillance in law enforcement and security in the long run,” said Mike Jude, director of surveillance at IDC, CCTV systems and applications.
From a geographical point of view, North America will continue to be the largest consumer of CCTV cameras. In second place with a slight lag - China.
Consumer surveillance cameras today occupy almost a third of total sales. These are mainly cameras for home security systems and mobile cameras, such as car recorders.
IDC believes that the ban on the use of cameras by Chinese manufacturers in US government and their affiliates will not slow down the market. On the contrary, analysts argue that this will open the market for smaller camera manufacturers.
Experts also suggest that the use of analytics tools, including AI technologies, for tasks such as face recognition, may entail the introduction of regulation. Establishing rules and regulations in this area may inhibit market growth.
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