The global market for security cameras is set to capture 11% CAGR between 2019 and 2024, finds Market Research Future (MRFR) in its latest study. The market is expected to surpass a valuation of USD 9 Bn by the year 2024.
Security cameras have become an important part of modern security systems. Demand for security cameras has increased significantly in recent years. Over the years, tremendous technological transformation has taken place in cameras in areas such as size, power, resolution and specifications.
The global security cameras market is has benefited for the exponential technical progress. The arrival of new cameras variant and high-performance capabilities has ushered significant growth for the market. Modern buildings are designed in a way that allows security cameras to be effectively mounted covering all areas.
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Security cameras are also witnessing a rapid uptake owing to reduce cost of installation and user-friendly attributes. Increased product penetration along with the rising level of awareness is a major market driver. At the same time, rising awareness about cutting-edge security and safety, smart homes and ease of installation. On the flipside, the concerns associated with privacy and data-theft effects the market growth to certain extent.
Global Security Cameras Market: Competition Analysis
Key companies mentioned in MRFR’s report include Motorola Solutions, Inc. (Motorola Home), Shenzhen Leshi Video Tech. Co., Ltd (China), ADT Inc. (US), Vivint, Inc. (US), Panasonic Corporation (Japan), Hangzhou Hikvision Digital Technology Co. Ltd (China), SimpliSafe, Inc. (US), Swann Communications Pty. Ltd (US), FrontPoint Security Solutions, LLC (US), and Arlo Technologies Inc (US), Reolink Digital Technology Co., Ltd (China), Nest Labs, Inc (US), Immedia Semiconductor, Inc. (US), Amcrest (US), CPI Security Systems, Inc. (US), Canary Connect, Inc (US), Zmodo Technology Corporation Ltd (China), Samsung Communications (South Korea), Toshiba America Information Systems, Inc (US), Godrej Security Solutions (Godrej & Boyce Mfg. Co. Ltd) (India), Xiaomi Corporation (China), Sony Corporation (Japan), Ring LLC (US), Wyze Labs, Inc (US), Logitech International S.A (Switzerland), B & H Foto & Electronics Corp (US) and Comcast Corporation (Xfinity) (US).
Global Security Cameras Market: Segmental Analysis
The segmental analysis of the market has been conducted based on application, type, professional service, resolution, end-user and region.
On the basis of application, key segments include outdoor security cameras and indoor security cameras. On the basis of type, the market has been segmented into box security camera, infrared (IR) bullet camera, point tilt & zoom (PTZ) camera, dome security camera, wireless/IP camera and others. On the basis of professional service, key segments include maintenance and support service, installation and deployment service, consulting service. On the basis of resolution, key segments include non-HD and high definition (HD) & full HD. On the basis of end-user, key segments include industrial/manufacturing facilities, commercial/public space, residential/home and others.
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Global Security Cameras Market: Regional Analysis
In the report, the market has been covered across Europe, North America, South America, the Middle East & Africa (MEA) and Asia Pacific (APAC). North America is the largest market for security cameras in the world. Rapid adoption of new-age security solutions and presence of leading security camera manufacturers makes North America a highly attractive market for security cameras. North America’s dominant position in the global security cameras market in expected to persist throughout the assessment period. North America is followed by Europe and Asia Pacific (APAC) respectively. In Europe, countries such as Netherlands, the UK, France and Germany are expected to remain major destinations for market players. Meanwhile, the APAC security cameras market is likely to remain of a high-growth trajectory during the forecast period. China and India are expected to make significant contribution to the APAC market over the next several years.
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