As per estimations, the global CCTV market has been predicted to reach around US$23.5 billion by the end of 2014, expanding at a compound annual growth rate (CAGR) of approximately 20.5% since 2012.
CCTV extends across a wide range of applications varying from simple scene monitoring to facial-recognition technology, remote video monitoring, video smoke detection, mobile systems and automatic number plate recognition.
CCTV systems are additionally being extensively utilised in the transportation sector to manage traffic flow and enhance highway safety, and they continue to play a significant role in retail sector for valuable management information.
The global CCTV market currently dominates world security, with its biggest market shares being taken up by Asia and North America. Asia currently accounts for 42% of the total global CCTV market, while North America represents a share of 23%.
This is a huge contrast to the UK, which despite being one of the most developed markets in the world for CCTV, accounts for only 4% of the global share. However, the UK CCTV market is worth over $3.2 billion and is home to over 4.25 million CCTV cameras, making it the most surveyed country in Europe.
Even though the region is home to so many cameras, because of the low quality image delivered by the majority of installed base cameras only one crime is solved for every 1,000 cameras. This is driving demand for technological improvements for all aspects of the system.
In North America, the largest manufacturers within the CCTV market are Schneider Electric, ISS, Tyco, Bosch and Honeywell. Video analytics looks set to represent the fast growing segment within the industry, and is anticipated to account for a third of the market share within the coming years.
In Asia, rising security concerns and economic growth across numerous countries (China, India, Singapore, and Taiwan) is driving the region's CCTV market. India and China, with their huge population base, will be the key to growth within the Asian CCTV market.
Many of the Asian countries are experiencing change in social hierarchy due to an increase in the number of working parents and increase in the number of nuclear families, which is further contributing to the increased security needs in these countries.
Furthermore, Governments in the Asian countries are also taking security far more seriously, recognising the potential damage that terrorist attacks can cause to businesses, tourism, and foreign investments.
For more information on the global CCTV market, see the latest research: Global CCTV Market
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.