Continuous technological advancements in the CCTV camera market, increasing use of CCTV’s in the residential sector and the reducing prices will lead to the robust growth in sales of the CCTV camera market in the coming years.
According to recently published report of Bonafide Research "India CCTV Camera Market Overview", the CCTV camera market can be bifurcated into IP CCTV camera and non- IP CCTV cameras. The non – IP CCTV cameras consisting of analog and HD CCTV cameras dominate the Indian CCTV market. IP CCTV is such a technology wherein unlike non-IP CCTV cameras you can send and receive data by just internet and computer network. Commercial segment is the driver of the CCTV market in India with the increasing count of SOHO’s and SME’s. With the increasing security concerns, residential sector would also be one of the factors for the increasing market.
Closed Circuit Television (CCTV) is a system which uses cameras to transmit signal to a specific place which helps to monitor any kind of activities going on in any area. The India CCTV market is expected to grow with an average growth rate of 22% over a period of five years from 2016 to 2021. IP CCTV cameras are expected to overtake non-IP in the coming years as they provide the ability to respond to events as they occur and also enable remote monitoring even as the affected areas remain inaccessible. There have been a lot of improvement technologically, and certain advancements like remote monitoring, cloud storage and integrated video analytics have made the market more efficient than before. The high price issue of the IP segment will also deteriorate because of the technological advancements that are expected in the future.
The escalating crime rates have made surveillance vital for both government and private bodies. It is expected that the increasing requirement for CCTV cameras will continue to create lucrative opportunities for traders, manufacturers and operators. Considering such facts, it has been anticipated that the CCTV market volume will expand at the same CAGR during 2016-2021. Installation of CCTV systems at home is mostly deployed by people whose families are away for work most of the time or if children are left alone at home with care takers. This sort of arrangement enables parents to monitor and keep an eye on their children. Residential segment account for 11% of the Indian market and are expected to acquire 18% of the market by 2021. With the growing share of residential section in the CCTV market and the growing awareness among the people, the volume sales of CCTV is expected to take a boom in the coming years.