The global closed circuit TV market will reach $16 billion within the decade and is being driven by a growing need for public video monitoring due to the COVID-19 pandemic.
Critical infrastructure security is of utmost importance, as these facilities continuously face physical intrusions, thefts, terrorism threats, and trespassing issues, a new report states. Many governments across the world are ramping up their security measures to protect critical infrastructure such as oil & gas refineries, power plants, smart grids, and water utilities from perimeter intrusion attacks. Hence CCTV-based video surveillance systems are in great demand to protect critical assets within these infrastructures. Solutions such as IP CCTV cameras, thermal imaging cameras, and AI-enabled video analytical solutions are increasingly being adopted to ensure robust video surveillance, and thus, contributing to market growth. The global CCTV camera market is anticipated to exhibit a compound annual growth rate of 6% during the forecast period of 2019-2029.
As global economies are currently facing a critical crisis situation due to the COVID-19 pandemic outbreak, this, in turn, is impacting the supply chain and logistic operations of various video surveillance system manufacturers. Over the past five years, the market for CCTV cameras has grown by almost 6%, globally. In 2019, total value of the global CCTV camera market is estimated to be nearly $9 billion. However, due to the coronavirus outbreak, the need for video surveillance has grown further in Q1, 2020, which would continue in Q2, 2020, as the demand for public video surveillance would grow significantly for security monitoring amidst lockdowns.
“The video surveillance industry is currently seeing innovation in CCTV cameras with AI-enabled capabilities and advanced thermal imaging techniques. These enhanced video monitoring cameras are poised to substantially impact the video surveillance industry in the near term. Moreover, amid the novel coronavirus pandemic, AI technologies bring superior face recognition, object recognition, and event recognition capabilities that can help detect suspected patients of COVID-19,” the study says.