Research and Markets Reveal Market Forecast for the CCTV Industry

Over the last few years, there has been an increase in demand for video surveillance products such as video baluns, CCTV security cameras, and DVR surveillance. This is because consumers are now becoming more protective of their properties and surveillance is not just for business but for homes as well. CCTV manufacturers and video balun retailers now experience a surge in the industry as the demand for technically-advanced surveillance systems continue to rise.

ResearchandMarkets.com, considered as the world’s largest market research resource, has recently released a report forecasting the global CCTV market up until 2014. According to the report, “the market for the global CCTV will reach around US$ 23.5 Billion by the end of 2014,” with the Compound Annual Growth Rate (CAGR) of about 20.5% from today.

Accordingly, the report also indicated how the switch from analog CCTV cameras, which are currently the dominant products in the market today, to network IP will happen by the end of 2014. The report also discussed what factors will affect this change into the IP technology market, especially now that IP Storage Area Network (IP SAN) is becoming more in demand than conventional DVRs and NVRs. The evolution of video analytics is also largely affected by threats of terrorism and businesses and other establishments are finding more cost-effective but equally advanced ways to monitor their properties.

In terms of technology, the use of CCTV systems is prevalent in both the transportation and retail sectors, not only for valuable management information but for safety purposes as well. It discussed how video surveillance as a service of VSaaS is quickly an emerging trend in CCTV systems too. By 2014, the regions of Asia and the Middle East will be major players in the global CCTV market while India and China will continue to be key drivers because of their large population.

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