CCTV Camera Market Regional Analysis:
APAC Market Industry
Asia Pacific CCTV camera market is predicted to hold the largest revenue share of 50% by 2034. The growth can be attributed to the presence of prominent players such as Panasonic Corp., Samsung, Sony Corp., Hangzhou Hikvision Digital Technology Co. Ltd., and Canon India Pvt Ltd. These companies offer technologically advanced products and services in this landscape is factoring the segment growth. For instance, Hanwha Techwin in December 2022 announced the integration of IP cameras and a remote video platform. This is highly beneficial for hospitals monitoring acute care and high-risk patients 24*7. This will increase the demand for IP cameras in the coming years.
Japan is also witnessing remarkable growth in the CCTV market on the back of a rising crime rate. According to Japan News in February 2023, the number of serious crimes witnessed a growth rate of 29.8% in 2023, which was estimated to be about 12,372 major crimes including robbery, assault, murder, trafficking, and many more. This is expected to act as a major growth factor in the CCTV camera market in this country.
North America Market Industry
North America is expected to register rapid growth in the CCTV camera market. The rapid economic growth in the U.S. and Canada has been led by the development of infrastructure such as industrial zones, building smart cities, and many more. According to the Smart America Challenge 2023, over the next 20 years, city governments in the U.S. alone will spend about USD 41 trillion to modernize their infrastructure and utilize IoT solutions.
Thefts and burglaries in Canada are increasing and set to drive the market share of the CCTV camera sector. According to the Fraser Institute, the crime rate in Canada has increased by 43.8% in 2022 from the last decade. Additionally, increasing concerns related to road safety in the U.S. are projected to positively impact the revenue share of the market. According to the Department of Transportation in 2022, 42,514 lives were lost due to road accidents in the U.S.
