CCTV Camera Market Trends

Growth Drivers

• Rising integration of AI-powered video analytics: Market players are launching state-of-the-art AI-enabled video analytics. During the time of the pandemic, these types of cameras were ensuring social distancing in busy spaces. Also, hospitals are majorly installing such cameras to keep track of patients, workers, and healthcare providers. According to data published by the Electronic Privacy Information Center in 2022, 46 countries were deploying AI surveillance technology. In September 2023, Teledyne FLIR launched a new FLIR FC-Series AI CCTV camera with motion-based analytics and a deep neural network (DNN). 
• Surge in smart cities and government initiatives: The surveillance technology in smart cities extends far beyond conventional cameras. Smart cities have a complex web of surveillance consisting of advanced sensors, facial recognition, AI-enabled analytics, and facial recognition systems. For instance, cities such as New York, San Francisco, and Seattle have made it to the top ten smart cities in the U.S. According to a report published by Governor Kathy Hochul in 2022, a USD 2 million in funding was announced to purchase 5,400 cameras to be installed on 2,700 New York City Transit subway for cars. According to the United States Department of Justice, anticipated that the School Violence Prevention Program by the federal government is expected to provide up to 75% of the money needed for school security.

Challenges

• Security and privacy concerns: Growing privacy concerns about preventing video data theft is anticipated to restrict product adoption. Organizations are forbidden from storing video footage due to the increasing risk of data breaches and the misuse of video data stored in public cloud camera recorders. Cybercriminals use Distributed Denial of Service (DDoS) malware against specific systems, making networked video surveillance systems more susceptible to cyberattacks.
• Storage and bandwidth issues: CCTV and security cameras are required to have high storage especially when there is more than one camera. Cameras usually work 24x7, and due to this the required storage is comparatively higher. Furthermore, high storage and strong bandwidth may raise this device's price, which is one of the essential components of video cameras that are required for a strong infrastructure.