Asia to account for 40.5% of the global CCTV market by 2024, market research report suggests
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Asia is will account for as much as 40.5% of the global CCTV market by 2024, mainly as a result of significant surveillance investment by the People’s Republic of China, an analysis report compiled and published by business intelligence company Visiongain suggests.
Visiongain’s research, published in a report entitled CCTV Video Surveillance Systems Market 2014-2024: Equipment & Technologies: Digital IP, Analogue, Management & Analytics, forecasts spending on CCTV systems worldwide over the period 2014 to 2024, with Chinese expenditure being estimated at a total of $3.4bn in 2014 alone, well above its closet regional rivals.
Elsewhere, prospects for CCTV vendors are likely to remain significant, especially in Europe and North America. Here, many public and private operators will continue to make the transition from analogue products to network-based systems.
Visiongain’s lead security researcher commented: “We believe that the CCTV market is set to undergo definitive change over the next ten years, with technological improvements and varying regional expenditure altering both the ways in which CCTV is utilised and how strongly nations use it.
Ultimately, this will increase the global market total of $23.3bn which is likely to be spent on CCTV products in 2014, although undoubtedly a relative decline is likely in several regions towards 2024, following a period of strong investment.”
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