The effectiveness of national efforts to combat coronavirus is hinged on the government’s ability to measure its spread and use that information to prioritize public health efforts. Worst-hit countries such as China are thus mobilizing mass surveillance tools such as CCTV cameras to monitor quarantined individuals. While such efforts are creating tailwinds for the growth of CCTV camera market growth, mounting concerns over privacy will continue to present challenges.
A new report of Future Market Insights (FMI) reveals that the global spending on CCTV cameras was more than US$ 8.6 Bn in 2019, which was 4.7% up (yearly) over that in 2018. The impact of the recent COVID-19 outbreak on CCTV camera will be prominent on the demand and supply scenarios, further causing ramifications in 2020.
Dome Cameras Remain Product of Choice
Dome cameras continue to account for major share of manufacturers’ bottom lines, highly influenced by discrete design, durable, and vandal proof attributes. Capturing over 36% of the total demand, manufacturers are specifically focused on this category. On the other hand, fixed bullet cameras have been witnessing an exponential rise in demand, owing to longer range and ease of installation.
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“Countries focusing on a combination of more effective contact tracing, widespread testing, and isolation of patients in early days of the pandemic are considered to have performed better. Subsequently, several nations are rolling out a mass-surveillance system that obtains information from various sources such as CCTV footage to track the spread of COVID-19. The result is likely to work in favor of the market players,” says the FMI analyst.
North America to Account for 1/3rd of Global Market Value
North America will continue to maintain its dominance in the global CCTV camera market, given the greater adoption of network-based video surveillance solutions in the region. High demand is expected from Asian countries during the pandemic, as governments in the region are pursuing plans to use digital technologies and geo-locational data to monitor the spread of coronavirus.
While manufacturers are eyeing lucrative opportunities in Europe and Latin America, serious questions are arising about how to stop governments from using CCTV cameras and various surveillance tools to obtain private information after the pandemic subsides. This, in turn, will have a significant impact on growth prospects of the CCTV camera market in the immediate future.
The FMI study offers near- and long-term growth outlook of the CCTV camera market. Gain access to FMI’s exclusive COVID-19 tracker here.
Source: Future Market Insights