According to recent research from The Freedonia Group, demand for security cameras is projected to increase 7.2 per cent annually through 2021 to US$2.8 billion.
The research firm indicates that a number of factors will contribute to this continued growth:
• ongoing product advancements in camera technology
• increasing affordability of cameras with expanded features, such as internal recording capabilities
• continued shift toward upgrading existing legacy analogue systems to either IP or HD analogue systems in order to utilize more feature-rich cameras and systems
• rising interest in higher value, more niche camera types — such as thermal or explosion resistant — as their prices continue to come down, which will work to expand the base of installed cameras
Further data indicates dome cameras took the largest share of the surveillance market overall with 42 per cent, based on 2016 information. According to Freedonia, developments such as increased durability and higher resolutions have contributed to sales. The cameras are also able to be used broadly both indoors and outdoors. They are especially popular indoors due to their discrete appearance.
The firm also states that overall sales of video surveillance products are projected to increase 5.6 per cent annually to US$4.9 billion through 2021. More data is available in the Freedonia report, Video Surveillance Equipment Market in the U.S.