The new digital technology will be used to respond to serious violence, robbery, sexual assault, and antisocial behaviour.
The decision was made at a cabinet meeting on January 23.
The new system will be a hybrid model, with both fixed cameras in key locations and mobile cameras that can be temporarily placed in different locations to assist with responding to reports of crime.
The current system, installed in 2009, mainly uses analogue cameras that are fast becoming unfit for purpose.
The new digital system will provide significantly better image quality and a more modern operating system.
Councillor Brian Bishop, cabinet member for neighbourhoods and housing, said: “We know from speaking to our residents how important they feel it is to have CCTV in the community.
“With that in mind and taking the vast improvements to technology since the last contract was commissioned into consideration, we have decided to invest in a smarter CCTV system that will deliver greater impact in keeping our residents safe.
“The new system will also help combat crime by providing better support to our community safety colleagues and partners.
“We have worked with the police, other partners, and industry experts to gather, examine, and analyse data on crime across the borough – and have developed a hybrid plan deploying the latest technology.
“This will enable us to target the places where cameras are most needed.
“It will give us increased flexibility and greater precision in image quality.
“It will also complement cameras already used in privately owned and managed areas of our community, improving the public realm.
“We must make sure we move with the times and have the best possible tools for the job.
“Our new system will do just that – as well as representing the best value for Bexley residents.
“We are proud to say we have one of the lowest crime rates in London.
“We do not take this for granted: the safety of our residents is one of our key priorities.”
The deployment of CCTV cameras will be subject to annual review by the Bexley Community Safety Partnership (BCSP), ensuring they are compliant with the Public Surveillance Code of Practice.