The global smart home security camera market size was valued at USD 6.51 billion in 2021. It is projected to reach USD 30.38 billion by 2030, growing at a CAGR of 18.67% during the forecast period (2022–2030). Smart cameras can connect to Wi-Fi or cellular networks, enhancing the traditional security camera concept by eleven notches and enabling remote monitoring and control via a mobile application. Smart home security systems offer numerous advantages over conventional ones, including real-time alerts, motion detection, video monitoring and analytics, and fire and life safety protection. It allows the footage to be uploaded to the Cloud for storage, eliminating the need for a potentially complex on-site storage solution. Numerous smart home security cameras are available on the market, including adjustable cameras, cameras with motion detectors, outdoor cameras, and inside cameras.
The client's preference for creative and cutting-edge technologies has increased the market for smart home security cameras. The modern technology of smart home security cameras offers numerous advantages, allowing them to be utilized for various household applications. Demand for smart home security cameras has increased due to the product's simplicity of installation and availability. The introduction of additional features such as text message alerts, motion detection, and remote view on smartphone devices has increased the demand and opportunities usage of smart home security cameras.
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Improved Connectivity and Security in Real-Time
Incorporating IoT into technologically driven devices makes life simpler, safer, and more secure and has resulted of smart home security cameras market growth. Smart home security cameras have a few benefits: real-time monitoring, easy accessibility, and the capacity to send alerts during emergencies or dangerous situations. Thus, the increasing urban population worldwide has shown an interest in purchasing smart home security cameras. Smart home security cameras' availability and ease of installation favorably affect their demand. Manufacturers of smart home security cameras are equipping doorbell cameras, indoor cameras, and outdoor cameras with specific, purpose-specific functionality. As a result, there is a greater need for smart home security cameras.
Growth in Smart Homes
The expansion of smart homes is a crucial factor driving the home security camera industry. All home security systems are compatible with security cameras. Increasing smart home construction will increase the deployment of smart cameras. In addition, the introduction of IoT is a significant market driver for home security cameras. The quality of the camera increases as automation technologies are incorporated. The centralization of security systems and the connection of cameras are made possible by home IoT. Recent advancements in IoT sensing technology will benefit the market for smart home security cameras.
Chances of Hacking and High Cost of Smart Cameras
Smart home security cameras are facing two significant challenges: privacy and cost of smart cameras. Outdoor smart home security cameras are pricey and have a significant risk of being damaged by criminals. This has prevented individuals from purchasing outside smart home security cameras. Additionally, hackers can access the cameras and utilize the collected photos for malicious purposes. In addition, the exterior camera can capture the home's environment, posing a threat to the security of areas. Incorrect usage of face recognition technology can also result in theft and property harm.
Growing Awareness of Security and Safety
Increasing safety and security awareness is anticipated to create growth potential. The home security camera is a simple and inexpensive security solution that can provide the highest level of protection. The market trends for home security cameras will expand more quickly as people become aware of security measures against theft and unauthorized access. In addition, the combination of modern technologies with security cameras will provide greater flexibility. Artificial intelligence and machine learning will affect the home security camera market positively. Possibilities include body detection, facial recognition, and the detection of new dangers. The security cameras equipped with artificial intelligence can identify the face of the homeowner and any intruder. A homeowner can save money and possessions by anticipating potential criminal activity. The industry's revenue for home security cameras will rise due to these market expansion prospects.
The global smart home security camera market is segmented into product and application.
Based on product, the market analysis segmented into wired and wireless.
The wired smart home security camera holds the most significant market share during the forecast period. Wired security cameras are constantly updated with new features like improved night vision, two-way audio with echo cancellation, and customized motion zones. The Ring Floodlight Cam Wired Pro was introduced in April 2021 by the security camera manufacturer Ring. It has 3D motion detection, bird's eye view, a 110 dB siren, color night vision, Audio+ to enhance user hearing, Customizable motion zones that trigger recordings, and privacy zones that block out certain areas of the camera's field of view from a video recording. Users of the Ring Floodlight Cam Wired Pro may quickly hardwire the device to the exterior of their homes and connect it to Wi-Fi for constant power.
One of the most critical developments in home security systems and the Internet of Things has been the development of wireless security systems, which many homeowners prefer because they provide sufficient security demand. Most wireless cameras utilize cloud storage, allowing customers to save more video for longer than a wired system. Wireless cameras are also a fantastic choice for renters due to their ease of installation and removal. The versatility of wireless cameras makes them an excellent option for customers anticipating repositioning the cameras shortly.
Based on the application, the market is segmented share into the doorbell, indoor, and outdoor cameras.
Indoor cameras hold the highest proportion of the global smart home security camera market. An indoor security camera is a cost-effective option for a comprehensive security system. Nearly all freestanding security cameras are Wi-Fi enabled, enabling customers to monitor their property using a smartphone or tablet. Most cameras have motion and sound sensors that, when activated, send push and email notifications.
The doorbell camera is predicted to grow at a CAGR of 19.3% during the forecast period. In a 2019 study on "porch pirates," Security.org found that 40% of Americans had stolen items from their doorstep while at work. On the other hand, a doorbell camera notifies customers when goods are delivered and can even tell couriers where to store the packages.
The global smart home security camera market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
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North America is the most significant global smart home security camera market region. According to research published by Berg Insight, the North American smart home security market is expected to reach 74.6 million homes by 2026. According to a study by the University of North Carolina at Charlotte, security cameras are the most effective deterrents against break-ins, with 50% of respondents saying they would give up their attempts if they noticed a camera. Jeff Welch, the CEO of Grab the Axe Security Consultants LLC and a former correctional officer, stressed that having video evidence of a home invasion speeds up insurance claims.
Asia-Pacific is anticipated to grow at a significant CAGR during the forecast period. China is one of the most closely watched nations, and there are 770 million cameras in use worldwide, with 54% of them being in China. According to a Comparitech study, 16 of the top 20 cities with the highest density of surveillance cameras per 1,000 residents are in China.
Vivint Smart Home, Inc.; ADT LLC; Simplisafe, Inc.; Brink’s Home Security; iSmart Alarm, Inc.; Live Watch Security LLC; Skylinkhome; Protect America, Inc.; Samsung Electronics Co., LTD.; Frontpoint Security Solutions, LLC; Arlo Technologies, Inc.; Nest Labs; Wyze Labs, Inc.; Blink; Ring LLC.