Global Smart Home Security Cameras Market Overview
The key driver impacting the smart home security cameras market is the rapidly expanding penetration of smart homes in developed nations. Also, the growing consumer preferences towards smart home security products for the ability to monitor their house through their smartphone are estimated to boost smart home security cameras demand in the forecast period. For instance, According to the National Council for home security and safety, the smart house market will approach 40 billion USD in the US alone by 2020. Around 3/5 of the buyers of smart home products buy for the ability to monitor their house through their smartphone. About 63% of buyers want smart locks and alarms, 63 % want smart thermostats and fans, 56% want nightlights and carbon monoxide detectors, and 58% want smart lighting. Moreover, a growing number of smart cities in several countries globally is estimated to be an important determinant that adds growth to the market.
According to Value Market Research, the global smart home security cameras market was valued at around USD 3375 million in 2020 and is estimated to grow at a CAGR of about 17% during the forecast period of 2020 to 2026.
The growing homeowners spending in buying smart homes and security equipment, mostly indoor security systems such as smart locks and alarms, smart lights, etc., is also predictable to augment market demand in the coming years. For instance, As per the SafeHome.org report estimation, around 37 million households are expected to own a home security system in the U.S. by 2023. It was up from an expected 24 million owners today in 2020. Also, 10 million household decision-makers mean to buy a home security system in the coming 12 months. This comprises 6.5 million brand-new customers, and 3.5 million are the ones who are interested in upgrading or switching their current systems. However, the high cost of installation and maintenance may hamper the global smart home security cameras industry in the long run. The current industry trends, such as the rising awareness regarding smart home security systems and incorporation of deep learning and artificial intelligence (AI) in home security systems, are expected to provide beneficial market opportunities for the market players.
The smart home security cameras market is vast, with many local and global players. The key leaders follow several strategies to improve their market position, such as mergers, acquisitions, expansions, product innovations, and extending product portfolio, to boost their market share globally. For instance, In January 2020, Abode Systems had launched an indoor/outdoor smart, wired video camera with several features, such as 24/7 video recording and facial recognition. The known players included in the report are ADT, Vivint, Inc., SimpliSafe, Inc., Brinks Home Security, iSmart Alarm, Inc, Frontpoint Security Solutions, LLC, Skylinkhome, LiveWatch Security LLC, SAMSUNG, Protect America, Inc.
In this research report, the smart home security cameras market is segmented by product, application, and region.
Analysis by Product:
By product, the report is categorized into wired and wireless. The wired security cameras segment dominates the product segment with a 55% share in 2020. It is extensively used in various households due to its low installation and maintenance costs compared to wireless models and more substantial reliability and more extended durability, which makes the device a necessary category in the segment of home security. Moreover, smart, wired security cameras witness stronger reliability, longer durability, and low failure rates that contribute to home security cameras' demand during the forecast period.
Analysis by Application:
By application, the report is categorized into a doorbell camera, indoor camera, an outdoor camera. The indoor camera segment dominates the application segment with a 40% market share in 2020. It is due to the rising incidences of burglary cases, which are drawing the notice of residential households towards indoor security. Moreover, growing consumer need to access absolute control over home all through the day via remote access, contributing to the growth of indoor application of smart home security cameras in the forecast period.
Analysis by Region:
In. the regional outlook of the global smart home security cameras market, the North American region dominates with a maximum market share of 40% in 2019. It is due to the rising number of one-person or two-person households in American countries, such as Canada, the U.S., and Mexico. Moreover, the mounting number of smart homes in the region contributes to the demand for smart home security cameras to get entire control over the households' safety, thus adding growth to the smart home security cameras market across North America.
Market Segmentation covered in the Report:
- Doorbell Camera
- Indoor Camera
- Outdoor Camera
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.