Smart Home Security Camera - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

Smart Home Security Camera - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The Smart Home Security Camera Market size is estimated at USD 7.80 billion in 2024, and is expected to reach USD 14.23 billion by 2029, growing at a CAGR of 12.78% during the forecast period (2024-2029).

Key Highlights

• The demand for smart home security camera systems is driven by the surging adoption of smart homes, where smart camera systems are integral. Also, increasing awareness about home security leads to increasing the adoption of IP (Internet Protocol) cameras in security systems. In recent years, the use of IP (Internet Protocol) security cameras has increased due to the need for clear image quality and perimeter monitoring. Key global technologies include CCTVs, command and control systems, private LTE communication, data storage, automatic number plate recognition (ANPR), video analytics, and related ICT equipment. These technologies have helped implement intelligent cameras.
• Integrating AI with advanced video technology is a significant advancement in home security. For instance, Brinks Home's security cameras, powered by AI, blend high-quality detection capabilities with high-resolution visuals, recording clear video footage in various lighting conditions. Furthermore, the company's advanced indoor and outdoor cameras provide video analysis with object detection as an advanced attribute. Such developments, coupled with the growing need to secure homes with smart cameras that offer innovative solutions by integrating advanced technologies and continuous innovations from market vendors regarding resolution, will shape the market's growth in the coming years.
• Smart home security cameras usually incur high costs due to deploying advanced systems. In addition, the market's growth is hindered by increasing cybersecurity worries related to their use. Weak SSIDs or passwords and vulnerable encryption methods can put Wi-Fi at risk of being compromised. Using default login credentials, hackers can easily access a router. A strong Wi-Fi password can force hackers to find more complex ways to infiltrate the network, thus impeding the market's growth.
• The macroeconomic factor that is anticipated to influence the studied market's growth is the US-China trade dispute. A further escalation of this issue may have a notable impact on the pricing of smart home security cameras, as China is among the major suppliers of components and a central manufacturing hub for these devices. In recent years, the United States has imposed restrictions on China's access to advanced technologies, which stresses the supply chain. For instance, in August 2023, the United States government passed an executive order to prevent US firms' new investments in China in sensitive technologies like computer chips and require government notification in other tech sectors.

Smart Home Security Camera Market Trends

Indoor Cameras is Expected to Witness a Significant Growth

• Smart home safety and security have become a top priority for many households in the United States and Australia, resulting in a notable rise in the demand for smart security cameras. The industry has incorporated AI technology into these devices to enhance household security, enabling indoor smart cameras to detect intrusions and movements effectively. These advanced features are now more readily available in affordable cameras, contributing to the overall increase in demand.
• Indoor security cameras can provide significant benefits to homeowners by enhancing home security. The prices of these indoor cameras can vary greatly, with some options costing as much as USD 200 per piece in 2023, while others are available for just over USD 30. Whether customers are looking for a top-of-the-line security camera or a more affordable indoor camera like the USD 35 Wyze Cam, they have various options.
• Modern indoor cameras are often wireless and easy to install, making them attractive options for renters and homeowners alike. The ability to set up and relocate these cameras without professional help enhances the appeal. In addition, many indoor cameras integrate with other smart home devices, such as alarms and lights. This integration provides a seamless experience, further driving the demand.
• Rising theft and burglary incidents have heightened public awareness about the importance of home protection, driving up demand for indoor smart home security cameras. These indoor smart cameras, with features like instant theft alerts, alarm activation, and behavior recognition, are widely adopted across various applications.

Asia-Pacific is Expected to Hold a Significant Market Share

• The rise in infrastructure development in Asia-Pacific countries like China, India, and Japan to accommodate the expanding population is anticipated to drive the significant demand for smart home security cameras in the region. The surging demand for smart homes and the necessity for smart cameras for home automation and security are anticipated to boost market growth in the region.
• According to the NBS of China (National Bureau of Statistics of China), urbanization in China has increased rapidly in recent years. This rapid urbanization is driving demand for home security cameras in the country. Thanks to the presence of strong market players, sales of smart cameras are on the rise in China. Moreover, the ease of availability and installation of a wide range of smart cameras make it easier for consumers to choose them on a large scale.
• Most companies and vendors in China compete against each other to stay dominant in the market. The demand for AI-powered security cameras in households is growing significantly, providing homeowners with advanced security benefits like prompt alerts for potential intruders. For instance, SimShine, headquartered in Wuhan, is a crucial firm that offers a new range of home security cameras. It utilizes AI edge computing technology, enabling data analysis and storage without a cloud.
• The future of the residential industry indicates that there will be an increase in the demand for smart home security cameras in Japan in the upcoming years. The critical reasons for the growth of this market include the decreasing prices of security products, growing worries regarding personal safety, and the increasing utilization of cloud-based technologies. Incorporating artificial intelligence and machine learning software in the residential security sector and continuous advancements in security technology like smart security cameras are new trends that impact the smart home security camera market.

Smart Home Security Camera Industry Overview

The smart home security camera market is fragmented, with the presence of significant players like Hangzhou Hikvision Digital Technology Co. Ltd, FrontPoint Security Solutions Inc., Honeywell International Inc., SimpliSafe Inc., ADT Corporation, Vivint Inc., Netgear Inc., and many others. Significant players in the market are adopting strategies such as partnerships, mergers, innovations, investments, and acquisitions to enhance product offerings and gain sustainable competitive advantage.

• September 2023: Simplisafe Inc. announced a strategic partnership with LifeLock, a Gen identity theft protection brand, to help stop identity theft. Through this partnership, both companies aim to provide customers with the advanced security they need to help protect their assets and identities from harm at an affordable price point. SimpliSafe, a home security company, safeguards its customers and their identities. By partnering with LifeLock, SimpliSafe can extend its protection outside the home and offer a solution to protect customers from the growing risk of identity theft.
• August 2023: Vivint Smart Home Inc. partnered with SOLD.com to provide exclusive offers and comprehensive service to SOLD.com customers and a network of over 50,000 real estate agents. Through this partnership, SOLD.com customers and representatives will receive a free Vivint Doorbell Camera Pro (up to USD 450 value) with free professional installation with the purchase of a qualifying Vivint smart home system.

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