Global IP Camera Market 2023-2030

Global IP Camera Market 2023-2030

Global IP camera market is significantly growing at a CAGR of 12.8% during the forecast period. The emergence of thermal cameras and the penetration of IoT in video surveillance have resulted in a significant increase in the demand for Internet protocol-based camera systems. The growing adoption of these cameras in commercial and residential buildings has propelled the market growth. There is a need for security with the growing trend of smart homes that is anticipated to drive the IP camera market during the forecast period. Video surveillance is important due to the increasing security concern.

The increasing number of smartphone users and the availability of installment policies for security solutions are projected to drive the market in the near future. The benefits of these cameras are intruder alarms, perimeter surveillance, access control, and remote video surveillance. The product releases and launches of innovative IP-based products along with ongoing research and development in networking technology are the strategic initiatives adopted by key market players in the market. Factors such as the growing demand for modern security technologies in industrial facilities to ensure the safety and security of workers are expected to grow in the IP camera market during the forecast period.

Easy installation, limitless storage capabilities, and cost-effective and remote monitoring have propelled the adoption of cameras across different industry verticals. Enhancements in storage device capacities that include decentralized storage solid-state devices, adoption of advanced coding standards, and server virtualization are boosting the growth of the market during the forecast period. The users can view images and videos by a computer connected to the internet and within a local network from anywhere across the globe. These systems offer a large degree of scalability and flexibility as compared to analog closed-circuit CCTV cameras.

Additionally, an increase in demand for infrared solutions in the various industrial sectors that include government facilities, BFSI, military, and defense is contributing to market growth. Infrared cameras are largely used for improving the security and safety of residential, business, and public facilities in low visibility conditions. It allows governmental departments that include traffic & surveillance units to manage road security at nighttime. Various market players in the market are engaged in developing an infrared solution that is designed for the application of traffic monitoring and surveillance. For instance, the FLIR system provides a large range of thermal cameras with tactical & law enforcement systems, traffic monitoring systems, and traffic detection systems.

Segmental Outlook

The global IP camera market is segmented based on product, connection, and application. Based on the product, the market is segmented into fixed-focus cameras, manual variable-focus cameras, and motorized cameras. Based on the connection, the market is segmented into centralized and decentralized. Decentralized systems have witnessed large adoption in the market due to the rising number of video surveillance solutions that are being installed in facilities. It comprises the feature of built-in storage that allows the data to be stored in a digital media storage device that includes a flash drive, hard disk drive, SD card, and network-attached storage that decreases the cost of buying video recorder solutions.

Enterprises are dependent on decentralized solutions owing to growing flexibility and reliability to operate in a multi-server environment. These organizations are focusing on implementing cost-effective security solutions which are enhancing them to shift to decentralized technologies that propel the growth of the IP camera market during the forecast period. Based on the application, residential, commercial, industrial, transportation, government, public places, and others. The government sector is significantly growing owing to the rising demand for advanced security technologies. Different manufacturers in the industry are developing security solutions specifically designed for government facilities.

Regional Outlooks

Global IP camera market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific holds the largest market share in the IP camera market during the forecast period due to the high demand in industrial, critical infrastructure, transportation, and military & defense sectors. Additionally, the ongoing enhancement of various SMEs and large enterprises in emerging economies along with the Smart City project is expected to create a demand for security solutions.

Among these regions, the North American region is anticipated to account for a significant share of the IP camera market during the forecast period. The growth of the IP camera market in the region is primarily driven by factors such as the presence of major companies and growing security concerns in the region. For instance, in January 2018, Amazon introduced the opening of a new automated convenience store in the US where shoppers are monitored through hundreds of cameras. Thus, such factors are expected to impact the growth of the IP camera market during the forecast period.

Market Players Outlook

The key players in the IP camera market include Panasonic Corp., Sony Corp., Axis Communications AB, Honeywell International, Inc. Robert Bosch GmbH, Hangzhou Hikvision Digital Technology Co., Ltd., Hanwha Techwin Co., Ltd., and Schneider Electric SE.