NEWARK, Del, July 25, 2022 (GLOBE NEWSWIRE) -- The global smart home security camera market will reach an estimated value of US$46.5 Bn in 2032, growing at an astonishing CAGR of 20.02% during the forecast period of 2022-2032. The market is predicted to reach a valuation of US$7.5 Bn in 2022. Increasing incorporation of the Internet of Things (IoT) in home appliances coupled with the rising need for indoor security will likely boost the market over the forecast period.
With rapid changes to lifestyle due to the prevalence of Industry 4.0, everyday life is becoming safer and more secure as it is driven by technologically advanced gadgets. In order to have a complete and secure home, more and more consumers are installing smart home security cameras. These cameras offer various benefits like easy accessibility from any location, real-time viewing as well as sending notifications in times of need. All these benefits incentivise the urban homeowner to invest in smart home security cameras.
Better connectivity, easy installation, and product availability also contribute towards increasing the sales of smart home security cameras. Furthermore, introduction of upgraded products into the market; with features like incorporation of artificial intelligence or addition of unique features to indoor camera, outdoor cameras and to the doorbell cameras are also contributing to the market growth of smart home security cameras.
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“Multiple benefits afforded to the urban population by the installation of smart home security cameras are expected to supplement the market growth during the forecast period,” says an FMI analyst.
Key Takeaways:
- Integration of artificial intelligence in smart cameras will raise the demand for smart home security cameras over the forecast period.
- North America will present lucrative opportunities for the market through 2032.
- The U.S. smart home security camera market is expected to register 12% CAGR during 2022-2032.
- Asia Pacific is predicted to exhibit substantial market growth through 2032.
- Rapid urbanization will augment market growth in Asia Pacific.
- India is anticipated to register a 7% CAGR during the assessment period.
- China is projected to witness a prolific CAGR of 15%.
- By product type, wired home security cameras are expected to lead the market.
- By application, indoor cameras will witness a rise in demand.
Key Segments Covered In the Smart Home Security Camera Industry
Smart Home Security Market by Product:
- Wired Smart Home Security Products
- Wireless Smart Home Security Products
Smart Home Security Market by Application:
- Smart Doorbell Camera
- Smart Indoor Camera
- Smart Outdoor Camera
Competitive Landscape
Frontpoint Security Solutions, Vivint Smart Home, Inc., Simplisafe, Inc., iSmart Alarm, Inc, ADT LLC, Skylinkhome, Protect America, Inc, Live Watch Security LLC, SAMSUNG ELECTRONICS Co., LTD., LLC, Arlo Technologies, Inc.; Nest Labs; Wyze Labs, Inc, Blink, Brinks Home Security, and Ring LLC among others are some of the manufacturers of smart home security camera profiled in the full version of the report.
The major players in the smart home security camera market are investing in research and development activities to expand their product base and release novel and innovative smart home security cameras into the market. With an expanded product portfolio these organizations expect to gain a competitive advantage in the market.
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More Insights into the Smart Home Security Camera Market Report
In its latest report, FMI offers an unbiased analysis of the global smart home security camera market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the global market potential, growth, and range, the market is segmented based on product type (wired smart home security products, wireless smart home security products), application (smart doorbell camera, smart indoor camera, smart outdoor camera), and region.
Smart Home Security Camera Market Regional Analysis
As per the latest report by FMI, the smart home security camera market in the United States is anticipated to register significant growth. Rising Integration of Internet of Things in modern home appliances affords the consumers benefits like getting notified in times of emergencies. This provides enhanced safety and security thus boosting market possibilities in the region. Additionally, young homeowners are investing heavily in smart home security cameras due to technological enhancements and the user-friendly nature of these devices. All these factors are expected to bolster the market growth in this region, pushing the CAGR to a robust 12%.
Easy installation coupled with rising product availability will propel market growth in China. Growing urbanization and a strong presence of major market players in this region will promote the market growth of China over the forecast period. China is projected to witness a CAGR of 12% in the market.
Alongside China, India, too, is expected to display substantial growth opportunities for the smart home security cameras market. Swift urbanization coupled with heavy reliance on automation by the general population will supplement the sales of smart home security cameras in the region. Additionally, new product launches in the regional market are also boosting the market growth, pushing it towards a CAGR of 7% over the assessment period.
Smart Home Security Camera Market Segmentation Analysis
According to the recent study by FMI, the global smart home security camera market is dominated by wired home security cameras. Based on product type, wired home security camera segmentation is gaining traction among consumers due to its ability to provide clear video and audio signals as well as its constant power supply feature.
These cameras are difficult to hack into and possess strong signals that don’t drop easily. Manufacturers are keen on adding product up-gradation features like echo cancellation, two-way audio, and enhanced night vision. All of these factors will boost market growth for this segment resulting in an ownership of 55% of market share over the forecast period.
By application, indoor cameras are leading the market growth for this category. Rising need of consumers to keep an eye on the inside environment of their homes in order to keep a track of pets, children or house help is boosting the demand for this segment. Incorporation of AI is also propelling market growth for indoor smart cameras. This segment is expected to register a CAGR of more than 10%; accounting for almost 40% of market revenue during 2022-2032.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
About FMI – Technology
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