Smart Home Security Camera Market size is set to register lucrative gains from 2020 to 2026 owing to declining prices of smart home security cameras and a rise in criminal activities. The rapid adoption of IoT in smart homes is also supporting market growth. Consumers are shifting toward the deployment of video doorbells from traditionally mountable Wi-Fi cameras to increase the security of their premises.
Smart home security cameras integrated with video analytics solutions will enhance intrusion detection and perimeter security in residential areas. The camera alerts consumers in real-time on any unauthorized intrusion. Video analytics offers the capability of analyzing a video to detect and determine events while providing information related to events occurring in real-time. Real-time video analytics in smart home security cameras helps in security enhancements, identification of suspects, detection of trespassers into restricted or sensitive areas, identification of these trespassers in addition to proactive threat level assessment, and identification of predefined events & behavior. Consumers are also directly notified on their smartphones when an intrusion occurs.
The rise in criminal activities is contributing to smart home security camera market growth. Developing countries in Asia Pacific and Latin America have witnessed a surge in the adoption of smart home security cameras to secure their premises and avoid unauthorized intrusion. Smart cameras require high initial investment due to cost associated with installation of monitors for surveillance. The maintenance cost of smart cameras is also high. However, advanced new generation smart home security cameras offer predictive maintenance and device monitoring. This helps manufacturers to reduce the cost of cameras, which is anticipated to drive market demand.
Smart cameras if set-up poorly can also turn into incredibly sophisticated hacking portals for hackers, enabling them to view everything, listen to everything that is happening in a home, and also record anything. For instance, in 2019, customers of Mi’s smart security camera complained of a bug that allowed users, who had integrated the camera with Google Nest Hub smart display, to view images from feeds of other users using Xiaomi's smart security camera installed in their homes.
Due to the advancement in technology, the features of smart home security cameras are evolving tremendously. The features include camera with 360-degree rotation and modern solar-powered which solves the problem of battery charging. It also reduces manufacturing cost of camera. Providing cameras with night vision assistance will help smart homeowners to identify an intrusion. Exploring advancements in machine learning with smart home cameras also provide a huge opportunity for this market in terms of product innovation. Wireless cameras are rapidly adopted among consumers due to their low cost and resilience & reliability factors. The Wi-Fi connectivity also helps in getting uninterrupted video feeds.
Based on application, the indoor smart home security camera will witness tremendous growth during the forecast period. This is mainly due to rising cases of theft and burglary, which have created a concern among the population to protect their homes from criminal activities. Indoor smart cameras provide various features, such as instant messaging in case of thefts, alarm triggering, and detection of movement & behavior, resulting in the adoption of these cameras for various applications. The indoor smart camera segment will be followed by the outdoor smart home security camera segment that will be driven by consumers who live in individual homes and do not have security guards to secure their premises.
The North America smart home security camera market is expected to witness a substantial growth due to rise in the number of smart homes. High-quality cameras integrated with advanced technology are gaining traction among tech-savvy consumers in the region. Declining camera prices and the availability of new features, such as supporting voice, video, and messaging communications, are contributing to their demand in the region. Comprehensive home automation IoT systems and smartphone-connected systems are also helping consumers to gain insights on real-time camera feeds.
The smart home security camera industry is a highly competitive that includes camera manufacturers, platform providers, and security service providers. The cloud & platform providing companies in the market include Google and Amazon. Security service providers in the industry include Hive, Vivint, Alarm.com, Comcast, and ADT. Prominent camera manufacturers, such as D-Link, Zmodo, and Netgear, are launching advanced cameras that cater to the demand of consumers at an affordable price range. For instance, in June 2020, Netgear’s Arlo Pro Wire-Free HD Security Camera Systems (VMS4X30), which was launched in October 2016 is currently available at USD 249.00. In January 2020, D-Link launched DCS-4605EV and DCS-4705E to expand its vigilance as a surveillance portfolio. The cameras are IP66 rated & waterproof and can withstand temperatures ranging from -30°C to 50°C and high levels of rain & dust.
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