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Smart Home Security Camera Market size is poised to grow with a lucrative CAGR from 2023 to 2032, owing to a rise in residential criminal activities worldwide. According to the United States Department of Justice, there are nearly 2.5 million burglaries annually in the U.S. with nearly half of these being home invasions. The rapid adoption of IoT in smart homes is also supporting market growth. Consumers are shifting their interests 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 of any unauthorized intrusion. Real-time video analytics in smart home security cameras help 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.
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 the smart home security camera market demand.
Ongoing technological developments, including cameras with night vision assistance, in the market would present new avenues for business expansion. Moreover, exploring advancements in machine learning with smart home cameras also provides a huge opportunity for this market in terms of product innovation.
In terms of product, the wireless cameras segment is estimated to grow substantially during the forecast timeline. Wireless cameras are gaining considerable traction among consumers due to their low cost and resilience & reliability factors.
Based on application, the indoor smart home security camera market will witness tremendous growth through 2032, credited to the rising cases of indoor thefts and burglaries, 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.
As per the regional purview, the North America smart home security camera market is expected to grow at a significant CAGR till 2032, attributed to growing trend 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.
The smart home security camera market is highly competitive that includes camera manufacturers, platform providers, and security service providers. The cloud & platform providing companies in the market include Google and Amazon. Prominent security service providers in the industry are Hive, Vivint, Alarm.com, Comcast, and ADT. Alongside, key 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.
Amongst these, various software companies and businesses are working on the launch of highly advanced smart home surveillance systems to avert the risks of indoor criminal activities. For example, Google Nest in 2021, introduced a new line of home security devices, including three new cameras and a video doorbell. Along with this, the firm also publicized its plans to refine its Google Home app to deliver easier access to video feeds from its different smart cams.
The global smart home security camera market development is being further fueled by the trend of smart cities and smart homes. The Middle East and Africa region is speculated to emerge as a revenue pocket for market, pushed by the surging adoption of these in newly built and technologically advanced homes.
The smart home security camera market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments:
Market, By Product
Market, By Type
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