Wireless Home Security Camera Market size is set to exceed USD 25 billion by 2030, according to a new research report by Global Market Insights Inc.
The wireless home security camera industry growth is credited to the rising venture capital funding. Several third-party companies are investing in SMEs or start-ups operating in the industry. For instance, in May 2022, SimpliSafe Inc. raised around USD 200 million. The round was led by the affiliates of HPS Investment Partners, Owl Rock, Eastern Bank, and Capital One, N.A. The cash influx will help the company in continuing its efforts in technology advancements to improve the security and safety of its customers. The implementation of expansion strategies by companies will fuel competition and boost the market expansion.
The COVID-19 pandemic negatively affected the wireless home security camera market in 2020. Disruptions in the supply chain and instability in the economic conditions have hampered the industry progression. The business recovered in 2021, which is attributed to the relaxation of lockdown norms across the globe. The demand for wireless home security cameras will increase by 2030 and due to the risk of a home burglary.
Rising number of smart city demands wireless home security cameras for better connectivity purposes
Government authorities & private companies are focusing on constructing planned cities to increase the security of their residents, improve transportation, and efficiently follow sustainable practices. For example, in April 2022, the EU announced a list of 100 European cities participating in its Mission for 100 climate-neutral & smart cities by 2030. Cities including Dublin, Madrid, Barcelona, Lisbon, and Sofia are part of this initiative. Such initiatives will influence the requirement for wireless home security cameras in residential complexes and individual houses, allowing wireless transmission of videos or images. These cameras will also support authorities and household owners in sharing a common ecosystem for transferring & sharing data.
Browse key industry insights spread across 383 pages with 548 market data tables and 42 figures & charts from the report, “Wireless Home Security Camera Market Size By Resolution (HD, 2K, 4K), By Type (PTZ, IP), By Application (Indoor, Doorbell, Outdoor), By Distribution Channel (Online, Offline), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
Growing focus of the younger generation to monitor the well-being of their close ones
The indoor wireless home security camera market is projected to observe a 15% growth rate till 2030. Several working individuals, who live away from their homes, are investing in these devices to monitor the health of their parents or relatives. Indoor cameras allow users to remotely watch the designated area from a smartphone or monitor. Several companies, such as Ring and Amcrest Technologies, offer indoor cameras with two-way communication and motion-activated notifications features for improving the consumer experience. This also supports the older generation in avoiding isolation and seamlessly ask for help in the case of an emergency.
Modernization of offline retail stores to enhance the customer shopping experience
Global retailers in the sector, such as Target, Walmart, and Costco, are significantly increasing their investments in developing the existing infrastructures to attract more customers. Additionally, in March 2022, Target Corporation announced its plans to infuse around USD 5 billion in scaling its operation in this year. The company will invest in its digital experiences, physical stores, supply chain capacity, and fulfillment capabilities to drive growth by differentiating its retail offering. The enhancement in visitors’ shopping process will foster the offline distribution channel sales in the coming years.
Increasing government support in expanding the manufacturing sector in the APAC region
Asia Pacific wireless home security camera market will attain approximately 25% gains during 2022-2030. Growth is impelled by the initiatives implemented by government authorities, encouraging the establishment of new manufacturing facilities. These initiatives aim to increase domestic or local manufacturing to sway economic growth. Such subsidy programs will help SMEs in the sector to build their wireless home security camera manufacturing plants and reduce dependency on third-party suppliers, thus supporting the market growth.
Increasing market presence in untapped regions forms a crucial strategy amongst the industry players
Major participants in the wireless home security camera market are Amcrest Technologies, SimpliSafe, Inc., Arlo Technologies, Inc., ADT Inc., CP Plus International, D-Link Corporation, Blink (Amazon.com), Guardian Protection Services, Inc., Eufy, Wyze Labs, Inc., Hanwha Techwin Co., Ltd., K&F Concept, Google LLC, Ring (Amazon), Reolink, Swann Communications Pty. Ltd., Xiaomi Corporation, Vector Security, Inc., Vivint, Inc., Frontpoint Security Solutions, LLC, and Lorex Technology Inc. These leaders are focusing on increasing their customer base by entering new territories.