The global smart homes security cameras market is projected to expand at a CAGR of 15.5% during the forecast period, 2021 – 2028. The growth of the market is attributed to the growing adoption of smart appliances in the residential sector.
The installation of smart homes security cameras involves the integration of Internet of Things (IoT) network that facilitates remote automation and real-time monitoring of the home environment. The wireless technology-enabled security systems are the recent advancements in the field of home security solutions. Additionally, IoT is widely preferred by the homeowners to ensure effective protection. The wireless access to security options enables flexibility, convenience, and assurance to consumers
Wireless control over the smart home devices is increasing consumer preference to adopt smart devices. For instance, a survey conducted by PC Mag, in 2018, states that, 34% of consumers depend on smart home security devices to ensure their homes are safe. Google’s Nest Cam or Amazon’s Cloud Cam offers integration of artificial Intelligence (AI) into smart security cameras to identify and analyze human anatomy, behavior, and other environmental activities.
Market Drivers, Restraints, Trends, and Opportunities
- Rising awareness of security devices owing to increase in criminal activities is boosting the demand for smart home security cameras across the globe.
- Increasing consumer spending on smart security devices owing to rising number of interconnected devices is anticipated to boost the market growth.
- Growing augmentation of home automation devices such as locks and security cameras due to high penetration of remote technology is expected to spur the market growth.
- Rising exposure toward IoT and wireless technologies is expected to drive the market growth during the forecast period. Furthermore, it has led to the adoption of miniaturized sensors, actuators, and wireless communication technology, which is stimulating the growth of the market.
- Rapid urbanization and increasing number of smart cities across the globe has contributed to the rising need of smart security cameras.
- Growing adoption of cloud-based technologies has led to increase in the consumer preference for smart home security cameras.
- High cost of installation and maintenance of smart home security systems is anticipated to restrain the market growth.
- The COVID-19 pandemic has adversely affected the growth of the global smart home security cameras market. Supply chain disruptions owing to the closure of manufacturing facilities is one of the factors affecting the demand for home security cameras.
Global Smart Home Security Cameras Market Segment Insights
Wired segment to account for a significant market share
On the basis of products, the market is segment into wired and wireless. The wired segment accounted for a market share of over 50% in 2020, in terms of revenue. Durability and reliability of these products makes it an essential category type in the smart homes security cameras market. Wired smart home security cameras incur low installation and maintenance charges as compared to wireless devices, which proliferates it adoption in various residential spaces. Additionally, wired smart home security cameras observe low failure rates. Thus, above mentioned factors are expected to drive the segment growth.
The wireless segment is anticipated to expand at a CAGR of 15.2 % during the forecast period. They can be operated by using a controller. Generally, they are linked through Wi-Fi or Bluetooth. Increasing disposable income of consumers is encouraging consumers to adopt wireless electronics. Additionally, technological innovations and product developments that allows integration with other smart devices, such as Amazon’s Alexa or Google Home are expected to drive the segment growth during the forecast period.
Indoor cameras segment to account for a considerable market share
Based on applications, the market is bifurcated into doorbell cameras, indoor cameras, and outdoor cameras. The indoor camera segment accounted for a considerable market share of above 35% in 2020, in terms of revenue. Rising number of burglary cases, especially in residential households, is anticipated to drive the segment growth. Consumers preference for indoor cameras in order to have complete control over indoors throughout the day is boosting the segment growth.
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