Smart Homes Security Cameras Market

The Global Smart Homes Security Cameras Market size was valued at USD 7.50 Billion in 2022 and is expected to surpass USD 38.76 Billion by 2031, expanding at a CAGR of 20.02% during the forecast period, 2023 – 2031. 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.

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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.

Smart Homes Security Cameras 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.

Scope of Smart Homes Security Cameras Market Report

The report on the global smart home security cameras market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

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.

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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.

The doorbell segment is projected to expand at a CAGR of 15.5% during the forecast period. Growing adoption of doorbell security camera is driving the segment growth. Network doorbell camera is the recent trend in the market. It ensures high level security to residents by connecting to the central security room.

North America expected to account for a large market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to account for a large market share owing to the rising number of nuclear families in countries such as the US and Canada. Growing penetration of smart homes is also expected drive the market growth in this region.

The market in Asia Pacific is anticipated to witness an impressive growth rate during the forecast period. Increasing infrastructure development to address the growing population is expected to boost the product demand in this region. Furthermore, rapid urbanization and rising purchasing power are driving the regional market growth. Moreover, increasing trend of smart homes along with demand for smart devices for home automation and security are expected to boost the market growth in the region.

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Segments

The global smart homes security cameras market has been segmented on the basis of

Products

• Wired
• Wireless

Applications

• Doorbell Cameras
• Indoor Cameras
• Outdoor Cameras

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Vivint, Inc.
• ADT
• SimpliSafe, Inc.
• Frontpoint Security Solutions, LLC
• Brinks Home Security
• iSmart Alarm, Inc.
• LiveWatch Security LLC
• Skylinkhome
• Protect America, Inc.
• SAMSUNG

Competitive Landscape

Some of the leading manufacturers in the global smart home security camera market are Vivint, Inc., ADT, SimpliSafe, Inc., Frontpoint Security Solutions, LLC, Brinks Home Security, iSmart Alarm, Inc., LiveWatch Security LLC, Skylinkhome, Protect America, Inc., and SAMSUNG.

The manufacturers are focusing on product innovation and launch of new product lines to cater the rising consumer demand for advanced security cameras.

In January 2020, Abode Systems, Inc. announced the launch of an outdoor/indoor smart wired video camera with features, such as facial recognition and 24X7 video recording.

In November 2017, Amazon announced the launch of smart home security camera, Amazon Cloud Cam, that captures and video at 1080p. It has a feature of night mode and can be controlled through Echo devices.