The global smart home security camera market exhibited remarkable growth in recent years, showcasing its rising significance in modern living. From a market value of US$6.25 billion in 2021, it surged to US$7.5 billion in 2022. The trend is projected to intensify, with forecasts indicating a staggering market worth of US$46.5 billion by 2032. This impressive trajectory reflects a compound annual growth rate (CAGR) of 20.02% spanning the decade from 2022 to 2032.
In the era of Industry 4.0, innovation is reshaping lifestyles in unprecedented ways. A pivotal transformation is the seamless integration of the Internet of Things (IoT) into cutting-edge devices, significantly enhancing convenience, safety, and security. One tangible manifestation of this transformation is the widespread adoption of smart home security cameras. These intelligent devices confer a multitude of advantages, including real-time remote monitoring, effortless accessibility from anywhere, and the ability to swiftly dispatch notifications during critical or perilous situations.
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Key Takeaways:
- Integration of artificial intelligence in smart cameras will raise the demand for smart home security cameras over the forecast period.
- North America will present lucrative opportunities for the market through 2032.
- The U.S. smart home security camera market is expected to register 12% CAGR during 2022-2032.
- Asia Pacific is predicted to exhibit substantial market growth through 2032.
- Rapid urbanization will augment market growth in Asia Pacific.
- India is anticipated to register a 7% CAGR during the assessment period.
- China is projected to witness a prolific CAGR of 15%.
- By product type, wired home security cameras are expected to lead the market.
- By application, indoor cameras will witness a rise in demand.
Competitive Landscape
Frontpoint Security Solutions, Vivint Smart Home, Inc., Simplisafe, Inc., iSmart Alarm, Inc, ADT LLC, Skylinkhome, Protect America, Inc, Live Watch Security LLC, SAMSUNG ELECTRONICS Co., LTD., LLC, Arlo Technologies, Inc.; Nest Labs; Wyze Labs, Inc, Blink, Brinks Home Security, and Ring LLC among others are some of the manufacturers of smart home security camera profiled in the full version of the report.
The major players in the smart home security camera market are investing in research and development activities to expand their product base and release novel and innovative smart home security cameras into the market. With an expanded product portfolio these organizations expect to gain a competitive advantage in the market.
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Key Segments Covered In the Smart Home Security Camera Industry
Smart Home Security Market by Product:
- Wired Smart Home Security Products
- Wireless Smart Home Security Products
Smart Home Security Market by Application:
- Smart Doorbell Camera
- Smart Indoor Camera
- Smart Outdoor Camera
Smart Home Security Market by Region:
- North America Smart Home Security Market
- Latin America Smart Home Security Market
- Europe Smart Home Security Market
- Asia Pacific Smart Home Security Market
- Middle East & Africa Smart Home Security Market
Smart Home Security Camera Market Regional Analysis
As per the latest report by FMI, the smart home security camera market in the United States is anticipated to register significant growth. Rising Integration of Internet of Things in modern home appliances affords the consumers benefits like getting notified in times of emergencies. This provides enhanced safety and security thus boosting market possibilities in the region. Additionally, young homeowners are investing heavily in smart home security cameras due to technological enhancements and the user-friendly nature of these devices. All these factors are expected to bolster the market growth in this region, pushing the CAGR to a robust 12%.
Easy installation coupled with rising product availability will propel market growth in China. Growing urbanization and a strong presence of major market players in this region will promote the market growth of China over the forecast period. China is projected to witness a CAGR of 12% in the market.
Alongside China, India, too, is expected to display substantial growth opportunities for the smart home security cameras market. Swift urbanization coupled with heavy reliance on automation by the general population will supplement the sales of smart home security cameras in the region. Additionally, new product launches in the regional market are also boosting the market growth, pushing it towards a CAGR of 7% over the assessment period.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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