Smart Home Cameras Market Size, Share, Growth, and Industry Analysis by Type (Traditional Camera, Digital Camera), by Application (Outdoor Application, Indoor Application), Regional Insights, and Forecast To 2032

Updated On: 22 April 2024

SMART HOME CAMERAS MARKET REPORT OVERVIEW

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The global smart home cameras market size was USD 2246.6 million in 2022 and the market is projected to touch USD 3657.46 million by 2032 at a CAGR of 5.0% during the forecast period.

Smart home camera is a stand-alone camera that connects to the Internet and can record and simultaneously stream video through the Internet Protocol (IP) network that can be accessed remotely by using smart gadgets such as smartphones and tablets, and PCs and laptops. The video can be saved to a memory card (if any) installed in the camera device and others digital devices. Smart camera or intelligent camera a term used for a connected camera that allows users to perform some additional functions including information extracting from captured image, information sharing, and real-time video analysis.

Smart home cameras are necessary because of their advanced features, such as real-time monitoring and integration with smart home ecosystems, which provide enhanced security and convenience. Traditional security cameras, webcams, DIY surveillance systems, baby monitors, dummy cameras, home automation sensors, smart doorbells without cameras, and outdoor lighting with motion sensors are available as alternatives. Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact:  Pandemic Hampered The Market Due To Unexpected Disruption In The Sector

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

"Use Of Innovative Products To Boost The Market Growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

SMART HOME CAMERAS MARKET SEGMENTATION

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• By Type Analysis

According to type, the market can be segmented into traditional camera, digital camera

Digital camera will capture the maximum market share through forecast period.  

Traditional camera – Traditional cameras in the context of smart home security typically refer to analog cameras. These cameras often use older technology and may require a wired connection to a recording device or monitor.

Digital camera – Digital cameras are more modern and equipped with advanced features. They are typically connected to the internet and offer high-resolution footage.

• By Application Analysis

According to application, the market can be segmented into outdoor application, indoor application

Smart home cameras market players cover segment as indoor application will dominate the market share during forecast period.

Outdoor application - Cameras used outdoors need to be durable and weather-resistant. They often have features like motion-activated lights, sirens, and more robust night vision.

Indoor application - Indoor cameras are usually smaller and less obtrusive. They might have features like two-way audio, integration with smart home assistants, and pet or baby monitoring functionalities.

DRIVING FACTORS

"Increased Concern for Security and Safety To Boost The Market Growth"

Rising awareness about home security and the need for surveillance systems to deter crime and monitor activities is a primary driver. The residential societies and different homeowners use these systems to check on various activities for safety and security purposes. Advanced intelligent surveillance systems (AISS) are replacing traditional surveillance systems.

"Technological Advancement and Innovation To Upsurge The Market"

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the smart home cameras market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Continuous improvements in camera technology, such as higher resolution, better low-light performance, and advanced AI-driven features like facial recognition and unusual activity detection, are driving the market.

RESTRAINING FACTOR 

"High Cost To Hamper The Market Growth"

Despite the number of benefits offered by smart cameras, one of the main drawbacks is their high cost. The initial cost of high-quality smart home cameras and ongoing expenses can be prohibitive for some consumers. Technical difficulties will reduce the industry revenue.

SMART HOME CAMERAS MARKET REGIONAL INSIGHTS

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"North America to Dominate the Market Due To The Growing Penetration Of Smart Homes "

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East and Africa.

North America is further expected to witness growth in the smart home cameras market share. The region is dominating the market due to the growing penetration of smart homes.  The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

KEY INDUSTRY PLAYERS

"Key Players Focus On Partnerships To Gain Competitive Advantage"

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.

List Of Market Players Profiled

• Netgear (U.S.)
• Panasonic Corporation (Japan)
• Robert Bosch (Germany)
• Huawei Technologies (China)
• Hanwha Techwin (South Korea)

INDUSTRIAL DEVELOPMENT

January 2022: Panasonic was in the news for launching a full-frame box-style digital single-lens mirrorless camera Lumix BS1H in India. Moreover, the camera is designed to fulfill the requirements of cinema, live streaming, and other multi-camera users. Moreover, the camera is Ethernet compatible.

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.