According to a recently distributed report by ESOMAR-ensured Future Market Insights, the global smart home security camera market gathered US$ 6.25 billion in 2021 and is expected to gather US$ 7.5 billion in 2022. The market is expected to outperform a market valuation of US$ 46.5 billion by enrolling a stunning two-digit CAGR of 20.02% between 2022 and 2032. The rise in concern about indoor conditions can be attributed to the development of smart home security cameras.
Besides, the simple accessibility and establishment of smart cameras are assuming a vital part in the reception of the equivalent. Pet guardians and couples working from workplaces are putting resources into smart cameras to follow along on pets and small kids. Smart cameras show constant occasions as well as proposition correspondence through sound. This, thusly, is moving the development of smart cameras in indoor conditions of homes.
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In actuality, open air cameras are confronting potential dangers of being harmed by climate or taken by criminals. Also, programmers are abusing smart cameras to hack into houses and are involving individual data for wrong purposes.
Key Takeaways from the Market Study
- Global smart home security camera market to flourish 6.2x from 2022 to 2032
- By product type, wired cameras are expected to possess 55% market share for assessment period 2022-2032.
- By application, indoor cameras expected to register a staggering double-digit CAGR of 10% in the forecast period 2022-2032.
- S. expected to register a CARG of around 12% in the assessment period 2022-2032.
- China expected to register a CAGR of more than 15% for the smart home security cameras in the sales indicator period 2022-2032.
- India expected to register a 7% CAGR in the upcoming forecast period 2022-2032.
“The global smart home security camera market is expected to observe excellent growth due to the increasing importance of indoor safety and easy availability and installation of the same.”
Key players in the smart home security cameras include 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; Ring LLC. Some of the recent key development among the players are:
- In April 2021, Ring, launched Ring Floodlight Cam Wired Pro. The camera includes 3D motion detection and bird’s eye view along with a 1100db siren and colour night vision. The camera can be easily linked to Wi-Fi present in homes.
- In August 2021, SimpliSafe launched SimpliSafe wireless outdoor security camera. The camera is designed to detect potential crimes before they take place. The camera does not require wiring and can be easily installed.
More Valuable Insights Available
FMI, in its new offering, presents an unbiased analysis of the global smart home security camera market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by type (wired, wireless), application (doorbell camera, indoor camera, outdoor camera) & Region (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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What Are The Challenges Faced By Smart Home Security Camera Market?
The smart home security cameras is grappling with two major issues namely privacy and price of smart cameras. The outdoor smart home security cameras are expensive and the chances of them getting damaged due to thieves or weather are high. This has led to people not investing in outdoor smart home security cameras.
Furthermore, hackers are able to access the cameras and can use the images captured in the same for incorrect purposes. Moreover, the outdoor camera has the capacity to capture the surroundings around the house, thus threatening the safety of spaces. Incorrect use of face recognition technology too can lead to theft and damages to the property. Manufacturers of smart home security cameras are working on the same.
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
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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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