Pune, India, May 16, 2019 (GLOBE NEWSWIRE) -- Market Research Future (MRFR)’s study projects that the global home security camera market is expected to grow leaps and bounds over the forecast period 2017 to 2023. The report further reveals that the global market is set to scale a valuation of USD 1,306.3 Mn towards the end of 2023. Increasing crime rates in developing nations have been prognosticated to accelerate revenue creation for the market participants.
Home security cameras assure security and enable controlling as well as monitoring through smartphones. The strong value maintained by the developments in connected devices is projected to influence the growth of the home security cameras market positively through the assessment period.
Easy installation and durability are the key areas of focus for the industry leaders for capitalizing on the developmental opportunities in the home security camera market. Emphasis is placed on the development of products in different sizes and resolutions. Also, the integration of advanced features such as remote views on mobile devices, motion detection, SMS alerts, etc. are projected to boost the growth pattern of the market. Furthermore, the market is poised to witness massive inflow of investments in conjunction with the introduction of innovative products. Case to the point is, Soliom has introduced solar-powered wireless home security camera, Soliom Bird S60, to its product portfolio.
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Although security cameras have been in demand over the past few years in commercial spaces, proliferating residential applications is likely to augment the market in the forthcoming years. Price erosion is one of the crucial factors likely to generate demand over the next couple of years. Additionally, the market is presumed to benefit from the advancements in wireless technologies.
Key Players:
The noted players operating in the global home security camera market are Hangzhou Hikvision Digital Technology Co. Ltd (China), Shenzhen Leshi Video Tech. Co., Ltd (China), Godrej Security Solutions (India), Motorola Home (U.S.), Netgear, Inc. (U.S.), FrontPoint Security Solutions, LLC (U.S.), ADT Security Services (U.S.), SimpliSafe (U.S.), Vivint, Inc. (U.S.), Panasonic Corporation (Japan), and Nest Cam (U.S.),
Market Segmentation:
This MRFR report presents a detailed segmental assessment of the global home security camera market based on product, type, resolution, and services. By product, the market is segmented into dome security camera, bullet security camera, IP security camera, thermal security camera, PTZ security camera, and others. Among these, the dome security camera segment held the dominant share of the market in 2017. It is also expected to exhibit a relatively higher CAGR over the forecast period.
By type, the Home Security Camera Market is segmented into indoor security camera and outdoor security camera. The outdoor security cameras segment accounted for the maximum market share in 2017 and is poised to emerge as the fastest growing segment towards the close of 2023.
The home security camera market, by resolution, has been segmented into non-HD, and HD. The HD segment signifies tremendous growth potential and is poised to strike a higher CAGR during the assessment period. Also, it accounted for the lion’s share of the market in 2017.
Based on services, the market is segmented into professional services and managed services. Among these, the professional services segment has gained quick mileage and held the pole position in the marketplace in 2017. In addition, the segment is anticipated to keep gaining momentum and scale a comparatively higher CAGR across the review period.
North America set to retain its dominance over the global market
The geographical analysis of the global home security camera market spans across Asia Pacific, North America, Europe, and the Rest of the world (RoW). North America holds the largest market share and was valued at USD 261.3 Mn in 2017. The growth of the regional market can be ascribed to the skyrocketing adoption of security cameras. In addition, the market is highly lucrative and is anticipated to observe an influx of new entrants. This, in turn, has been projected to catapult the home security camera market in North America on an upward trajectory. Meanwhile, Asia Pacific is forecasted to exhibit massive developments at a higher CAGR over the assessment period.
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Latest Industry News:
Xioami Corporation, a Chinese electronics company, has launched its Mi home security camera in India.
Arlo, America’s first internet connected camera brand, has unveiled its smart-home security camera at CES in Las Vegas.
D-Link Corporation, Taiwanese multinational networking equipment manufacturing corporation, has introduced DCS-2802KT, mydlink Pro Wire-Free camera kit, which is its first wire-free camera product.
Amazon-owned Ring has introduced a peephole front door security camera at CES 2019.
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