Newark, April 27, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the IP camera market will grow from USD 10.21 billion in 2022 and reach USD 39.63 billion by 2032. Most companies view IP cameras as an effective method of video surveillance. Commercial industries are investing in IoT video surveillance to improvising security for employees. Further, with rising per capita income, many households also install IP cameras.
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Key Insight of the IP Camera Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the IP camera market. Key factors favoring the growth of the IP camera market in North America include adopting cloud technologies and IoT for surveillance and the increasing development of luxury homes. The expenditure on IT surveillance technologies is increasing, and many large-scale and mid-scale organizations are investing in IP cameras. The US has always been at the forefront of adapting and implementing innovative technologies in different industries. Further, the increasing number of product releases and launches will lead to deeper penetration of the IP camera market.
The hybrid segment is expected to augment the market during the forecast period.
The deployment segment is divided into public cloud, private cloud, and hybrid. The hybrid segment is expected to augment the market during the forecast period. The hybrid IP camera is majorly implemented in commercial organizations. The hybrid IP camera allows greater access with the benefits of both private and public cloud servers. This hybrid server combines modules and databases to serve large organizations' surveillance requirements.
The pan tilt zoom cameras segment is expected to augment the market during the forecast period.
The product segment includes fixed dome cameras, pan tilt zoom dome cameras, infrared cameras, non-mechanical pan tilt zoom cameras, and bullet cameras. The pan tilt zoom cameras segment is expected to augment the market during the forecast period. The pan tilt zoom IP camera allows for greater mobility; thus, the user controls the field of view. This particular camera can move anywhere, ranging from zero to 360-degree angles.
The distributed segment will likely grow at the highest CAGR during the forecast period.
The connection type segment includes consolidated and distributed. The distributed segment will likely grow at the highest CAGR during the forecast period. The distributed connection IP camera is equipped with in-built storage; thus, the data is stored digitally in the camera. The user can save on the cost of hard drives, SD cards, hard disks, etc., by using the distributed connection.
The software segment dominated the market with a revenue share of 67.22% and was valued at USD 6.86 billion in 2022.
The component segment includes software and hardware. The hardware segment further includes illuminators, storage, server, monitor, capture devices, and others. The software segment dominated the market with a revenue share of 67.22% and was valued at USD 6.86 billion in 2022. IP camera software applications can be used for company and residential surveillance. The security camera software can detect motion automatically and provide notifications through instant messages, voice calls, and other means.
The government segment will likely grow at the highest CAGR during the forecast period.
The end-user segment includes residential, commercial, and government. The commercial segment further includes healthcare, retail, real estate, transportation, BFSI, and others. The government segment will likely grow at the highest CAGR during the forecast period. Government organization can leverage their surveillance activities and gain valuable insights by using IP cameras. Additionally, government organizations are investing heavily in strengthening their surveillance capabilities.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $10.21 billion |
| Market Size in 2032 | $39.63 billion |
| CAGR | 14.52 % |
| No. of Pages in Report | 236 |
| Segments covered | Deployment, Product, Connection Type, Component, End-user, Regions |
| Drivers | Numerous benefits of an IP camera |
| Opportunities | Increasing investment in residential and commercial security |
| Restraints | High cost of IP camera |
Advancement in market
In July 2022, a significant player, Xiaomi, upgraded the hardware of the IP camera. The upgraded camera can now record at an additional 108-degree vertical view in 1920X1080p HD quality.
Market Dynamics
Driver: Benefits of IP cameras in end-user industries
The IP camera has gained prominence recently due to its numerous attributes. A high-resolution IP camera has a broader field of view than an analog CCTV camera; for example, it can frequently cover an area requiring up to four low-resolution cameras with just one. This means that, in some cases, establishing an IP surveillance system is more cost effective and that the user benefits from having footage from a single camera that is much more user-friendly. Incorporating IP cameras with a wireless network enables practically limitless extension. There are several advantages to remote monitoring, including checking the cameras from anywhere. A high-tech security system that is high-res, convenient, compact, versatile, and affordable is IP CCTV security.
Restraint: High installing cost
Due to their greater capability, IP cameras are more expensive than analog cameras. The cost of converting analog cameras to IP cameras might be high. The installation cost of an IP camera is high compared to analog cameras. This impacts the installation of IP cameras in mid and small-scale commercial industries.
Opportunity: Adoption of cloud-based technology
The increasing adoption of cloud-based technology is an opportunity for IP cameras. Industries are increasingly moving towards automation, which is propelling market growth. The use of cloud storage has become common in organizations. Many organizations have shifted towards cloud-based storage for several reasons, such as the rise in data, elimination of external storage, and easy access. Thus, the employees and stakeholders can easily access the data with the help of IP camera software. With the rise in cloud computing, the adoption of such innovative software is also increasing owing to the compatibility between cloud-based technology and such software. The IP cameras employ cloud-based technology, a real-time monitoring system that users can use. The technology will let users use a computer and LAN to view the position and orientation of each camera.
Challenge: Unskilled operators in developing region
In developing regions such as Asia-Pacific, the Middle East, and Latin America, there is a lack of skilled users who can efficiently operate and retrieve the data of IP cameras. In underdeveloped and developing countries, many small-scale marketing companies are unaware of the uses of hybrid deployment. This leads to underutilization of the IP camera, which limits the ROI of its investment. Thus, this factor hinders the market's growth in such countries.
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Some of the major players operating in the IP camera market are:
• 3DEYE Inc.
• Bosch Security Systems GmbH
• Arecont Vision Costar LLC
• Honeywell International Inc.
• D-Link Corporation
• Panasonic Corporation
• Avigilon
• Dahua Technology Co., Ltd.
• Axis Communications AB
• Hangzhou Hikvision Digital Technology Co., Ltd.
• Pelco (Schneider Electric)
• The Infinova Group
Key Segments Cover in the Market:
By Deployment:
• Public Cloud
• Private Cloud
• Hybrid
By Product:
• Fixed Dome Cameras
• Pan Tilt Zoom Dome Camera
• Infrared Camera
• Non-Mechanical Pan Tilt Zoom Camera
• Bullet Camera
By Connection Type:
• Consolidated
• Distributed
By Component:
• Software
• Hardware
o Illuminators
o Storage
o Server
o Monitor
o Capture Devices
o Others
By End-user:
• Residential
• Commercial
o Healthcare
o Retail
o Real Estate
o Transportation
o BFSI
o Others
• Government
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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