IP Camera Market: Technological Revolution Fueling Market Growth | Key Players are Avigilon, Axis Communications, Belkin International, Bosch Security and Safety Systems, Hikvision, March Networks, NETGEAR, Panasonic, Toshiba, Tyco

Internet of things has brought a revolution of sorts in the security & surveillance landscape globally. IP camera market, in this context, stands as a major beneficiary of this change. As per reliable estimates, in the year 2016, the global shipments for IP cameras surpassed 15 million units. Add to it, reliable sources affirm that in the year 2014, IP camera shipments in smart home exceeded 1.3 million units – data strongly attesting the role of IOT and connected infrastructure in the lucrative growth chart of IP camera market.

Having said this, the growth prospects of IP camera market from residential applications is quite vividly huge. In fact, as per a report compiled by Global Market Insights, Inc. IP camera industry from residential applications is estimated to register a CAGR of 25% over 2017-2024, driven by applications including the likes of home surveillance systems, access control, remote monitoring, intelligent building control, and HVAC management.

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Key Companies - Arecont Vision, Avigilon, Axis Communications, Belkin International, Bosch Security and Safety Systems, Dahua Technology Co. LTD, D-Link, GeoVision, Hikvision, March Networks, MOBOTIX AG, NETGEAR, Panasonic, Pelco by Schneider Electric, Sony Professional, Toshiba, Tyco

These devices are being increasingly used in solving crimes and providing growth prospects in both public and private spaces. The videos captured by these devices are considered as the legal proof to investigate crimes in several countries including the UK, the U.S., India, and China. The effectiveness of these systems to deter crime has increased the adoption of these devices drastically. In June 2017, a lawyer based in the U.S. used these devices to call the emergency helpline when his security system notified him of two suspects entering his house. Such instances are providing ample growth opportunities for the IP camera market.

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The increasing threat of hackers and data privacy issues are expected to hinder the network camera market growth. Several devices connected to the internet have serious weaknesses in terms of security. Furthermore, the vendors are selling the configured devices using their dynamic DNS services. For instance, Foscam assigns their devices a hostname appended with myfoscam.org. This becomes easy for a hacker to identify these devices together on the internet.

Commercial IP camera market is expected to gain momentum over the forecast time span owing to growing applications in industries, retail stores, and healthcare & educational institutions. Commercial buildings are becoming equipped with Wi-Fi networks, which makes it easier to install these devices for enhanced security. Penetration of technologies, such as cloud back-up and artificial intelligence, is expected to increase the adoption of IP camera market across commercial applications.

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As technology continues to advance, IP cameras are expected to become more affordable in the ensuing years, with increased competitiveness. With security issues becoming a global matter of concern, the deployment of high-quality surveillance systems is becoming more pivotal than ever. On these grounds, it would be apt to state that the growth prospects of IP camera market seem to be rather lucrative. Indeed, the advantages that IP cameras possess over traditional CCTV cameras will enable this business sphere to exceed a valuation of $20 billion by 2024.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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This release was published on openPR.