Press release
Smart Home Security: Next-Gen Innovations in Camera Technology
According to The Business Research Company's, The smart home security camera market size has grown strongly in recent years. It will grow from $6.18 billion in 2023 to $6.56 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to increased urbanization, decreased production costs, growth in awareness of home security, smart home ecosystems, and societal shifts towards digitalization.
The smart home security camera market size is expected to see strong growth in the next few years. It will grow to $8.47 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to IoT integration, AI and machine learning, privacy concerns and regulations, remote monitoring and control, customization and personalization. Major trends in the forecast period include sustainability, health monitoring, edge computing, enhanced cybersecurity measures, and integration with autonomous systems.
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Market Drivers and Trends:
The rising crime rates are expected to propel the growth of the smart home security camera market going forward. Crime rates refer to statistical measures used to quantify the prevalence and frequency of criminal activities within a specific geographical area or jurisdiction over a defined period. Rising crime rates can be attributed to factors such as socio-economic disparities, urbanization, drug-related activities, and insufficient law enforcement resources. Smart home security cameras help reduce crime by serving as a visible deterrent, providing real-time monitoring, and facilitating the identification and apprehension of criminals through recorded footage. For instance, in April 2024, according to Eurostat, a Luxembourg-based statistical office of the European Union (EU), there was a 17.9% increase in police-recorded thefts in the European Union in 2022 compared to 2021, with 26 out of 27 countries registering an increase. Similarly, police-recorded robberies increased by 9.7% in the EU between 2021 and 2022, with 20 out of 27 countries reporting an increase, while burglaries increased by 7.4%, with 17 out of 24 reporting an increase. Therefore, rising crime rates are driving the growth of the smart home security camera market.
Major companies operating in the smart home security camera market are developing smart 360° home security cameras leveraging advanced features, such as two-way voice calling support, to gain a competitive edge in the market. A two-way voice calling support enhances the security, convenience, and connectivity provided by smart home security cameras, empowering homeowners to actively monitor and interact with their home environment, whether they are at home or away. For instance, in January 2024, Xiaomi Inc., a China-based electronics company, launched the Mi 360° Home Security Camera 2K. This innovative camera boasts super-clear 2K image quality and upgraded AI, offering enhanced surveillance capabilities for homes. With a 3-megapixel sensor and F1.4 large aperture, it ensures detailed images even in low-light conditions, while the upgraded 6P lens delivers clearer visuals by reducing light refraction. It also features improved infrared night vision, AI human detection, and seamless monitoring with a 360° panoramic view. Users can stay connected with real-time, two-way voice calls and save storage space with advanced video encoding technology.
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Major Key Players of the Market:
Amazon.com Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Comcast, Robert Bosch, Panasonic Holdings Corporation, Xiaomi Inc., Honeywell International Inc., Hangzhou Hikvision Digital Technology Co. Ltd., Motorola Solutions Inc., ADT Inc., Vivint Smart Home Inc., Netgear, Alarm.com, Brinks Home Security, Arlo Technologies Inc., SimpliSafe Inc., D-Link Global, Wyze Lab Inc., Frontpoint Security Solution LLC, Skylinkhome, Shenzhen Leshi Video Tech. Co. Ltd., Eufy Anker Innovations, Zmodo Direct Electronics, Godrej Security Solutions
Smart Home Security Camera Market 2024 Key Insights:
• The smart home security camera market size is expected to see strong growth in the next few years. It will grow to $8.47 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Surging Crime Rates Fuels Growth In The Smart Home Security Camera Market
• Introducing Home Security Camera 2K With Advanced AI And Two-Way Voice Calling
• North America was the largest region in the smart home security camera market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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