Global smart home cameras market is anticipated to witness an exponential growth in the forecast period. A smart home camera implies a stand-alone camera that connects to the Internet. It can record and at the same time stream video through the Internet Protocol (IP) network that is accessible remotely with the help of smart gadgets including PCs (Desktops), smartphones and tablets, and Laptops.
The factors that propel the growth of the market include an increase in demand for technologically progressive home security products, increasing consciousness of the security needs, ease of installation of security cameras and the introduction of new features in the cameras such as motion detection. On the other hand, there are factors that may hamper the growth of the market including issues related to app interface in smart home cameras market.
The market is anticipated to expand at a significant CAGR of 7.12% in the upcoming period as the scope, product types, and its applications are increasing across the globe. Acceptance of distribution channel expansion strategy is an emerging trend in the smart home cameras market. The top vendors in the market are assuming numerous strategies to expand their customer base. One of the most vital strategies accepted by the vendors is the expansion of the distribution channel. The demand for smart home cameras is rising owing to the increasing acceptance of omnichannel strategy among the home security products manufacturers.
Market could be explored by product type, resolution type, services, application, distribution channel, and geography. Market by product type comprise Dome Security Camera, Bullet Security Camera, IP Security Camera. The “Dome Security” segment led the market in 2017 and will continue to lead in the forecast period.
Market could be explored by resolution type as HD and Non-HD. The “HD” segment led the market in 2017 and will continue to lead in the forecast period. Market by services could span managed and professional. The “Professional” segment led the smart home cameras market in 2017 and will continue to lead in the forecast period.
The key applications that could be explored in the market include Indoor Application and Outdoor Application. The “Outdoor Security Camera” segment led the market in 2017 and will continue to lead in the forecast period. Market could be explored by distribution channel as online and offline.
North America accounted for the major share of the smart home cameras market in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include an increased focus of the smart home cameras manufacturers, increasing demand in this region, and acceptance of progressive technologies. In addition, Canada, US, and Brazil are the foremost contributor to the market and the demand for smart home cameras are anticipated to surge in the forecast period. North America is followed by the Asia-Pacific region owing to fast economic growth in China, Japan, and India.
Some of the key players that fuel the growth of the smart home cameras market comprise Panasonic Corp., Canon Inc, Nikon Corp., Samsung Group, Olympus Corporation, Sony Corp., Polaroid Corporation, Bosch Security Systems, Ata-Vision, Raptor Photonics, and Basler Vision Technologies. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
The market is divided into the following segments based on geography:
Global Smart Home Cameras Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
• Hanwha Techwin
• Huawei Technologies
• Panasonic Corporation
• Robert Bosch
Research Support Specialist, USA