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Smart Home Security Camera Market Size Worth $11.89 Billion By 2027 | Grand View Research, Inc.

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Smart Home Security Camera Market Size Worth $11.89 Billion By 2027 | Grand View Research, Inc.

December 04
16:06 2020
Smart Home Security Camera Market Size Worth $11.89 Billion By 2027 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report by Grand View Research, Inc., The global smart home security camera market size was valued at USD 3.71 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 15.7% from 2020 to 2027. Growing penetration of smart homes, particularly in developing as well as developed countries across the globe, is driving the demand for smart home security cameras.

The global smart home security cameras market size is anticipated to reach USD 11.89 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 15.7% over the forecast period. Rising prominence of security devices in smart homes for complete control and access of households through remote is generating higher demand for these security cameras. In addition, rising penetration of smart households across regions is paving way for these devices.

Rapid growth in the smart home penetration across developed nations of America and Europe is positively impacting the demand for the devices. According to the European Commission in 2017, Europe Smart Home revenue is expected to reach USD 19 billion by 2021, through its massive markets in U.K. and Germany. Additionally, rising insecurity among homeowners is making them indulge in home security systems. According to a study by Fixr, in 2019, smart security systems are the smart home devices, of which 68% of people are familiar with and 53% are most likely to own in U.S.

Increasing cases of burglary are also resulting in increased prominence of these technically driven home cameras for greater control of households. Rising number of crimes, including theft and burglary, has increased the prominence of security devices for smart households. According to the 2017 crime statistics released by the FBI, approximately three burglaries occur every minute in U.S., making it the second-most frequent crime after larceny-theft.

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Moreover, about 2.5 million cases of burglary are registered in a year, of which 66% are home break-ins. According to a report on Victimization During Household Burglary by Alarms.org, in 2018, 65.1% of the attackers knew the victim in U.S. This increases the cases of intrusion as a result of allowing people in one’s premises without actually confronting as to what and whom they want, before letting them in. This scenario has risen the application of smart security systems in households so as to effectively monitor the safety of their houeholds.

Smart Home Security Camera Market Report Highlights

  • Based on product, the wired segment is likely to reach USD 6.56 billion by 2027
  • By application, doorbell camera is anticipated to reach USD 4.08 billion by 2027
  • Asia Pacific is expected to expand at the fastest CAGR of 16.3% from 2020 to 2027
  • Top players operating in the market include Vivint, Inc.; ADT; SimpliSafe, Inc.; Frontpoint Security Solutions, LLC; Brinks Home Security; iSmart Alarm, Inc.; LiveWatch Security LLC; Skylinkhome; Protect America, Inc.; and SAMSUNG.

In terms of product, the wired segment held a dominant position in the market in 2019. Wired cameras are widely used in various households owing to their low installation and maintenance costs as compared to wireless models. These devices also project longer durability and greater reliability, thus witness higher penetration compared to wireless security devices.

The indoor camera application segment held the largest share of 40.2% in 2019. Rising cases of theft, burglary, and intrusion are resulting in increased application of these security devices inside the households. According to a blog by Safewise, as of 21 April 2020, a burglary occurs every 26 seconds in U.S. Therefore, in order to access complete control over households throughout the day through remote access, consumers opt for indoor application of home security devices.

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North America dominated the market with a revenue share of 40.1% in 2019. Increasing penetration of smart homes in the region is boosting the demand for smart home security devices as an aid to access control over the security of the households. According to the European Commission in 2017, Smart Home revenue in U.S. is expected to grow over three-fold between 2016 and 2021, exceeding USD 32 billion.

According to a blog by Frontpoint, sales of smart home devices are increasing by over 20% per year, with the desire for interactive security, which is raising the consumer spending on smart home hardware devices and services. Various smart security cameras are equipped with artificial intelligence to recognize and analyze human anatomy, behavior, and environmental activity. Smart products such as Google’s Nest Cam or Amazon’s Cloud Cam offer these innovative features.

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Higher penetration of smart homes across developed nations of America and Europe is resulting in greater adoption of this product. According to the studies, there were about 30.5 million smart homes in Europe at the end of 2018. Moreover, according to Houzz’s 2019 Overview of U.S. Renovation, homeowners spend approximately USD 500 on smart home and security equipment, particularly in outdoor security, voice assistants, video doorbells, and smart lights. Rising security concerns over interconnected devices have also raised consumer spending on these devices. According to a survey by PC Mag, in 2018, 34% of consumers rely on smart home security devices to keep their homes safe.

Increasing number of smart cities in several countries worldwide is boosting the demand for safety and surveillance products in the market. Moreover, rapid urbanization has resulted in a large number of people living in multistoried apartments due to space constraint. This, in turn, is driving the need for robust smart security systems. Additionally, rising adoption of cloud-based technologies has resulted in higher preference for smart home security camera, which is based on the centralized control of the home gateway, wherein intelligence has shifted to cloud networks. Increasing awareness among residential users regarding cloud-based residential security solutions that are user-friendly, self-monitoring, and can be operated from remote location.

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Rising number of companies including retailers indulging in new product launches has created increased traction among consumers. For instance, in November 2017, Amazon launched a smart home security camera, Amazon Cloud Cam, which captures and video at 1080p, with a feature of a night mode and can be enabled through Alexa devices or an app.

The global market has been characterized by high competition. Companies are focusing on expanding their product lines and are adopting innovative technologies in order to meet consumer demand for advanced smart home security camera. In addition, increasing number of companies entering the industry as well as strategizing on new product launches is fueling the market growth. For instance, in January 2020, Abode Systems, Inc. launched an outdoor/indoor smart wired video camera with various features, such as facial recognition and 24/7 video recording. The product can also act as a video doorbell. Some of the prominent players in the smart home security cameras market include:

  • Vivint, Inc.
  • ADT
  • SimpliSafe, Inc.
  • Frontpoint Security Solutions, LLC
  • Brinks Home Security
  • iSmart Alarm, Inc.
  • LiveWatch Security LLC
  • Skylinkhome
  • Protect America, Inc.
  • SAMSUNG

Grand View Research has segmented the global smart home security camera market by product, application:

Smart Home Security Camera Product Outlook (Revenue, USD Million, 2016 – 2027)

  • Wired
  • Wireless

Smart Home Security Camera Application Outlook (Revenue, USD Million, 2016 – 2027)

  • Doorbell Camera
  • Indoor Camera
  • Outdoor Camera

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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