Smart Home Security Camera Market Revenue to Attain USD 51.15 Bn by 2033

27 Nov 2024

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Table of Content

1. Smart Home Security Camera Market Revenue and Trends 2023 to 2033 2. Market Overview 3. Report Highlights of the Smart Home Security Camera Market 4. Smart Home Security Camera Market Trends 5. Regional Analysis 6. Smart Home Security Camera Market Coverage 7. Market News

Smart Home Security Camera Market Revenue and Trends 2023 to 2033

The global smart home security camera market revenue reached USD 10.51 billion in 2024 and is predicted to attain around USD 51.15 billion by 2033 with a CAGR of 19.23%. The demand for the smart home security camera market is increasing due to the growth in regional thefts.

Market Overview

The smart home security camera market involves the production and sale of smart security cameras that can be controlled from remote locations as they are connected to the internet. These cameras have features such as mobile application integration, two-way audio, and motion detection. Also, these camera holds applicability and versatility across different indoor environments; therefore, they are more popular than traditional cameras. The market involves wireless, cloud-based, and hybrid cameras.

Report Highlights of the Smart Home Security Camera Market

• By technology, the wired smart home security cameras segment dominated the market in 2023. The dominance of the segment can be linked to the growing popularity of this system due to its low maintenance needs and cost-effectiveness.
• By technology, the wireless technology segment is expected to grow at the fastest rate in the market over the forecast period. The growth of the segment is credited to the ongoing developments in the Internet of Things (IoT) and home security solutions.
• By application, the indoor camera segment led the global market in 2023. The dominance of the segment can be driven by a rise in the number of burglary and theft cases globally.
• By application, the doorbell cameras segment is expected to grow at the fastest rate in the market during the projected period. The growth of the segment can be linked to the increasing desire to live in smart homes by the majority of the population.

Smart Home Security Camera Market Trends

Increasing tech-savvy population

The majority of the population in the world prioritizes home security and safety due to the desire to live a peaceful life. Therefore, smart home security cameras can be extensively used to deter intruders, monitor property, and ensure the privacy of family members. Moreover, there is a surge in the tech-savvy population with a growing interest in home automation services.

AI integration and technological advancements

The densely populated cities in the world focus on safety and security and boost the utilization of smart home security cameras. The increasing elderly population also propels the growth of surveillance solutions to help in monitoring families of elderly people. Furthermore, technological advancements such as facial recognition and AI integration further improve the adoption and effectiveness of smart security cameras in the world.

• In May 2022, Vivint Smart Home, Inc. launched a suite of advanced products aimed at elevating its distinctive smart home experience and introducing intelligent solutions that redefine the benchmarks for smart homes.

Surge in crime rates and security concerns

Factors like increased crime rates in particular urban areas that value privacy contribute to the higher adoption of smart cameras. In addition, competitive markets and technological advancement propel the deployment and development of innovative security solutions in developed countries. Government initiatives are also facilitating smart city projects.

Regional Analysis

North America dominated the smart home security camera market in 2023. The dominance of the region can be attributed to the rising integration of IoT technology coupled with the growing technological shift towards more advanced systems. Furthermore, the increasing focus on home remodeling projects, with the growing enthusiasm for these devices, is creating lucrative opportunities in the region.

Asia Pacific is expected to show the fastest growth in the smart home security camera market over the studied period. The growth of the region can be credited to the growing middle-class population along with the increasing urbanization in emerging countries like India and China. Moreover, concerns regarding safety, surveillance, and theft boost the adoption of smart security cameras in the region.

Smart Home Security Camera Market Coverage

Market News

• In January 2023, Apple said that it is working on a new, cheaper tablet than the iPad and a new Apple TV created to break into the smart home market. This trend is anticipated to give competition to Google and Amazon, current leaders in the industry in voice, activated smart device technology.
• In July 2022, Xiaomi Inc. grew its home security offerings by introducing the 360-degree Home Security Camera 1080p 2i. This advanced camera boasts a comprehensive range of features designed to offer enhanced protection and surveillance.

Market Segmentation

By Technology

• Wired
• Wireless

By Application

• Doorbell Camera
• Indoor Camera
• Outdoor Camera

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