Smart Home Cameras Market Growth Assessment, Future Trends, and Business Opportunities
25 June 2019, 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.
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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.
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