Market Overview
With the growing number of crimes worldwide, it is necessary to use security systems for houses, schools, and work buildings. The home security camera market is growing because of the continuous increase of the threats to the lives of normal people, which is becoming a concern in recent times. A home security camera focuses on the premises of the home building and inside the home, providing security to the homeowner and building owners. One can install a home security camera in the home and surrounding houses for protection. It has video features that record continuously, which helps the owners detect the suspicious activities occurring in the house or the building. Due to the market's growth, various cameras have come to the market like wireless cameras, dome cameras, etc. The recently developed PTZ camera helps users monitor actions around the house. Many types of cameras are available with much different technology, but the key purpose is to monitor and store videos of the house for security purposes. The increased need for security and easy installation of the cameras in the premises helps the key driver of the market. The security camera is already growing as many officers have used it to protect the office from leaking any sensitive information. But using those in houses is recently improving. These features would help in the growth of the Home Security Camera (HSC) Market. By 2023, the home security camera market is expected to gain USD 1,306.3 million. A perfect security system is very much necessary for protection.
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Home Security Camera Market Drivers
Growing Adoption of Smart Homes to Boost Market Growth
The growing adoption of smart homes where smart security systems are a vital part will boost the market growth over the forecast period. The adoption of smart homes is possible due to the advances in future technologies such as IoT.
Home Security Camera Market Opportunities
Rising Incidents of Security Breaches and Threats to Offer Robust Market Opportunities
The growing incidents of security breaches and threats will offer robust opportunities for the market in the forecast period. Security breaches have led to a high demand for enhanced security and safety systems including electronic alarm sensors, CCTV cameras, and others.
Home Security Camera Market Restraints and Challenges
High Maintenance and Repair Cost to act as Market Restraint
The high cost to repair and maintain home security cameras will act as a market restraint over the forecast period.
Home Security Market Segmentation
The global home security camera market is bifurcated based on product, type, resolution, and services.
By product, the dome security camera will lead the market over the forecast period.
By type, the outdoor security cameras will dominate the market over the forecast period.
By resolution, the HD segment will spearhead the market over the forecast period.
By services, the professional services will have the lions share in the market over the forecast period.
COVID-19 Analysis
The home security market has been adversely impacted by the COVID-19 pandemic. There has been a fall in global scales. The impact of the outbreak on major markets like China and the US has been adverse due to disruption in supply chain in China that has led to a decline in the demand for such security cameras. Besides, the fall in new construction projects and closure of manufacturing facilities are also impacting market growth. With the relaxation of lockdowns, the market is likely to get back to normalcy soon.
Regional Analysis
North America to Precede Home Security Camera Market
North America will precede the home security camera market in the forecast period. The presence of leading technology giants and start-ups, the wide adoption of home security cameras, advances in video analytics for safety and security in homes and other commercial places, early adoption of home security systems, the presence of technically and economically developed countries- Canada and the US, higher disposable income, the development of smart cities, and the introduction of IoT are adding to the global home security camera market growth in the region.
Key Players
Eminent players profiled in the global home security camera market report include Hangzhou Hikvision Digital Technology Co. Ltd (China) Motorola Home (U.S.), Shenzhen Leshi Video Tech. Co., Ltd (China), Netgear, Inc. (U.S.), ADT Security Services (U.S.), FrontPoint Security Solutions, LLC (U.S.), Vivint, Inc. (U.S.), SimpliSafe (U.S.), Panasonic Corporation (Japan), Godrej Security Solutions (India), and Nest Cam (U.S.), among others.
The global home security camera market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
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Home Security Camera Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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