The smart home security camera can be defined as a high-tech solution that ensures the much-required safety of one’s property and household with 24/7 surveillance.
With the increasing adoption of smart home, the emerging and established countries across the globe aspire a marketable growth for smart home security cameras. Growing influence of security gadgets for remote access and their ability to have complete control of households are driving up the demand for smart home security cameras in the electronics market.
According to Allied Market Research, the global smart home security camera market is expected to register a significant CAGR from 2021 to 2030.
The demand for optimum safety and security with remote technologies as well as the growing development of smart home automation systems have fuelled smart home security camera market growth in multiple ways. The lifestyle changes and rising living standards are making customers opt for improved and enhanced technology for property security.
The COVID-19 pandemic has wreaked havoc on every economic sector. The new safety protocols necessitate some intelligent technology for security with minimal mankind involvement, resulting in market competitiveness.
The adoption of IoT and cloud computing technology is likely to aid the smart home security camera market growth. In a nutshell, the growing demand for a more efficient security system is projected to propel the smart home security camera industry.
The increasing market demand is providing the market players various opportunities to bring the finest in the market and meet its growing demand. As the companies are thriving to provide the best to their customers with latest technology, there is an increase in market competition.
The tech giant, Google, is serving the home security market for years now. The Google Nest launched Nest cam (video doorbell). The battery operated indoor/outdoor camera have some spot on specifications thus raising competition for Arlo and Ring.
Lorex offers a wide range of smart home security camera and system. Its latest model does work with Google home assistant and Amazon Alexa. The camera feeds, at the same time, can be streamed on TV having Amazon Fire TV or Chromecast plugged into it. The cameras are battery operated and continue its operation during power outage too.
Aqara is all set to launch its latest Apple Homekit-enabled security camera with facial and gesture recognition capability. It will allow streaming on Amazon and Google smart displays and provide cloud as well as local storage with built-in micro SD card slot. It can also be configured with other smart home devices with its IR functionality.
While the smart home security market is growing competitive, it’s going to be a race for bringing the best to the table with lower prices, high durability and maximum features for device producers.
The rising raw material costs, continual investment in R&D for technological advancements, labour scarcity and other consideration can potentially undermine the growth of smart home security camera market. Thus, market participants are considering partnership and collaboration for new product launches and expansion in market.
Recently, the giant MegaChips and BrainChip have formed alliance to provide solutions and innovative applications in home automation, security camera, robotics, cyber security and other growing market using Akida technology.
Brinks Home, on the other hand, partners with Sunnova Energy International Inc. (“Sunnova”) to expand their services to their partners’ dealers, customers and authorised representatives. Brinks Home’s partnership is in correspondence to extend their value proposition to smart home energy management.
By considering the upcoming trends, rising demands for IoT enabled devices, several security concerns, and high-end technological innovations; the smart home security camera market is expected to be profitable for the vendors in the coming years.
– Originally written by Vaishanavi Kumbalwar, Senior Associate Content Writer, Allied Market Research –
Vaishanavi, a fun loving, independent, unconventional and original thinker who loves to put her thoughts into words. She holds a bachelor’s degree in Mechanical Engineering and currently working as Senior Associate Content Writer at Allied Market Research. She thrives for challenges and loves to explore different writing styles to bring off her fondness towards being a writer and blogger. She is an enthusiast of different cultures, places and cuisines and loves to travel off the tourist path and explore new things.
Public email: vaishnavi.kumbalwar@alliedanalytics.com