Market Overview
- The Global Smart Home Cameras Market is expected to grow at a high CAGR during the forecasting period (2020-2027).
- Smart home cameras are the stand-alone cameras that can be connected through the internet. These cameras are the intelligent camera that comprised the features of the smartphone and digital camera. Smart home cameras can record and simultaneously stream video through the Internet Protocol (IP) network. These cameras can be accessed remotely with the help of smart gadgets such as smartphones and tablets, and PCs and laptops. Smart home cameras are comprised of the standalone vision system and an inbuilt image sensor. These cameras have the ability of reprogramming and enhancing communication.
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Market Dynamics
- The market is driven by the increasing demand for smart home cameras with the growing adoption of the automation systems in the homes. There is increasing adoption of security devices through home automation to access 24/7 security. There is growing preferences towards the smart home cameras with the increasing penetration of the cloud-based technologies based on the centralized control of the home gateway. Smart home cameras provide the user-friendly, self-monitoring features. These cameras can be operated from a remote location.
- There is an increase in the launch of smart home cameras. For instance, in January 2020, BetOnIndia Technology had launched the CareVision, the first-ever innovative consumer electronics product made in India. CareVision is a smart home camera and has advanced emotionally intelligent (EI) features built on top of advanced artificial intelligence hardware. It provides the parents the ability to stay updated and in touch with their loved ones while away from home. CareVision’s unique combination of AI and EI features would allow the users to be proactive instead of reactive and would give the users peace of mind that they would never miss any important events with their loved ones at home.
- In January 2020, abode systems, a provider of DIY smart home security had launched the abode outdoor/indoor smart camera, a versatile video camera developed in direct response to demand for robust indoor/outdoor and front door video protection. It is modular by design. It can be used indoors and outdoors. It can be deployed using several included mounts to optimize installation flexibility and provide intelligent video coverage wherever customers need it most.
- There is growing innovation for the development of smart home cameras. For instance, in November 2019, blurams had launched an outdoor security camera with facial recognition that can be integrated with personal digital assistant Alexa for smart home applications. blurams cloud can perform real-time face detection and recognition in milliseconds with artificial intelligence. The Outdoor Pro Camera-1080p provides the full HD, 129 degrees field of view live stream, and starlight night vision. The biometric function can recognize up to 16 people, who can be identified in an associated app and can provide alerts if a family member or stranger is identified. The camera can be integrated with Alexa, person alerts, and two-way audio, and can be paired with Apple Watch, iPhone, and Android smartphones.
- However, the high cost of smart home cameras is hindering the market growth. The lack of technical expertise for operating these cameras could harm the market.
Segment Analysis
- The global smart home cameras market is segmented based on the product as the wireless smart cameras, and wired smart cameras. The wired smart cameras segment accounts for the highest market share of XX% in 2019 owing to the high usage of the wired smart cameras due to their longer durability and stronger reliability. Wired smart home cameras are connected to a power source and the internet by a cable. Wired smart home cameras have more consistent video quality. Wired smart home cameras require low installation and maintenance costs in comparison to the wireless smart cameras. Low failure rates were observed with the use of smart wired security cameras. Wired cameras record continuously without any monthly fees or cloud storage subscriptions. It is easy to add more cameras to the system with less expense.
- The wireless smart cameras segment is expected to witness positive market growth over the forecasted period. Wireless smart cameras can be operated distantly using a controller. It is easy to install these smart cameras. Wireless smart cameras are connected through Wi-Fi or Bluetooth. Wireless smart cameras store the footage on a cloud server that can be accessed from anywhere.
- Further, the market is also classified based on the application as the outdoor application, and indoor application. The indoor application segment accounts for the highest market share of XX% in 2019 due to the higher adoption of smart home cameras for indoor applications with the growing burglary cases. Burglary is the most feared property crime. According to the Federal Bureau of Investigation (FBI), a burglar strikes every 25.7 seconds in the United States. More than 3,300 burglaries occur per day. The majority of burglary cases are observed in rural areas. Smart home cameras provide remote access complete control over households throughout the day.
Geographical Analysis
- By region, the global smart home cameras market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America dominated the global smart home cameras market due to the increase in the usage of the smart homes in the households. There is a growing penetration of smart homes. There is growing usage of the smart home security camera to access control over the safety of the households. The smart home cameras can be easily accessed through the security cameras, with remote technology on smartphones, tablets, or wearables. There is the presence of a large number of market players developing smart home cameras. Several companies are developing smart home cameras with innovative features. The increasing number of smart cities in several countries across the globe shall increase the demand for safety and surveillance products.
- Asia Pacific is expected to grow at the highest CAGR over the forecasted period due to the increase in the demand for smart home cameras with the growing adoption of cloud-based technologies. There is growing usage of the technological advanced smart home cameras with artificial intelligence to recognize and analyze human anatomy, behavior, and environmental activity. There is growing awareness regarding cloud-based residential security solutions. These solutions are user-friendly, self-monitoring, and can be operated from a remote location. The growing purchasing power and domestic income shall stimulate market growth.
Competitive Analysis
- The global smart home cameras market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. Huawei Technologies, Hanwha Techwin, NETGEAR, Robert Bosch, Panasonic Corporation, Brinks Home Security, LiveWatch Security LLC, Skylinkhome, and Vivint, Inc. are the leading market players with significant market share.
- The major players are using product development, novel product launch, market expansion, capacity utilization, and product diversification strategies for holding their position in the market. For instance, in September 2019, Hero Electronix, a Hero Group company had launched the Qubo brand, a range of AI connected smart devices such as including the smart indoor camera, smart gas sensor, smart smoke sensor, and smart door/window sensor. These products would allow the users to stay connected with their home and loved ones be it family, pets, or valuables. The Qubo Smart Indoor Camera is the most secure and powerful. It is available with a full HD camera, and artificial intelligence (AI) features secure encrypted video streaming and storage.
- Companies are entering into the collaborations, acquisitions, mergers, and licensing activities. For instance, in July 2019, Ezlo Innovation, a global leader in the development of smart solutions for homes and businesses had acquired the Alabama-based Centralite Systems, maker of the Centralite line of consumer and white-labeled smart home devices. The acquisition adds another strategic piece to Ezlo’s growing family of brands and gives their customers even more choice in which smart products they use to add convenience and comfort to their everyday lives. This acquisition would help the company expand its product portfolio to include smart thermostats, switches, and sensors, that would be integrated seamlessly with its Vera controller and camera product lines.
- In February 2018, Amazon had acquired the smart home company Ring involved in selling the connected doorbells, security cameras, and floodlights for more than $1 billion.
- In December 2017, Amazon had acquired the Blink, makers of a wireless smart home security camera.
- In December 2017, Ooma had acquired the Butterfleye, an AI-powered video camera and security platform that produces a smart security camera for home and business use. Ooma plans to integrate Butterfleye’s camera into its Ooma Home security solution. Butterfleye provides a fantastic intelligent security camera system. This acquisition would help the company to build upon Ooma’s smart communications platform to provide advanced connected home solutions.
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