Home Security Market to Be Valued at USD 8 Billion Due to Increased Demand by 2023

Home Security Market
Global Home Security Camera Market, By Product (Dome, Bullet, IP, Thermal, PTZ), Type (Indoor, Outdoor), Resolution (Non HD, HD, Full HD, UHD), Deployment and Service – Forecast 2023

Home Security Camera Market Overview:

Surveillance industry has grown by leaps and bounds with the incorporation of security in a number of setups. Market reports linked to the information and communications technology sector along with published reports on other sectors have been lately made available by Market Research Future, which has also published a report on this sector. The industry will amass growth worth USD 8 Billion by the year 2023 with a motivating CAGR of 11 percent in the forecast period.

Shortage of manpower and viability of hiring personnel to ensure safety in various facilities has given way to the rising demand of the Home Security Camera Market. High purchasing power especially in metros, has also been instrumental in boosting the demand for the market. Moreover, escalating crime rates in urban areas especially, have been an important segment for improving the growth potential of the market in the forecast period especially.

Major Key Players:

The important contenders in the home security camera industry are Motorola (U.S.), Nest Cam (U.S.), Hikvision (China), Netgear (U.S.), Zmodo (China), Leshi Video Type Co. Ltd (LSVT) (China), Canary (U.S.), Amcrest Technologies (U.S.), Icontrol Networks (U.S.) and Uniden (Japan) among others.

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Industry Segments:

The home security camera industry is categorized into the categories of deployment, resolution, service, product, type, and region.

  • On The Basis Of Deployment: On-premise, cloud
  • On The Basis Of Resolution: Non-HD, HD, FULL HD and UHD
  • On The Basis Of Service: Professional, self-installed & monitored
  • On The Basis Of Type Indoor security camera, outdoor security camera
  • On The Basis Of Region: Asia Pacific, Europe, North America, Latin America and the Middle East & Africa
  • On The Basis Of Product: Dome security camera, bullet security camera, IP security camera, thermal security camera, PTZ security camera and others

IP cameras are well recognized as simple organization substitutes for security applications. The IP cameras are available in wired wireless forms. The wireless IP security cameras offer ease of installation and remove the expense of network cabling while integrating them into the home security system. As the cameras are Wi-Fi enabled they have become hugely popular. The PTZ (Pan/Tilt/Zoom) cameras have positive growth prospects in the coming years.

Detailed Regional Analysis:

Regions such as North America, Asia Pacific and Rest of the World have been considered for the regional analysis of the home security camera industry. While considering the regional analysis for the home security camera market, it has been perceived that North American region is expected to be accountable for the largest portion of the industry, while the Asia-Pacific region is estimated to develop at the rate during the forecast period. The main development in the home security camera industry in the North American region is credited to the growing investments in the smart grid jobs and changing preferences of consumers in that region.

Global Competitive Analysis:

The products that are being focused on to capitalize the vigorous pace of technological discoveries have led to extensive changes. This particular trend has amplified the affinity for diversification in the sector, which has indirectly enabled the players to use the beneficial state of dealings obtainable in this market. The utilization of these opportunities by contenders, who are trying to nurture their industry share by intensive development can inspire the growth of this business sector. The companies are also additionally trying to capture and create economic worth together in an appropriate way. This has raised the potential for the approaching growth period considerably.

This state has also been known to be productive for companies so they can fix goals that can keep up their enterprise’s liquidity viable enough to take effective choices in terms of strategy designing and implementation.

Industry Updates:

Feb 2018 Amazon has reportedly agreed to acquire smart home company Ring for more than a $1 billion amount. Ring is a well-known and established player in the market for its security cameras, connected doorbells,  and floodlights, while Amazon launched its own range of smart home solutions last year with the Amazon Key and Amazon Cloud Cam.

Similar to many of Amazon’s previous acquisitions, Ring is likely to carry on to operate under its own branding and incorporate product features into core Amazon products just like Whole Foods which had begun retailing 365-branded products on Amazon’s Prime delivery service, while Audible and Twitch run independently from Amazon.com.

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Twitter Update:

Increased home safety concerns primary factors to the expansion of the home security market #MRFR @nest @canary @MotorolaUS

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