Security Cameras Market Analysis

Global Security Cameras Market Overview:

Security Cameras Market Size was valued at USD 11.34 billion in 2023. The Security Cameras market industry is projected to grow from USD 13.41 Billion in 2024 to USD 51.44 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.30% during the forecast period (2024 - 2032). Increasing consumer interest, greater concerns over security, shift from traditional security cameras, and brands' marketing push through discounts and promotions are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Security Cameras Market Trends

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  Rapid adoption of IoT to boost market growth

  
  

The rapid adoption of IoT in smart homes is also supporting the growth of the market. Consumers are migrating from traditional attachable Wi-Fi cameras to using advanced smart surveillance security cameras to enhance the security of their premises. These advanced smart security cameras have several advantages that encourage their installation in many homes in the region. The ease of installation and the ready availability of smart security cameras has increased the demand for the product.

Further, the growing need for security in high-risk areas, the rapid shift from analog surveillance to IP cameras, and the convergence of the Internet of Things are driving the expansion of the security camera market. However, factors such as high investment costs and lack of expertise in handling IP cameras hinder the market growth. Moreover, increasing trend of smart city development is projected to provide expansion opportunities for the security camera market.

A security camera is a cost-effective security solution that can provide the highest level of protection. The security camera market will grow more rapidly as awareness of security measures against theft and unauthorized access increases. Artificial intelligence and machine learning will have a positive impact on the home security camera market. Surveillance cameras powered by artificial intelligence can recognize the faces of homeowners and intruders. These market expansion prospects are expected to increase revenue for the security camera industry. Therefore, awareness regarding security and safety of security camera has enhanced the security cameras market CAGR across the globe in the recent years. However, to cater the demand there has been significant advances in the cameras innovations is another factor driving the growth of the Security Cameras market revenue.

Security Cameras Market Segment Insights:

Security Cameras Type Insights

The Security Cameras market segmentation, based on type, includes infrared (IR) bullet, dome, and box. The dome segment held the majority share in 2021 contribution in respect to the Security Cameras market revenue. This is primarily owing to allows faster, safer, and secure surveillance across the globe.

January 2023: IDIS showcased their new 5MP dome and bullet cameras at Intersec 2023 event. The new cameras focuses on extending the scalable use of its self-developed IDIS deep learning engine to meet security, safety, and operational needs with AI-powered appliances, servers, and software to suit organisations of all sizes in a wide range.

Security Cameras Application Insights

The Security Cameras market segmentation, based on application, includes indoor cameras, and outdoor cameras. The outdoor segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the excellent method to safeguard family and property to deter possible burglars and provide economical home security systems. Hence, rising applications of outdoor cameras for security cameras positively impacts the market growth.

August 2021: SimpliSafe introduced the SimpliSafe Wireless Outdoor Security Camera, which is designed to help mitigate crime before it happens. It is equipped with adjustable magnetic mount, the SimpliSafe Outdoor Camera does not need any wiring and can be self-installed with ease in less than five minutes. Moreover, a removable, rechargeable battery that lasts up to three to six months on a single charge, pending settings, usage, and placement powers the SimpliSafe Wireless Outdoor Security Camera

Security Cameras Professional Service Insights

The Security Cameras market data has been bifurcated by professional service into consulting, installation, and support. The installation segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The installation of security cameras in homes, industries and others with ease of installation and easy availability drive the product demand.

January 2023: RTD installed new security cameras at table mesa park-n-ride garage in boulde aimed at protecting cars that is a hotspot for catalytic converter theft. This initiative has further broadened the growth opportunity for the Security Cameras industry. Additionally, rising theft and burglar activities are likely to drive sector growth throughout the projection period.

Figure 2: Security Cameras Market, by Professional Service, 2021 & 2030 (USD Billion)

Security Cameras End User Insights

Based on Regulations, the Security Cameras industry has been segmented into full HD, HD, and non HD. Full HD held the largest segment share in 2021, owing to the rapid adoption of high resolution cameras to see clearly activities in home, and factories. Moreover, increasing use 4k resolution to improve the security cameras infrastructure, and the growing number adoption among people. However, full HD cameras and 4k cameras are expensive and particularly for normal residential use full HD Security Cameras would not be necessary that creates opportunity for less costlier option which would be HD and non HD cameras. The HD segment held the second largest share in 2021, due to factor such as less expensive full HD segment and more reliable & efficient than non HD segment.

The third fastest growing segment in the Security Cameras industry is non HD. Non HD segment provide solution at a very cheaper price and less resolution image is committed to researching.

In May 2022: Tenda, an equipment manufacturer and networking device, introduced the CP3, an AI-driven smart AI security camera with a 1080p image sensor for capturing Full HD footage. It is equipped with pan/tilt design that allows for flexible rotation in all directions, covering 360° horizontally and 155° vertically (90° up, 65° down) with no blind spots.

Security Cameras Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Security Cameras market accounted for USD 3.49 billion in 2021 and is expected to exhibit a significant CAGR growth of 43.20% during the study period. This is attributed to the growing incidence of theft & burgler, simpler installation, and wide availability across the region. For instance, in 2020, Amazon sold around 400,000 Ring smart doorbell and accessories across the world.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: SECURITY CAMERAS MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Security Cameras market accounts for the second-largest market share due to the availability of cutting-edge security cameras, government backing for the growth of the healthcare industry, an ageing population, and an increase in incidence of terrorist attacks such as bombing in Madrid and London compelled countries to aid from technological asset to stop these activities. Further, the Germany Security Cameras market held the largest market share, and the UK Security Cameras market was the fastest growing market in the European region

The Asia-Pacific Security Cameras Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to increased rate of awareness among citizens, protection of asset, and less installation cost. Moreover, China Security Cameras market held the largest market share, and the India Security Cameras market was the fastest growing market in the Asia-Pacific region

Security Cameras Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Security Cameras market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Security Cameras industry must offer cost-effective security cameras to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the Security Cameras industry to benefit clients and expand the market sector is to manufacture to reduce installation costs. In recent years, Security Cameras industry has provided cameras with some of the most significant benefits. The Security Cameras market major player such as Bosch Security Systems, Cisco Systems, Inc., and Honeywell Security are focusing on their investment on technologically advanced, cost-effective, and more secure products and solutions for various applications.

Ring LLC is a home security and smart home company owned by Amazon. It manufactures home security products that incorporate outdoor surveillance cameras, including the Ring video doorbell, smart doorbell, and hosts an app, neighbors, for online social sharing of captured footage among users. In April 2021, Ring LLC released the Ring Floodlight Cam Wired Pro, which includes features such as 3D Motion Detection and Bird's Eye View, a 110db siren and color night vision, Audio+ that improves consumer hearing, customizable motion zones that trigger recordings, and privacy zones that exclude areas in the camera field of view from video recording. Ring Floodlight Cam Wired Pro users can easily hardwire the device to the outside of their homes and link it to Wi-Fi for continuous power.

Also, Xiaomi was founded in April 2010 and its consumer electronics and smart manufacturing company with smartphones and smart hardware connected by an IoT platform at its core. In July 2022, Xiaomi launched its new home security camera in India, providing the Indian population with innovative 360° solutions. The Xiaomi 360 Home Security Camera 1080 2i, available online and offline, is inexpensive and packed with features to create a 24-hour home security system.

Key Companies in the Security Cameras market include

• Hangzhou Hikvision Digital Technology Co. Ltd (China)

• Motorola Solutions Inc. (Motorola Home)

• Swann Communications Pty. Ltd (US)

• Shenzhen Leshi Video Tech. Co. Ltd (China)

• Arlo Technologies Inc (US)

• ADT Inc. (US)

• FrontPoint Security Solutions LLC (US)

• Vivint Inc. (US)

• SimpliSafe Inc. (US)

• Panasonic Corporation (Japan)

• Ring LLC (US)

• Reolink Digital Technology Co. Ltd (China)

• Godrej Security Solutions (India)

• Nest Labs

• Inc (US)

• B & H Foto & Electronics Corp (US)

• Immedia Semiconductor. (US)

• Wyze Labs Inc (US)

• Amcrest (US)

• Comcast Corporation (Xfinity) (US)

• CPI Security Systems Inc. (US)

• Xiaomi Corporation (China)

• Canary Connect Inc (US)

• Logitech International S.A (Switzerland)

• Zmodo Technology Corporation Ltd (China)

• Sony Corporation (Japan)

• Samsung Communications (South Korea)

• Toshiba America Information Systems Inc (US)"

Security Cameras Industry Developments

September 2023: the smart home security brand, Eufy Security, under Anker Innovations launched a range of twin-camera products to establish the world's first home surveillance mesh powered by AI. The innovative lineup included cameras with wide-angle and telephoto lenses thereby raising surveillance capabilities of these devices.

June 2023: Xiaomi introduced a smart security camera with night vision and intercom. It has several secure features as well as two bright white lights and infrared lights that enable sophisticated full-color night view. This functionality delivers clear images even in total darkness.

March 2023: Google engaged ADT to create a DIY home security system referred to as ADT Self-Setup. With this new package, users are allowed to choose from various Google smart home gadgets that enhance their house safety. All selected tools completely integrate with the ADT+ phone application making it possible for them to support their homes while they are away or busy at work.

August 2022: Hanwha Techwin, which is a global provider of intelligent video surveillance solutions, unveiled its WisenetWAVE Video Management Software (VMS), which was considerably improved to meet changing demands from security professionals as well as system integrators. The updated version 5.0 enhances the platform focus on cybersecurity, usability of systems, convenience as well as interactivity. Advanced object search features are available for this product, including metadata-driven active backup, web page proxy through servers and many more.

July 2022: Chinese tech giant Xiaomi rolled out its latest home security camera into India which is designed to offer Indian people up-to-date panoramic solutions – i.e., the new Xiaomi 360 Home Security Camera1080P2I is available both online and offline at low prices but comes laden with many options for building a round-the-clock domestic defense set.

June 2022: Dahua Technology officially launched full-color smart dual illuminators camera series in its 2022 full-color online launch in June 2022. The new series combines two illuminators, warm light and infrared light with three additional light modes to ensure clear and vivid full-colour images without continual use of the warm light, providing a flexible solution for different night-time monitoring environments.

May 2022: Tenda, a networking device and equipment manufacturer introduced CP3, an AI-driven intelligent AI security camera with a Full HD image sensor capable of capturing footage at 1080p resolution. It is tilt/pan design means it can rotate flexibly in all directions covering horizontally 360° vertically 155° (90° up and down 65°) without having any blind spots.

April 2022: Telangana State Police Department set up the Telangana Public Safety Society in April 2022. So far it is registered under Societies Act so that funds can be collected for installing and maintaining CCTV cameras across the state.

January 2022: The Mumbai police extended the deadline given by them by two months for the installation of CCTV cameras on all private and commercial buildings within the city in January 2022. Shopkeepers or owners of commercial establishments who do not comply with it despite having shops located in high-crime areas may have legal repercussions.

Security Cameras Market Segmentation:

Security Cameras Type Outlook

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  Infrared (IR) Bullet

  
  


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  Dome

  
  


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  Box

  
  

Security Cameras Application Outlook

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  Indoor

  
  


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  Camera

  
  

Security Cameras Professional Service Outlook

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  Consulting

  
  


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  Installation

  
  


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  Support

  
  

Security Cameras Resolution Outlook

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  Full HD

  
  


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  HD

  
  


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  Non HD

  
  

Security Cameras Regional Outlook

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  North America

  
  

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  US

  
  


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  Canada

  
  

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  Europe

  
  

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  Germany

  
  


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  France

  
  


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  UK

  
  


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  Italy

  
  


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  Spain

  
  


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  Rest of Europe

  
  

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  Asia-Pacific

  
  

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  China

  
  


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  Japan

  
  


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  India

  
  


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  Australia

  
  


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  South Korea

  
  


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  Australia

  
  


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  Rest of Asia-Pacific

  
  

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  Rest of the World

  
  

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  Middle East

  
  


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  Africa

  
  


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  Latin America