Smart Home Security Cameras Market Size, Share & Trends Report

Smart Home Security Cameras Market Size, Share & Trends Analysis Report By Product (Wired, Wireless), By Application (Doorbell Camera, Indoor Camera, Outdoor Camera), By Region, And Segment Forecasts, 2020 - 2027

  • Published Date: May, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-4-68038-529-8
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 80

Report Overview

The global smart home security camera market size was valued at USD 3.71 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 15.7% from 2020 to 2027. Growing penetration of smart homes, particularly in developing as well as developed countries across the globe, is driving the demand for smart home security cameras. In addition, rising prominence of security devices through home automation process in order to access security 24/7 is paving the way for different smart home security cameras for indoor as well as outdoor safety. Increasing expansion of home automation devices, such as lights, locks, and security cameras, with remote technology on smartphones, tablets or wearables are generating greater demand among consumers to ensure maximum safety. 

U.S. smart home security camera market size

According to a blog by Frontpoint, sales of smart home devices are increasing by over 20% per year, with the desire for interactive security, which is raising the consumer spending on smart home hardware devices and services. Various smart security cameras are equipped with artificial intelligence to recognize and analyze human anatomy, behavior, and environmental activity. Smart products such as Google’s Nest Cam or Amazon’s Cloud Cam offer these innovative features.

Higher penetration of smart homes across developed nations of America and Europe is resulting in greater adoption of this product. According to the studies, there were about 30.5 million smart homes in Europe at the end of 2018. Moreover, according to Houzz’s 2019 Overview of U.S. Renovation, homeowners spend approximately USD 500 on smart home and security equipment, particularly in outdoor security, voice assistants, video doorbells, and smart lights. Rising security concerns over interconnected devices have also raised consumer spending on these devices. According to a survey by PC Mag, in 2018, 34% of consumers rely on smart home security devices to keep their homes safe.

Increasing number of smart cities in several countries worldwide is boosting the demand for safety and surveillance products in the market. Moreover, rapid urbanization has resulted in a large number of people living in multistoried apartments due to space constraint. This, in turn, is driving the need for robust smart security systems. Additionally, rising adoption of cloud-based technologies has resulted in higher preference for smart home security camera, which is based on the centralized control of the home gateway, wherein intelligence has shifted to cloud networks. Increasing awareness among residential users regarding cloud-based residential security solutions that are user-friendly, self-monitoring, and can be operated from remote location.

Rising number of companies including retailers indulging in new product launches has created increased traction among consumers. For instance, in November 2017, Amazon launched a smart home security camera, Amazon Cloud Cam, which captures and video at 1080p, with a feature of a night mode and can be enabled through Alexa devices or an app.

Product Insights

In terms of revenue, wired devices dominated the smart home security camera market with a share of 55.8% in 2019. This is attributed to longer durability and stronger reliability, which makes the device an essential category in the home security segment. Wired smart home security cameras are widely used in various households owing to their low installation and maintenance costs as compared to wireless models. Furthermore, smart wired security camera witness low failure rates, which, in turn, is likely to contribute to the growth of the segment in the years to come.

Wireless category is expected to expand at the fastest CAGR of 15.9% from 2020 to 2027. Wireless smart home security cameras can be operated distantly using a controller. Most of these cameras are linked through Wi-Fi or Bluetooth. Increased spending on leading a lavish lifestyle is encouraging consumers to adopt wireless electronics. Moreover, product developments and innovations using technology integration through various other smart devices, such as Amazon’s Alexa or Google Home, are expected to unfold growth opportunities for the segment over the years.

Application Insights

In terms of revenue, the indoor camera application segment dominated the market with a share of 40.2% in 2019. This is attributed to the surge in the number of burglary cases, which are drawing attention of residential households towards indoor security. According to a blog by Safewise, as of 21 April 2020, a burglary occurs every 26 seconds in U.S. Therefore, in order to access complete control over households throughout the day through remote access, consumers opt for indoor application of smart home security camera. According to State of Safety survey, break-ins are the most-feared property crime. Moreover, according to the FBI, in 2018, 51% of all reported burglaries occurred in the daytime compared to 32% at night. Thus, in the absence of people at their houses in daytime, consumers are rapidly increasing the application of such devices in their households.

Global smart home security camera market share

The doorbell camera application segment is expected to expand at the fastest CAGR of 15.9% from 2020 to 2027. This is attributed to increasing visibility of high-rise buildings equipped with doorbell security camera by default. Demand for these devices is usually witnessed from new large, multi-occupancy buildings. These buildings require some safe entry measures for visitors, and hence doorbell cameras are widely used. In addition, network doorbell cameras are gaining traction as they can be connected to the central security room to ensure higher level of safety for building residents.

Factors such as stringent government policies, infrastructural development, and technological advancements in many countries are also contributing to segment growth. Apart from the latest trends in technology, such as gradual transition from network video door phones to smart doorbell security camera, which are accountable for shaping the market, regional factors such as government policies, infrastructural development, and consumer preferences are also boosting product adoption.

Regional Insights

North America dominated the market with a share of 40.1% in 2019. This is attributed to increasing number of one person or two person households in American countries, such as U.S., Canada, and Mexico, thus urging consumers to invest in household security devices in the absence of residents. Increasing penetration of smart homes in the region is also boosting the demand for smart home security camera as an aid to access control over the safety of the households. According to the European Commission, in 2017, Smart Home revenue in U.S. is expected to grow over three-fold between 2016 and 2021, exceeding USD 32 billion.

Asia Pacific is expected to expand at the fastest CAGR of 16.3% from 2020 to 2027. China accounts for a major share in the regional market owing to rising infrastructure development as well as increasing construction activities to address the growing population. Major home improvement projects undertaken by consumers owing to rapid urbanization and growing purchasing power of the people in the region are boosting the demand for smart home security solutions, such as smart security camera. Growing trend of smart homes, coupled with demand for smart appliances for home automation and security, is driving the regional market. Moreover, increasing awareness among consumers about the growing crime rate is boosting the adoption of smart security camera.

Key Companies & Market Share Insights

The global market has been characterized by high competition. Companies are focusing on expanding their product lines and are adopting innovative technologies in order to meet consumer demand for advanced smart home security camera. In addition, increasing number of companies entering the industry as well as strategizing on new product launches is fueling the market growth. For instance, in January 2020, Abode Systems, Inc. launched an outdoor/indoor smart wired video camera with various features, such as facial recognition and 24/7 video recording. The product can also act as a video doorbell. Some of the prominent players in the smart home security cameras market include:

  • Vivint, Inc.

  • ADT

  • SimpliSafe, Inc.

  • Frontpoint Security Solutions, LLC

  • Brinks Home Security

  • iSmart Alarm, Inc.

  • LiveWatch Security LLC

  • Skylinkhome

  • Protect America, Inc.

  • SAMSUNG

Smart Home Security Cameras Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 3.9 billion

Revenue forecast in 2027

USD 11.9 billion

Growth Rate

CAGR of 15.7% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD million and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Germany; U.K.; China; India; Brazil

Key companies profiled

Vivint, Inc.; ADT; SimpliSafe, Inc.; Frontpoint Security Solutions, LLC; Brinks Home Security; iSmart Alarm, Inc.; LiveWatch Security LLC; Skylinkhome; Protect America, Inc.; SAMSUNG

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global smart home security cameras market report on the basis of product, application, and region:

  • Product Outlook (Revenue, USD Million, 2016 - 2027)

    • Wired

    • Wireless

  • Application Outlook (Revenue, USD Million, 2016 - 2027)

    • Doorbell Camera

    • Indoor Camera

    • Outdoor Camera

  • Regional Outlook (Revenue, USD Million, 2016 - 2027)

    • North America

      • U.S.

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • China

      • India

    • Central & South America

      • Brazil

    • Middle East & Africa

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