The North America smart home security cameras market size is expected to reach USD 7.88 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 17.4% from 2021 to 2028. Latest innovations and technological advancements are driving the industry toward safety as well as sustainability. For instance, competitors Ring and Arlo Technologies both offer eco-friendly doorbells that are solar-powered, enabling it to charge its battery without the usage of power.
Furthermore, with an increase in the number of customers purchasing a variety of products through online platforms, a rising number of companies have been selling their products online to reach a larger consumer base. E-commerce plays an important role in the distribution of smart home security cameras since it accounts for a large portion of the market revenue. Online sale channels allow consumers to explore millions of goods in one location without having to physically visit retail stores.
Security camera installation is more common in offices and shops, but recent times have seen a rise in home security camera installations as well. Security cameras have evolved substantially in the last decade. There are two types of cameras: HD cameras are used for domestic purposes while IP (networking) cameras are mostly installed in factories and enterprise settings. According to a survey conducted by Bosch, which launched a smart-home portfolio in 2019, 59% of homeowners value peace of mind that a smart home offers, 44% would like to be able to control their home while on a holiday, and 68% are attracted to the potential energy saving that they can make with smart home facilities. In another study conducted by Intel, seven in ten consumers expected smart homes to become as common as smartphones within the next decade.
Smart doorbell cameras rank high in popularity compared to other home appliance devices - the fourth most popular of all smart appliance technology. In the survey, it was found that Ring was the most popular smart doorbell brand in overall aspects, and has been cited nearly 50% more often than the next brand. Moreover, customers save more video for longer than they can with a wired system because most wireless cameras use cloud storage. Customers must pay a premium for some cloud services that give up to 60 days of footage. Wireless cameras are also an excellent option for renters because they are simple to set up and remove. Their adaptability makes them a suitable choice for customers who believe they may need to reposition the cameras in the future.
The COVID-19 pandemic has brought about a seismic shift in people’s attitudes toward wellness and security. The industry has been witnessing a few pivoting factors determining consumers’ spending on security devices i.e., working from home, conducting purchases through online platforms, and additional spending leeway realized from not having any outdoor leisure and travel expenditures.
Moreover, as consumers spend more time working, entertaining, and learning from home, they have recognized the importance of security devices to keep their homes safe and secure. With new products entering the market, consumers have more options to choose from, allowing them to choose between DIY or professionally monitored home security cameras that fit their personal needs.
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Based on product, the wired camera segment accounted for the largest revenue share of over 50.0% in 2020. Wired security cameras are more secure, less expensive, and highly reliable because they can run on battery power
By application, the indoor camera segment dominated the market with a share of over 35.0% in 2020. An increase in the number of theft and burglary cases, which has raised public awareness regarding the importance of protecting one's house from criminal activity, is driving demand
The U.S. market held the largest revenue share of over 90.0% in 2020. In January 2021, according to The Ambient, with a penetration rate of 32.4% and an estimated total of 41.3 million smart homes, smart home popularity statistics show that Americans favor home automation devices more than other countries
Grand View Research has segmented the North America smart home security camera market on the basis of product, application, and country:
North America Smart Home Security Camera Product Outlook (Revenue, USD Million, 2016 - 2028)
North America Smart Home Security Camera Application Outlook (Revenue, USD Million, 2016 - 2028)
North America Smart Home Security Camera Country Outlook (Revenue, USD Million, 2016 - 2028)
List of Key Players of North America Smart Home Security Cameras Market
Vivint Smart Home, Inc.
Brinks Home Security
iSmart Alarm, Inc.
LiveWatch Security LLC
Protect America, Inc.
SAMSUNG ELECTRONICS CO., LTD.
Frontpoint Security Solutions, LLC
Arlo Technologies, Inc.
Wyze Labs, Inc.
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