The global smart home security cameras market size is anticipated to reach USD 11.89 billion by 2027, expanding at a CAGR of 15.7% over the forecast period. The rising prominence of security devices in smart homes for complete control and access of households through remote is generating higher demand for these security cameras. In addition, the rising penetration of smart households across regions is paving way for these devices.
Rapid growth in the smart home penetration across developed nations of America and Europe is positively impacting the demand for the devices. According to the European Commission in 2017, Europe Smart Home revenue is expected to reach USD 19 billion by 2021, through its massive markets in the U.K. and Germany. Additionally, rising insecurity among homeowners is making them indulge in home security systems. According to a study by Fixr, in 2019, smart security systems are the smart home devices, of which 68% of people are familiar with and 53% are most likely to own in the U.S.
Increasing cases of burglary are also resulting in increased prominence of these technically driven home cameras for greater control of households. A rising number of crimes, including theft and burglary, has increased the prominence of security devices for smart households. According to the 2019 crime statistics released by the FBI, approximately three burglaries occur every minute in U.S., making it the second-most frequent crime after larceny-theft.
Moreover, about 2.5 million cases of burglary are registered in a year, of which 66% are home break-ins. According to a report on Victimization During Household Burglary by Alarms.org, in 2019, 65.1% of the attackers knew the victim in U.S. This increases the cases of intrusion as a result of allowing people in one’s premises without actually confronting as to what and whom they want, before letting them in. This scenario has risen the application of smart security systems in households so as to effectively monitor the safety of their houeholds.
In terms of product, the wired segment held a dominant position in the market in 2020. Wired cameras are widely used in various households owing to their low installation and maintenance costs as compared to wireless models. These devices also project longer durability and greater reliability, thus witness higher penetration compared to wireless security devices.
The indoor camera application segment held the largest share of 40.2% in 2020. Rising cases of theft, burglary, and intrusion are resulting in increased application of these security devices inside the households. 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 home security devices.
North America dominated the market with a revenue share of 40.1% in 2019. Increasing penetration of smart homes in the region is boosting the demand for smart home security devices as an aid to access control over the security 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.