Market Trends of Asia Pacific IP Camera Industry
Commercial Sector to Witness a Significant Growth
• The commercial sector is expected to experience a notable increase. This is because of the growing need for advanced security technologies in the banking industry. The rise in theft in retail stores is driving the adoption of modern IP cameras with high resolutions that can alert security personnel about unauthorized access. Numerous companies are now focusing on offering these sophisticated security solutions, particularly for commercial purposes.
• IP cameras are widely used to monitor ATM locations to prevent theft, card fraud, and other criminal activities. Banks install IP cameras at ATM kiosks to capture the video footage of transactions, monitor cash withdrawals, and ensure customers' safety using self-service banking facilities. For instance, during the fiscal year 2023, the Reserve Bank of India (RBI) recorded over 13,000 bank fraud cases nationwide, marking a rise from the preceding year and reversing the past decade's trend. The overall worth of these frauds dropped from INR 1.38 trillion (USD 0.016 trillion) to INR 302 billion (USD 3.61 billion).
• Technological advancements in recent years have dramatically affected the healthcare industry, just like many other sectors. Introducing wireless IP cameras has significantly changed how healthcare facilities monitor their surroundings. These cameras offer a complete surveillance solution for healthcare environments, bringing many advantages that improve patient care, facility management, and security measures. The capability to monitor live video feeds from these cameras allows medical personnel to identify possible problems early, facilitating prompt action and averting adverse incidents.
• In the retail industry, utilizing IP cameras to their fullest potential involves more than just deterring theft and maintaining store security. In the modern, data-focused environment, companies can extract valuable knowledge from the footage recorded by these cameras to enhance customer interaction and ultimately boost sales. IP cameras with advanced features such as video capture, motion detection, and facial recognition help identify suspicious behavior and prevent fraudulent activities.
China to Hold a Significant Market Share
• China has a vast network of public surveillance systems, including in cities, transportation hubs, and public spaces. The government's emphasis on public safety and security drives the demand for IP cameras to monitor urban areas, prevent crime, and enhance law enforcement efforts. China is at the forefront of innovative city development, with initiatives to improve urban infrastructure, transportation systems, and public services. IP cameras play a crucial role in innovative city projects by providing real-time video surveillance, traffic monitoring, and crowd management solutions.
• For instance, Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou in China are at the forefront of incorporating advanced technologies like the IoT (Internet of Things), big data, AI, and cloud computing in transportation, public safety, the environment, and manufacturing. The rise of smart cities in China has allowed for the incorporation of cutting-edge technologies like AI, big data, IoT, and cloud computing in transportation, public safety, environmental protection, and manufacturing. More than 500 cities in China are reportedly striving to build smart cities.
• With the rising urbanization, homeowners in China are increasingly investing in home security systems, including IP cameras. The demand for IP cameras in residential complexes, gated communities, and high-rise apartments is driven by concerns about burglary, property theft, and personal safety. The increase in home security concerns is linked to the rise in the ability to notify security services and the affordable prices of home security systems, positively influencing the market's growth. The IP cameras enable users to quickly react to any unauthorized entries, abandoned suspicious items, and the unauthorized presence of individuals or vehicles, owing to the built-in video intelligence.
• The rapid expansion of retail chains, shopping malls, and commercial establishments in China fuels the demand for IP cameras to enhance security, prevent theft, and monitor customer behavior. Retailers use IP cameras for loss prevention, inventory management, and marketing analytics. According to the National Bureau of Statistics of China, the construction industry in China produced more than CNY 31 trillion (USD 4.29 trillion)in output in 2023, a nearly 100% increase from the decade prior. Moreover, China's manufacturing sector relies on IP cameras for factory automation, production monitoring, and workplace safety. IP cameras equipped with advanced features such as machine vision, object recognition, and quality control help improve efficiency, reduce downtime, and ensure compliance with industry regulations.
