Smart Home Video Surveillance Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 7.80 Billion |
| Market Size (2029) | USD 15 Billion |
| CAGR (2024 - 2029) | 13.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Smart Home Video Surveillance Market Analysis
The Smart Home Video Surveillance Market size is estimated at USD 7.80 billion in 2024, and is expected to reach USD 15 billion by 2029, growing at a CAGR of 13.90% during the forecast period (2024-2029).
Security always ranks high on homeowners' priority lists. Yet, security threats are evolving as technology becomes more intertwined with daily life. Consequently, the need to invest in robust security systems to safeguard property and loved ones has surged in recent years.
- The rising global instances of thefts and burglaries are a key driver of concerns surrounding home security. The FBI's Uniform Crime Reporting (UCR) Program reveals a stark reality: the United States witnesses an average of 3,062 burglaries daily. This alarming figure underscores the prevalence of home invasions in the nation. Property crimes, encompassing burglary, motor vehicle theft, arson, and larceny-theft, are equally concerning. The FBI notes that in the United States, one of these crimes occurs roughly every 4.4 seconds.
- Urbanization is driving the demand for smart home security solutions, addressing the challenges of high-density living environments. According to the World Bank, 56% of the global population currently resides in urban areas. By 2045, this number is projected to increase by 1.5 times to 6 billion, adding 2 billion more urban residents. As individuals seek enhanced safety and security, the role of smart security devices, which can alert homeowners to potential intrusions, is becoming increasingly significant in the market studied.
- Smart home security cameras, equipped with real-time monitoring and a proven ability to deter intruders, have emerged as a cornerstone in addressing these heightened security concerns. Their visible effectiveness as deterrents has struck a chord with consumers, fueling their widespread adoption. Beyond their role as vigilant sentinels, these cameras offer features remote monitoring and instant alerts, empowering homeowners with a sense of control and awareness, even when they are away.
- Moreover, the video surveillance industry has prominently featured the convergence of security cameras and AI. Notably, in 2023, AI swiftly became the industry's operational norm, witnessing broad acceptance across various sectors. This surge in AI's development has significantly bolstered the appeal of video surveillance, particularly in the smart home segment.
Smart Home Video Surveillance Market Trends
IP Cameras Gaining Significant Traction
- In today's landscape of escalating security threats, staying proactive is paramount for homeowners. As technology progresses, traditional analog surveillance systems are losing their edge, making way for a more potent alternative - IP cameras. These Internet Protocol cameras are reshaping the surveillance landscape, promising a future that is both safe and secure.
- IP or network cameras are digital video cameras that can seamlessly exchange data over the internet or a computer network. Unlike their analog predecessors, which demand dedicated cabling, IP cameras leverage existing network setups, offering heightened flexibility and cost efficiency. Boasting features like high-quality image transmission, remote monitoring, and advanced analytics, IP cameras have swiftly become the preferred choice for both businesses and homeowners seeking to bolster their security protocols.
- IP cameras offer remarkable scalability, allowing organizations to easily adjust their camera count to suit evolving needs. Leveraging existing network infrastructure, these cameras eliminate the need for extensive cabling, streamlining installations and reconfigurations while keeping costs in check. Their advanced analytics empower them to detect motion, track objects, and flag suspicious activities in real-time.
- Moreover, IP cameras seamlessly integrate with other security systems like access control and alarms, bolstering the overall security framework. This integration trend not only enhances security but also enables remote monitoring and management, a boon for businesses. As bandwidth capabilities grow and storage costs plummet, IP cameras are pivoting toward higher resolutions and megapixel imaging.
- As cloud-based solutions gain traction, IP cameras are riding the wave, with manufacturers embedding cloud functionalities into their offerings. Cloud storage, remote access, and real-time alerts are now standard, providing businesses with convenient surveillance footage access and management.
Asia-Pacific Expected to Dominate the Market
- Despite a global pandemic setback, the construction sector in Asia-Pacific has been on an upward trajectory in recent years. Governments in the region are now gearing up to boost infrastructure investments, a move set to further propel the construction sector.
- Illustrating this trend, in May 2024, China unveiled plans for local governments to purchase millions of unsold homes, aiming to alleviate the housing crisis. State-owned enterprises are set to assist by acquiring these homes at significant discounts from struggling developers, facilitated by loans from state banks. The initiative aims to repurpose many of these properties into affordable housing units.
- Highlighting further investments, in December 2023, the state government inked MoUs totaling USD 2,960.62 million with several companies, laying the groundwork for the upcoming Gujrat Global Summit (VGGS). Additionally, state-owned Hudco announced a partnership with the Government of Gujarat, committing up to USD 1,737.3 million for housing and urban infrastructure projects.
- As group housing gains traction, homeowners are increasingly emphasizing security, leading to a surge in investments in video surveillance systems. This shift toward advanced technology in residential properties, over traditional business settings, is driven by a growing demand for real-time, precise information. The rising adoption of doorbell cameras is a testament to this trend, underscoring the expanding role of the smart home surveillance market in the APAC region.
Smart Home Video Surveillance Industry Overview
The smart home video surveillance market is highly fragmented due to the presence of various vendors like Axis Communication, Honeywell International Inc., and Panasonic Corporation. The market features increasing adoption of smart home video surveillance solutions in various end-user industries. The vendors are also making significant product developments to expand their market presence. The market is also viewing strategic partnerships and acquisitions as a lucrative path for expansion.
- June 2024: Intelligent Monitoring Group Ltd finalized the acquisition of Adeva Home Solutions, a leading security provider in Australia and New Zealand, for a sum of USD 2.5 million. This move by IMG is strategically designed to revive the renowned 'Signature Security' brand in the Australian market.
- April 2024: Resideo Technologies announced the acquisition of Snap One, a company specializing in security solutions like surveillance cameras and thermostats. The deal, valued at approximately USD 1.4 billion, inclusive of debt, is set to bolster Resideo's ADI unit. ADI, known for its global distribution of audio-visual and low-voltage products, stands to gain significantly from Snap One's innovative smart-living solutions.
Smart Home Video Surveillance Market Leaders
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Axis Communications AB
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Bosch Security Systems Incorporated
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Dahua Technology Co., Ltd
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CP PLUS International
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Hangzhou Hikvision Digital Technology Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
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Smart Home Video Surveillance Market News
- February 2024: Consistent Infosystems bolstered its robust Security & Surveillance product lineup in India by unveiling a new series of domestically manufactured surveillance cameras. This expanded range provides comprehensive surveillance solutions, featuring offerings like the Smart Wireless 4G PT Camera, 4G Solar Camera, Wireless Pan-Tilt Wi-Fi 3MP/4MP Mini Wi-Fi P2P Plug and Play, 4G Color Camera, and 4G Dome CCTV Camera.
- October 2023: Teledyne FLIR unveiled a range of new cameras and advanced security solutions. FLIR is bolstering its lineup of visible cameras with an innovative addition: the FLIR Quasar Premium Mini-Dome AI. This marks FLIR's foray into visible security cameras enhanced with artificial intelligence (AI), and the product is set to premiere at ISC West.
Smart Home Video Surveillance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Impact of Macroeconomic Trends on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rising Concern about Home Security and Safety
5.1.2 Advances in Technology, Such as IoT, Artificial Intelligence, and Voice-controlled Assistants
5.2 Market Restraints
5.2.1 Complex Installation and Setup
5.2.2 Interoperability Issues
6. MARKET SEGMENTATION
6.1 By Component
6.1.1 Hardware
6.1.2 Service
6.2 By Geography***
6.2.1 North America
6.2.2 Europe
6.2.3 Asia
6.2.4 Australia and New Zealand
6.2.5 Latin America
6.2.6 Middle East and Africa
7. Competitive Landscape
7.1 Company Profiles*
7.1.1 Axis Communications AB
7.1.2 Bosch Security Systems Incorporated
7.1.3 Dahua Technology Co. Ltd
7.1.4 CP PLUS International
7.1.5 Hangzhou Hikvision Digital Technology Co. Ltd
7.1.6 Honeywell Security Group
7.1.7 Samsung Group
7.1.8 Panasonic Corporation
7.1.9 ADT Inc
7.1.10 FLIR Systems
7.1.11 Avigilon Corporation
7.1.12 Vivint Smart Home Inc.
7.1.13 Hanwha Vision Co. Ltd
7.1.14 Brinks Home Security
7.1.15 Xiaomi Inc.
7.1.16 Skylinkhome
7.1.17 SimpliSafe Inc.
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Smart Home Video Surveillance Industry Segmentation
A smart home, as part of the Internet of Things (IoT), leverages internet-connected devices to remotely monitor and manage various systems, from lighting to heating. These systems not only share usage data but also automate actions based on homeowners' preferences. The smart home video surveillance market is defined by the revenue accrued from the sales of different types of video surveillance cameras in the residential sector over various end users across North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. The scope includes only the hardware (camera) and service part of the market and excludes the software aspect.
The smart home video surveillance market is segmented by component (cameras, service) and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Component | |
| Hardware | |
| Service |
| By Geography*** | |
| North America | |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
Smart Home Video Surveillance Market Research FAQs
How big is the Smart Home Video Surveillance Market?
The Smart Home Video Surveillance Market size is expected to reach USD 7.80 billion in 2024 and grow at a CAGR of 13.90% to reach USD 15 billion by 2029.
What is the current Smart Home Video Surveillance Market size?
In 2024, the Smart Home Video Surveillance Market size is expected to reach USD 7.80 billion.
Who are the key players in Smart Home Video Surveillance Market?
Axis Communications AB, Bosch Security Systems Incorporated, Dahua Technology Co., Ltd, CP PLUS International and Hangzhou Hikvision Digital Technology Co., Ltd. are the major companies operating in the Smart Home Video Surveillance Market.
Which is the fastest growing region in Smart Home Video Surveillance Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Smart Home Video Surveillance Market?
In 2024, the North America accounts for the largest market share in Smart Home Video Surveillance Market.
What years does this Smart Home Video Surveillance Market cover, and what was the market size in 2023?
In 2023, the Smart Home Video Surveillance Market size was estimated at USD 6.72 billion. The report covers the Smart Home Video Surveillance Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Smart Home Video Surveillance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Smart Home Video Surveillance Industry Report
Statistics for the 2024 Smart Home Video Surveillance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Smart Home Video Surveillance analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
