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North America Smart Home Security Cameras Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The North America Smart Home Security Cameras products market was valued at USD 5.3 billion in 2022 and is expected to register a CAGR of 14.3% from 2023 to 2030. The increasing demand for smart devices, such as doorbell cameras, surveillance cameras, and motion detectors, is propelling the market growth. Furthermore, rising awareness among consumers regarding the advantages of smart home security cameras is expected to significantly contribute to the expansion of the market. The growing popularity of cloud-based video recording and storage solutions is another factor driving the market.
Additionally, the growing presence of smart cities is expected to increase the demand for smart home security cameras in the region. The growing importance of home security solutions, due to the rising rate of crime, is driving the market for these products. As a result, the demand for these products has surged in recent years. Moreover, the growth of the DIY home security market is expected to boost the demand for these products.
Smart home security camera products are increasingly being used in commercial and industrial applications. For instance, in January 2021, Amazon Inc. launched Amazon Halo, a wearables device that monitors the users’ body fat percentage and emotional state. Furthermore, the rising trend of connected homes is also anticipated to support the demand for smart home security cameras in the region.
In addition, the increasing demand for low-cost and efficient products is driving the market. Market participants are offering their products at competitive prices and are introducing advanced products with improved features. For instance, in May 2021, Netatmo introduced the Presence and Welcome outdoor security cameras, which use facial recognition technology and AI to distinguish between humans, animals, and cars. Furthermore, the presence of a large number of key players in the region is expected to result in a surge in the demand for these products.
Product Insights
The North America smart home security cameras market is expected to register a CAGR of 10.9% over the forecast period. The market is driven by increasing crime rates, rising awareness regarding the security of homes and offices, and increasing concerns regarding the safety of children and elderly people. Furthermore, rising adoption of internet-connected devices, superior HD video quality, and the ability to access video footage remotely are also boosting the growth of the market.
The Wi-Fi segment accounted for the largest market share in 2021. Wi-Fi cameras are the most preferred type of security cameras as they are easy to install and provide superior HD-quality video streaming. Wi-Fi cameras also offer features such as night vision, motion detection, two-way audio, and facial recognition, which make them ideal for home security. Furthermore, the increasing demand for Wi-Fi cameras is driven by their ability to be monitored remotely.
Distribution Channel Insights
The North American smart home security cameras products market is majorly driven by the increasing demand from retail stores. The retail stores segment captured over 48.5% of the total market share in 2022. This can be attributed to the availability of a wide range of products in retail stores, which allows customers to physically inspect the product before purchasing. Apart from this, retail stores also offer competitive prices, loyalty programs, and discounts to customers, which further boosts the segmental growth.
The online segment is expected to grow at the highest CAGR of 16.3% over the forecast period. The increasing penetration of e-commerce and the growing preference for online shopping, due to the availability of a wide range of products and competitive prices, is expected to drive the segmental growth. Moreover, the availability of numerous online payment options such as credit cards, debit cards, internet banking, and cash on delivery, provides convenience to customers for shopping online.
Type Insights
The wired segment held the largest share of the North America smart home security cameras market in 2021. The high installation cost associated with wired cameras is the primary factor driving the growth of this segment. In addition, the use of wired security cameras in the commercial sector, such as retail stores and offices, are also driving the demand for these products. Furthermore, these cameras are more secure than wireless cameras as they are not connected to the internet, which reduces the chance of hacking.
The wireless segment is expected to register the highest CAGR of 17.4% over the forecast period. The increasing popularity of wireless security cameras due to their convenience, easy installation and portability are driving the market growth. In addition, the introduction of voice assistant technology in wireless security cameras, such as Alexa and Google Home, is further driving the demand for these products. Furthermore, the increasing adoption of smart home technologies among households has led to the increased demand for wireless security cameras.
Regional Insights
North America is expected to dominate the market and account for the largest revenue share of over 36.6% in 2022. Growing demand for smart home security cameras and systems in the region is a key factor behind this growth. The increasing use of cloud computing services and Internet of Things (IoT) technology is further anticipated to propel the market growth in the region. For instance, in May 2021, Amazon launched the new Cloud Cam Indoor Security Camera in the U.S. to provide customers with intelligent alerts and full HD video.
Europe is expected to witness the second-fastest growth in the coming years. Growing interest in home automation and increasing investment in smart home technologies are some of the factors driving the growth of the market in the region. For instance, in December 2021, Google launched Nest Cam Outdoor Security Camera in the UK and Europe providing customers with 24/7 live streaming and two-way audio.
Financial Projections
In this part of the North America Smart Home Security Cameras products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a North America Smart Home Security Cameras products business comes from the sale of products, services and subscriptions. Here you will find a list with a description of each of them and other possible sources of profit such as partnership agreements and affiliate marketing.
Projecting Expenses
In this section, all the regular expenses related to keeping the North America Smart Home Security Cameras products business running will be described. The list of operating expenses includes research and development costs, production costs, marketing costs, overhead costs, and others.
Key companies & market share insights
Some of the key companies operating in the North America smart home security cameras market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In April 2022, Amazon.com, Inc. launched its Cloud Cam Security Camera with audio-activated alerts and video recording feature.
– In September 2022, Google Inc. launched the Nest Cam Outdoor security camera, which is designed to provide a weather-resistant and tamper-proof security solution.
– In October 2022, Arlo Technologies, Inc. launched the Arlo Ultra 4K Wire-Free Security Camera, which is designed to provide enhanced security monitoring with 4K video resolution and infrared night vision.
Some of the prominent players in the North America smart home security cameras market include:
– Amazon.com, Inc.
– Google Inc.
– Arlo Technologies, Inc.
– Nest Labs
– Hikvision Digital Technology Co., Ltd.
– Hanwha Techwin America
– Logitech International S.A.
– TP-Link Technologies Co., Ltd.
– Zmodo Technology Corporation
– Vivint, Inc.
Global North America Smart Home Security Cameras Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global men’s grooming products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Wi-Fi Cameras
– IP Cameras
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Online
– Retail Stores
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Smart
– Non-Smart
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– U.S.
– Canada
– Mexico
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the benefits of using Smart Home Security Cameras?
[A]: Smart home security cameras provide a wide range of benefits, including remote monitoring, motion detection, and automatic recording of activity. They also allow users to view live footage from anywhere with an internet connection. Additionally, smart home security cameras provide greater peace of mind and increased safety for homeowners, as they can detect potential intruders and alert homeowners to suspicious activities.
[Q]: Who are the major players in the North American Smart Home Security Cameras Market?
[A]: The major players in North America’s Smart Home Security Cameras market are Ring, Arlo Technologies, Swann Security, Netgear, Google, and Logitech.
[Q]: What is the growth potential of the North American Smart Home Security Cameras market?
[A]: The North American Smart Home Security Cameras market is expected to grow at a compound annual growth rate of 15.7% from 2020 to 2027, due to increasing demand for better home security systems and the introduction of innovative products.
[Q]: What is driving market growth in the North American Smart Home Security Cameras market?
[A]: The main drivers of market growth in the North American Smart Home Security Cameras market are the increasing demand for better home security systems, the increasing adoption of smart homes, the increasing awareness of security concerns among consumers, the increasing penetration of internet-enabled devices, and the growing trend of DIY installation.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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