A combination of technological advancements and an increased emphasis on safety and security propels the significant growth in the market for smart home security cameras, according to the analysts. They found that the emergence of the smart home ecosystem plays a pivotal role, with integration into other smart devices like doorbells, locks, and lighting systems forming a comprehensive and interconnected home security network. This not only enhances the functionality of individual devices but also contributes to the overall appeal of a smart and secure home.

Affordability and accessibility

Heightened affordability and accessibility of smart home security cameras have made them more within reach for a wider consumer base. Intensified competition among manufacturers has resulted in more competitive pricing, further stimulating market growth. Particularly appealing to pet owners and caregivers of older individuals, these devices offer unique features and advantages. Smart cameras enable remote monitoring, allowing pet owners to keep a watchful eye on their pets and caregivers to supervise elderly family members from a distance. Real-time alerts and notifications furnish prompt information about potential security events, facilitating swift responses to emergencies. The seamless integration of smart cameras with broader smart home ecosystems augments the overall safety approach, ensuring seamless connectivity with other devices.

Some of the more prominent players in this market and included in the research are companies such as, ADT, Vivint, Simplisafe, Brinks Home Security, Xiaomi, Skylinkhome, Protect America, Samsung, Arlo, Nest Labs, Wyze Lab, Blink, Eufy and Ring.

Key findings summary:

• Based on technology, the wired segment held a largest market share in 2023. Wired systems offer the advantage of adding more cameras at a lower overall cost compared to wireless systems. This cost efficiency is achieved through centralised recording at the home base, resulting in a reduced expense per additional camera.

• Based on application, doorbells camera are expected to grow at the fastest CAGR from 2023 to 2030. The escalating global crime rates, encompassing property crimes and violent offenses, have elevated public consciousness regarding the imperative for enhanced home security.

• Doorbell cameras have evolved into indispensable tools for overseeing and regulating access to residences, serving as a deterrent against potential criminal activities. The broader trend of home automation, marked by the integration of intelligent security systems, is a key driver propelling the doorbell camera market.

• Asia Pacific is expected to grow at a CAGR of 20.5% from 2023 to 2030. The region has witnessed widespread adoption of technology and high smartphone penetration. This technological savviness, coupled with the growing connectivity infrastructure, makes smart home security cameras more accessible and appealing to consumers.