The rapid adoption of IoT in smart homes is also supporting market growth. Analysts found that consumers are shifting from traditionally mountable Wifi cameras to the deployment of smart home security cameras to increase the security of their premises. These advanced smart home security cameras offer several benefits, which boost their installation in many households across the region. The ease of installation and easy availability of smart home security cameras are evidently driving the product demand.

The wireless product segment is the fastest-growing segment over the forecast period. This is a result of the increase in the availability of wireless products offered by major players in the market. Moreover, wireless smart home security cameras offer various advantages including easier set-up and customisable options, amongst others.

According to Grand View Research, the market is fragmented at the global level with a major share occupied by Vivint Smart Home Inc., ADT LLC, Arlo Technologies, Inc., and other known names. Key players operating in the market are implementing strategic initiatives such as acquisitions to drive their companies’ growth in the future as well as to solidify their positions in the market. These strategies also help in increasing their geographical reach, cutting down competition, and gaining additional share in the market. For strategic and financial buyers alike, the most attractive M&A targets will have strong leadership including a deep bench of rising, future leaders.

The North America market is anticipated to grow with the fastest CAGR during the forecast period. The rising construction of smart homes a combination of luxury and convenience is boosting the demand for smart home security cameras.