Technavio predicts that the global smart home cameras market size will grow by USD 571.29 million by 2022. Also by 2022, Technavio anticipates that the global smart home cameras market is expected to grow at a CAGR of 7%. According to Technavio, the major factor driving the future growth rate of the genetic testing industry is due to increased demand for technologically advanced home security products. Additionally, innovation and portfolio extension is one of the primary factors that will trigger the growth of the smart home cameras market in the coming years.
What are smart home cameras? A smart camera or intelligent camera is a machine vision system which, in addition to image capture circuitry, is capable of extracting application-specific information from the captured images, along with generating event descriptions or making decisions that are used in an intelligent and automated system.
Technavio predicts that the global smart home cameras market will post a compound annual growth rate (CAGR) of 7% by 2022. Additionally, according to Technavio, the global smart home cameras market size is poised to grow by USD 571.29 million by 2022.
Key emerging trends are vital in the growth of the market. The global smart home cameras market appears to be moderately fragmented with various companies occupying the market share. Technavio’s smart home cameras market analysis identifies that innovative features and functionalities are relatively high-priced than other types of regular home security cameras. The demand for high-quality smart home cameras with integrated and advanced technologies is increasing among tech-savvy customers. Furthermore, the vendors are expanding their product portfolio to foster product premiumization in the market. The vendors strategize to differentiate themselves from other competitors and manufacture smart home cameras with add-on features and designs.
According to Technavio, the year-over-year growth is estimated at 6.48% for the global smart home cameras market. Vendors are focusing on expanding their product portfolio to boost product premiumization with add-on features and designs. A smart home camera offers aesthetic appeal along with attractive functionalities and is gaining popularity among customers due to its increasing utility. New models of smart home cameras can be used wirelessly with a rechargeable battery or can be plugged into a power source as they are equipped with a dual powering option. Therefore, innovations in the smart home cameras market will boost the growth of the market over the forecast period.
Technavio’s report does a deep dive analysis of the various factors affecting the global smart home cameras market growth rate and size. Which companies are leading the way? According to Technavio, the largest smart home camera companies in the world are Hanwha Techwin, Huawei Technologies, NETGEAR, Panasonic Corporation, and Robert Bosch.
From a geographical market segment standpoint, the Americas accounted for the largest market share of approximately 47% of the global smart home cameras market, followed by EMEA and APAC.
In the home security and surveillance category, smart-connected cameras are gaining attention for the experience of home monitoring of households. Customers demand affordable smart home cameras, which provide extreme security, are convenient to use, reliable, and durable.
“Several companies in the smart home cameras market are providing certain technological enhancements in the product offerings, including weatherproof, cloud storage of videos, wireless connection, enhanced night vision, and cloud storage for surveillance videos. With the help of these advanced features, the homeowners and their family members can easily view the videos that were recorded earlier by the camera,”
According to a senior analyst at Technavio for research on consumer electronics.
According to Technavio the following companies are leading the way for the global smart home cameras market.
Hanwha Techwin delivers a comprehensive line of security cameras and surveillance solutions for analog and network-based systems.
Huawei is a leading global provider of information and communications technology (ICT) infrastructure and smart devices.
NETGEAR produces networking hardware for consumers, businesses, and service providers.
Panasonic Corporation is a worldwide leader in the development of diverse electronics technologies and solutions for customers in the consumer electronics industry.
Robert Bosch is a German multinational engineering and technology company headquartered in Gerlingen, near Stuttgart, Germany.
Technavio’s report is highlighted by an in-depth analysis and predictions on vendors advancing technologies in the market to further propel the market. Technavio’s market research insights also cover the variety of factors accelerating the growth of the global smart home cameras market size. The report also dives into a comprehensive analysis of the global as well as regional markets — addressing key questions like which regions are growing at a faster rate than others?
Technavio is a global market research company specializing in niche and emerging technologies. The company has published over 15,000 reports on hundreds of industries and technologies, serving more than 1,000 organizations globally and over 100 Fortune 500 companies. Its offerings include syndicated research, subscription services, and custom research offerings to help businesses make fast, effective, well-founded decisions. Headquartered in London, UK and with offices across 7 countries, Technavio’s 500 in-house analysts and 16 years of experience allow the company to offer unmatched insights into countless markets. Discover what Technavio can do for you at https://www.technavio.com/.
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