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The security camera market size is projected to increase by USD 2.85 billion, at a CAGR of 10.1% between 2023 and 2028. The growth rate of the market depends on several factors, including the growth of video analytics helpful for surveillance video analyses, the frequent launch of security cameras, and the facial recognition technology in security cameras.
The market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about 20 market companies, including ADT Inc., Amazon.com Inc., Arlo Technologies Inc., Costar Technologies Inc., CP PLUS International, DW, Hangzhou Hikvision Digital Technology Co. Ltd., Hanwha Vision America, Honeywell International Inc., Johnson Controls International Plc, JVCKENWOOD Corp., Motorola Solutions Inc., Panasonic Holdings Corp., Robert Bosch GmbH, Schneider Electric SE, Simplisafe Inc., Sony Group Corp., Teledyne Technologies Inc., Vicon Industries Inc., Xiaomi Communications Co. Ltd., Zhejiang Dahua Technology Co. Ltd., and Vosker. Additionally, Global.canon provides a diverse array of security cameras, including fixed dome, fixed box, fixed bullet, and PTZ cameras, among others, through its subsidiary Axis Communications AB.
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Facial recognition technology in security cameras is the key factor driving market growth. AI-powered facial recognition technology enables security cameras to identify and authenticate individuals based on facial features. This feature is used in access control systems, public safety, and law enforcement applications. Facial recognition technology enables security cameras to identify and authenticate individuals based on their facial features. T
Moreover, security cameras equipped with facial recognition can monitor crowded public spaces, airports, transportation hubs, and other locations to identify and track individuals. Additionally, market players are focused on launching new product offerings. For instance, In January 2023, Sony Group Corp. introduced two new 4K IP-based pan-tilt-zoom cameras featuring PTZ auto framing with AI analytics. Consequently, increased use of facial recognition technologies may drive market growth during the forecast period.
Wireless security cameras gaining traction is the primary trend shaping the market. Wireless security cameras offer hassle-free installation without complex wiring, making them a popular choice for homeowners and businesses. Their flexibility allows placement in various locations, especially beneficial for outdoor surveillance. Many models offer remote monitoring via mobile apps or online platforms, ideal for keeping tabs on properties while away.
Moreover, aligned with market trends and analysis, scalability and simplicity make wireless systems adaptable to changing security needs, and suitable for DIY projects without professional installation services. Additionally, as technology continues to advance, the demand for wireless security cameras is likely to persist and grow, driven by the ongoing need for effective and user-friendly surveillance solutions, which may drive market growth during the forecast period.
Issues with the quality of surveillance data is a challenge that affects market growth. Cameras with low resolution capture less detailed images, making it challenging to identify individuals, objects, or events accurately. Low-resolution footage may not provide the level of clarity needed for effective surveillance. Insufficient lighting, either too bright or too dark, can affect the quality of surveillance data. Cameras may struggle to capture clear images in low-light conditions, leading to challenges in identifying and interpreting events.
Additionally, factors like camera movement, wind, or vibrations can result in blurred or distorted images. In addition, harsh weather conditions, such as rain, snow, fog, or extreme temperatures, can impact camera performance and compromise the quality of surveillance data. Weatherproofing measures are essential to mitigate these issues. Therefore, such issues associated with surveillance data may impede market growth during the forecast period.
The analog segment will be significant during the forecast period. Analog cameras are used in closed-circuit television (CCTV) systems. It sends video over cable to video cassette recorders (VCRs) and digital video recorders (DVRs). market players offer analog cameras with a resolution range as per the National Television Standards Committee (NTSC) and Phase Alternating Line (PAL) standards. The resolution range of analog surveillance cameras is generally from 420 to 1080 pixels, which can produce sharp images. Analog cameras can be connected with coax cables, twisted-pair cables, or wireless connections to operate.
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The analog segment showed a gradual increase in the market share of USD 1.95 billion in 2018. Further, market players offer analog cameras with features such as infrared light-emitting diode (IR LEDs) for night vision, video capture resolution of 1080 pixels analog high definition (AHD), 1080 composite video interface (CVI), complementary metal-oxide-semiconductor (CMOS) sensor with Infrared Cutfilter Removal (ICR) for perfect color reproduction. Consequently, the analog market segment will continue to witness increased demand and will drive market growth during the forecast period.
The high resolution of HD and full HD cameras improves the accuracy of surveillance by capturing more information in each frame. This is particularly beneficial for monitoring large areas or spaces where details are critical for security purposes. HD cameras provide significantly higher resolution compared to standard-definition surveillance cameras. The improved image quality of HD cameras contributes to better overall security. Clearer footage aids in the identification and recognition of potential security threats, helping security personnel or systems respond more effectively to incidents. Furthermore, increasing awareness among consumers and businesses about the benefits of HD surveillance technology has driven the demand. Thus, such factors may drive the growth of the market through the HD and full HD segment during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Product Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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