The home surveillance industry has experienced significant growth owing to the rise in concerns over safety and security, along with advancements in technology such as high-definition cameras, mobile connectivity, and artificial intelligence, which have driven the growth of the home surveillance market. Moreover, the increase in adoption of smart home automation systems and the rise in affordability of surveillance equipment are further boosting demand for home security solutions, which is expected to fuel the expansion of the market.
WILMINGTON, Del., March 5, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Home Surveillance Market by Product Type (Security Cameras, Video Doorbells, Smart Locks and NVRs/DVRs), Category (Wired and Wireless), and Distribution Channel (Security Equipment Retailers and Online E-Commerce Sites): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global home surveillance market was valued at $48,978.7 million in 2022, and is projected to reach $116.6 Billion by 2032, registering a CAGR of 9.2% from 2023 to 2032.
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Prime determinants of growth
One of the major drivers in the home surveillance market is the surge in market demand for the home surveillance market fueled by the rising concerns for home security among consumers. As instances of burglaries, break-ins, and property crimes become more prevalent, homeowners are increasingly recognizing the vulnerability of their residences, adopting an increased sense of insecurity. This growing awareness propels the demand for advanced home surveillance systems and provides residents with a measure of actively monitoring and securing their properties. In addition, the emotional and psychological impact of increased security concerns contributes significantly to the surge in demand for home surveillance systems.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2022-2032 |
Base Year | 2022 |
Market Size In 2022 | $48,978.7 Million |
Market Size In 2032 | $116,575.0 Million |
CAGR | 9.2 % |
No. Of Pages In Report | 296 |
Segments Covered | Product Type, Category, Distribution Channel, And Region. |
Drivers | Integration Of Smart Home Technologies Rising Concerns For Home Security Increase And Awareness Of Crime Activities |
Opportunities | Development Of Smart Surveillance Technologies |
Restraints | High-Initial Investments |
The security cameras segment to maintain its leadership status throughout the forecast period
By product type, the security cameras segment held the highest market share in 2022, accounting for more than one-third of the global home surveillance market revenue and is estimated to maintain its leadership status during the forecast period. Security cameras provide real-time video footage, minimize potential threats, and serve as a valuable tool for investigations. The rise of smart home technology has further fueled their dominance, allowing users to remotely access and control cameras through mobile devices. Moreover, features such as motion detection, night vision, and two-way audio contribute to its versatility. The increasing awareness of the importance of home security and the affordability of advanced camera systems have propelled their widespread adoption across the globe.
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The wireless segment to maintain its leadership status throughout the forecast period
By category, the wireless segment held the highest market share in 2022, accounting for more than three-fifths of the global home surveillance market revenue and is estimated to maintain its leadership status during the forecast period. Wireless cameras have gained prominence due to their unparalleled convenience, flexibility, and ease of installation. Wireless cameras eliminate the need for complex cable installations and allow users to set up their surveillance network effortlessly. The emergence of advanced wireless technologies, such as Wi-Fi and Bluetooth, ensures seamless connectivity and remote access via smartphones and other devices. Moreover, it provides user-friendly setup, integrated with the absence of physical cables, and makes wireless cameras more demanding to a broader consumer base.
The security equipment retailers segment to maintain its leadership status throughout the forecast period
By distribution channel, the security equipment retailers segment held the highest market share in 2022, accounting for three-fifths of the global home surveillance market revenue and is estimated to maintain its leadership status during the forecast period. Security equipment retailers offer a diverse range of surveillance solutions to consumers. Security equipment retailers provide a one-stop-shop for individuals who seek comprehensive security solutions which includes surveillance cameras, alarms, and monitoring systems. They often offer expert advice and ensure the customers make informed decisions based on their specific requirements. Security equipment retailers provide convenience of physically examining and purchasing products to the consumers and offer potential bundled deals and after-sales services.
North America to maintain its dominance by 2032
Based on region, North America is anticipated to dominate the market with the largest share during the forecast period. North America has a high awareness of security and safety concerns which drives the demand for advanced home surveillance systems. The affluence of the population in North America enables greater spending on security solutions. and the prevalence of smart home adoption and the integration of home surveillance into comprehensive security ecosystems contribute to the region's dominance. Technological advancements and innovations in surveillance systems are often first introduced and widely adopted in North America. Furthermore, government initiatives prompt home security and the presence of a tech-savvy population further contribute to the growth of the home surveillance market.
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Leading Market Players: -
- Honeywell International, Inc
- Panasonic Corporation
- Bosch Security Systems GmbH
- Zhejiang Dahua Technology Co., Ltd
- Canon Inc.
- Eagle Eye Networks, Inc.
- Verkada Inc.
- Teledyne FLIR LLC
- Brinks Home
- Frontpoint Security Solutions, LLC
The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter's five forces analysis to determine the factors affecting market growth.
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