The wired smart home security camera occupies the highest market share over the forecast period.
Germany and India also find themselves in the top-5 list, with 42 and 40 startups, respectively, as of 2021. Other leading countries include China, with 118, and the U.K. However, like many other sectors, the majority of smart home tech companies are located in the U.S., which is home to 393 of such companies. Smart home tech startups are on the rise all over the world. The doorbell camera provides homeowners with peace of mind by helping to prevent crime before it happens. For instance, in March 2020, Vivint Smart Home launched the Vivint Doorbell Camera Pro, an AI-powered doorbell camera that intelligently detects packages and actively helps protect them from porch pirates and other potential threats. Although tech giants like Amazon, Google, and Apple are at the forefront, it is in the startup space where many of these new ideas and inventions are uncovered. Key players are taking the necessary steps to improve the accuracy and overall functionality of the devices. Manufacturers have been focusing on developing new products for specific applications as there are varying demands based on the utilization and application of the devices. The launch of new products with improved capabilities is favoring the market growth. The ease of installation and easy availability of smart home security cameras drive the product demand.įrom smart lighting to smart thermostats, tech companies are making more intelligent products than ever before. These advanced smart home security cameras offer several benefits, which boost their installation in many households across the region. Consumers are shifting from traditionally mountable Wi-Fi cameras to the deployment of smart home security cameras to increase the security of their premises. The rapid adoption of IoT in smart homes is also supporting market growth.
The industry has been witnessing a few pivoting factors determining consumers’ spending on security devices i.e., working from home, conducting purchases through online platforms, and additional spending leeway realized from not having any outdoor leisure and travel expenditures. were familiar with smart security systems and 53% were most likely to own one.The COVID-19 pandemic has brought about a seismic shift in people’s attitudes toward wellness and security. Additionally, according to a study by Fixr, in 2019, 68% of people in the U.S. has the highest smart home technology penetration rate in the world at 40.1%. According to a report by Security InfoWatch in July 2021, the U.S. Rapid growth in smart home penetration across North America is positively impacting the demand for smart home security cameras. The global smart home security camera market size was valued at USD 6.42 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 18.7% from 2022 to 2030.
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