The IP Camera Market is set to grow from its current market value of more than $8 billion to over $20 billion by 2025; as reported in the latest study by Global Market Insights, Inc.
Rise in the demand for modern security solutions to enhance road security and city surveillance is driving the adoption of network camera technologies. Several government administrations are incorporating surveillance solutions for the safety of streets. Countries including China and India are continuously engaged in widening their CCTV network coverage to reduce the increasing rate of crimes. For instance, in October 2018, the Government of India declared its plans to widen its CCTV scope by adding 5,000 cameras to the existing network in Mumbai. The state government reported that the integration of security cameras played a major role in curbing the crime rate in the city.
Increasing adoption of infrared cameras to record the footage in low light and night conditions will drive the IP camera market growth. Infrared solutions are being widely used in city surveillance and traffic monitoring at nighttime. Police authorities are adopting these solutions to secure & monitor the streets and reduce the number of accidents or crimes. Additionally, the manufacturers are developing specific solutions that are specifically developed to cater to the government sectors. The Singapore Police Department is using high-tech network cameras for helping them to fight crimes. Moreover, the government is planning to install more secured cameras that will cover multi-stored carparks and 10,000 Housing and Development Board (HDB) blocks across the country.
With the increasing adoption of centralized security solutions in large enterprises, the IP camera market is expected to witness a high growth over the coming years. These solutions are being widely installed in facilities with multi IP camera platforms. They store recorded data on a separate Digital Video Recorder (DVR) or Network Video Recorder (NVR) devices, making it more expensive in comparison to the decentralized technologies. However, centralized solutions allow businesses to manage and store the recorded data from all the installed cameras in a single platform, increasing accessibility & flexibility in data management and analysis. Additionally, the increased adoption of centralized systems for home surveillance applications is also a major factor augmenting the market growth.
Increasing crime rates, thefts, and burglaries in several countries including Uganda, Sweden, Italy, and Tanzania are encouraging the adoption of home security solutions, propelling the IP camera market growth. The residential sectors are investing highly to integrate advanced security systems in their homes. Countries including the U.S. and China are the major economies with high installation of network cameras. According to a report by People’s Daily, Beijing has around 470,000 cameras installed across the city. This increase in the installation of security solutions is due to increased government efforts toward smart city mission, propelling the IP camera market growth. With the increasing focus on the development of smart homes in these countries, the demand for IP security solutions is predicted to grow rapidly.
In 2018, the North America IP camera market accounted for around 35% of the industry share and with the rising digitization and industrialization is witnessing substantial growth. With the ongoing expansion of several SMEs and large enterprises in the U.S., the demand for security solutions is growing rapidly. A large number of retail players, such as Walmart, Costco Corporation, and Kroger Company are expanding their business establishments in the region leading to increased installation of surveillance solutions. Additionally, these retail businesses are continuously engaged in developing automated retail outlets, propelling the adoption of modern network camera solutions.
The major players operating in the IP camera market are Tyco International, VideoIQ Inc., Pelco by Schneider Electric, Panasonic Corporation, March Networks, Guangzhou Juan Intelligent, Dahua Technology, Hangzhou Hikvision Digital Technology Co., Ltd., Bosch Security Systems, Axis Communications AB, Avigilon, and Shenzhen Apexis Electronic Co., Ltd. The manufacturers in the market are introducing innovative solutions to attract a large customer base.