Lower costs boost the market

Home security concerns are growing along with the connected ability to alert security services, and the comparatively low cost of home security continues to impact the market’s growth positively. These cameras help users respond immediately to any incursions inside buildings, abandonment of suspicious materials, and loitering & trespassing by persons and vehicles, as it also has built-in video intelligence.

Covid continues to have an impact

IP cameras protect personnel, property, or information as they are employed in various organisations. These are also widely deployed in commercial and residential properties. The spread of Covid-19 globally continues to have a significant impact on the electronics industry as well, resulting in changes in consumer preference over time. The changes in preferences, disposable income, and purchasing habits have added volatility in the global economy. This has led to uncertainty on the demand side in the internet protocol camera market.

Government legislation helps drive the market

Asia Pacific is anticipated to dominate the global market in 2021 due to increasing awareness and adoption rate of network cameras. The impact of government legislation and investments also continues to boost the market growth in the region. There are several significant components providers in the area which dominates globally. For instance, in 2019, the Chinese police started the installation of new surveillance technology that helps the local authority identify potential suspects by their body language, and demeanor. The technology used by the Chinese police identifies individuals based on their body shape and movement from around a 50-metre distance. Government officials use advanced technology such as AI-based security solutions that help them improve their surveillance operations.

IP camera market research highlights

  • Hardware components accounted for a market share of 76.7% in 2022, as the advancement of hardware systems in the market over the past years has provided convenience.
  • The services segment is expected to grow at the fastest CAGR of 15.0% during the forecast period due to the innovation and development of IP camera system manufacturers, and service providers are catering to the market demand for better solutions.
  • The consolidated segment held the largest revenue share of 74.7% in 2022. The consolidated product type is expected to achieve a considerable market share in 2021 as it employs a central control server that houses a master database.
  • The commercial segment held the largest revenue share of 66.4% in 2022, owing to increased demand for advanced security technologies in the banking and financial sectors, accelerating the commercial industry and thus impacting the growth of the market.
  • Asia Pacific dominated the market and accounted for the largest revenue share of 48.5% in 2022. In addition, the internet protocol (IP) camera market is expected to show a significant share in 2030 owing to the rising adoption of current security technologies for various applications such as traffic monitoring, home security, and city surveillance.