The market for IP cameras is expected to expand at a CAGR of 7.1% from 2015 to 2025. The rising need for surveillance systems and the expanding usage of smart cities are credited with driving the growth of the IP camera market. The IP camera market’s product, end user, and geographic segments are divided. The network camera, portable camera, and Others make up the product segment. Corporate, governmental, and residential users are included in the end-user segment. North America, Europe, Asia Pacific, and Latin America are included in the region category. The network camera segment led the IP camera industry with a market share of more than 50% in 2015.
The greatest CAGR is anticipated for this market segment over the forecast period. The demand for surveillance systems and the growing uptake of smart cities are the key drivers of this segment’s rapid growth. With a market share of roughly 23% in 2015, the portable camera sector was the second-largest IP camera market segment. During the forecast period, this category is anticipated to grow more slowly than network cameras. The low acceptance rates and high cost are the key causes of this market segment’s delayed expansion.
|IP Camera Market Report Scope and Segmentation|
|UNIT||Value (USD Million/Billion)|
|BY REGION||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
Digital video cameras receiving and sending data via a computer network are IP cameras, sometimes known as internet protocol or network cameras. Although they are frequently used for surveillance, they don’t need a local recording device like analog closed-circuit television (CCTV) cameras; instead, they merely need a local area network. Several uses for IP cameras include security, surveillance, remote monitoring, and child monitoring. At a CAGR of 14.9% over the forecast period, the worldwide IP camera market is anticipated to increase from USD 7.28 billion in 2019 to USD 14.78 billion by 2024. The increasing demand for sophisticated security and surveillance solutions, increased interest in remote monitoring, and expanding use of IP cameras in commercial and industrial applications are driving the growth of the IP camera market.
The market’s expansion is being held back by the high price of IP cameras and a lack of knowledge about their advantages. These cameras are widely used in home and business settings thanks to their simple installation and compact form. By kind, end-use application, and geography, the market is divided. The market is segmented into Bullet, Dome, Box, and PTZ according to type. In 2018, the bullet type accounted for the greatest market share.
The market is segmented into Residential, Commercial, Industrial, and Transportation based on the end-use application. The commercial application category is anticipated to increase at the greatest CAGR during the projected period. This market’s expansion is related to the rising use of IP cameras for security in offices, restaurants, retail stores, and other commercial buildings. The market is divided geographically into four regions: North America, Europe, Asia-Pacific, and the rest of the world (RoW). The highest CAGR is anticipated for the Asia-Pacific region during the forecast period. The area includes nations that were among the first to deploy IP cameras, including China, India, Japan, and South Korea. In addition, it is anticipated that the expanding construction sector in the area will increase the need for IP cameras for surveillance.
Market Opportunities for IP Cameras
The IP camera business is expanding quickly. This is because IP cameras have so many benefits over conventional CCTV cameras. Compared to CCTV cameras, IP cameras are a lot more versatile and have a lot more functionality. Additionally, they are much simpler to install and maintain. There are numerous varieties of IP cameras on the market. The dome camera is the most widely used kind. Because they have a large field of vision and are simple to install, dome cameras are quite popular. PTZ cameras are another well-liked variety of IP cameras. The same features as dome cameras are available with PTZ cameras, but they can also pan, tilt and zoom. Therefore, they are perfect for applications with a wide field of view.
If you’re shopping for a new security camera, an IP camera should be your first choice. Additionally, there are numerous brands of IP cameras on the market. The most well-known manufacturers include Axis, Bosch, and Hikvision. The IP camera market is anticipated to expand quickly over the coming years. This is because IP cameras have so many benefits over conventional CCTV cameras.
Market Restraints for IP Cameras
From 2020 to 2025, the global IP camera market is anticipated to expand at a CAGR of roughly 15.5%. The main factors driving this market are the demand for increased security, technological advancements, and increased use of IP cameras in numerous applications. However, there are some limitations that are preventing the IP camera market from expanding. The primary barrier is the high price of IP cameras compared to conventional ones. IP cameras cost more than regular ones since they have more sophisticated features and technology.
Additionally, IP cameras cost more to install and maintain than conventional cameras, another factor limiting the market’s expansion. The data privacy and security issues related to the use of IP cameras are another barrier to the market for IP cameras.
Because IP cameras are internet-connected and store their recorded data on distant servers, they are vulnerable to hacking and data theft. Businesses and individuals are wary of installing IP cameras out of concern about potential data breaches, which is a huge concern.
In addition to the limitations above, the lack of knowledge regarding the advantages of IP cameras also impeded the market’s expansion. People in many areas are still not aware of the functions and advantages of IP cameras, which keeps them from implementing them. The limitations, as mentioned earlier, are somewhat impeding the expansion of the IP camera market. However, the market is anticipated to expand at a healthy rate throughout the projected period due to growing awareness of the advantages of IP cameras.
Key Trends in the IP Camera Market
A CAGR of 15.2% is predicted for the worldwide IP camera market, which was valued at USD 3.74 billion in 2018 and is anticipated to expand to USD 9.48 billion by 2024. The rising requirement for monitoring in commercial and industrial applications is to blame for the rise in demand for IP cameras. With the use of these cameras in retail establishments, financial institutions, and office buildings, the use of IP cameras has been expanding in the commercial sector.
With the use of IP cameras in factories and warehouses, demand for IP cameras in the industrial sector is also rising. The adoption of 4K resolution cameras, the expansion of the cloud-based video surveillance industry, and the growth of the DIY security market are important trends in the worldwide IP camera market. With more people choosing to install their security systems, the market for DIY security is expanding.
This is because DIY security systems are less expensive and simpler to install than conventional security systems. Since 4K resolution cameras produce photos of a greater caliber than conventional cameras, their use is also expanding. This market is expanding since 4K resolution cameras are also getting more affordable. Due to its advantages over conventional video surveillance systems, the market for cloud-based video surveillance is also expanding. The scalable, cloud-based video surveillance systems are simpler to maintain.
Market Drivers for IP Cameras
During the projected 2020–2025, the worldwide IP camera market is anticipated to expand at a CAGR of roughly 15%. The market’s expansion is primarily fueled by the rising demand for sophisticated security solutions, the falling cost of IP cameras, and the rising acceptance of cloud-based video surveillance systems. One of the key factors propelling the expansion of the IP camera market is the demand for sophisticated security solutions.
Greater security systems that can offer better surveillance and security are required due to increased terrorist attacks and criminal activity. Compared to conventional security cameras, IP cameras provide a number of benefits, including higher resolution, better image quality, and the capacity to send and receive data via the internet. Another factor fueling the market’s expansion is the falling cost of IP cameras. Due to growing market competition and technological advancements, IP camera prices have been falling.
The cost of IP cameras has decreased, making them more accessible to both consumers and enterprises. Another factor driving the expansion of the IP camera market is the rising acceptance of cloud-based video surveillance systems. Compared to traditional video surveillance systems, cloud-based solutions have a variety of benefits, including lower costs, greater scalability, and the ability to access footage from anywhere in the globe.
Impact of the IP Camera Market Covid-19
The Covid19 pandemic has impacted many sectors worldwide, and the IP camera market is no exception. The pandemic has only made matters worse for the market, which was already struggling because of the US-China trade conflict. There are, however, some positive aspects as well. This article will examine Covid19’s immediate and long-term effects on the IP camera market. The pandemic has significantly slowed down the world economy in the short run. As a result, fewer businesses are investing in IP cameras, which has decreased demand for them. The supply chain has been impacted as a result, with several manufacturers experiencing production delays and component shortages.
This has caused prices and a shortage of specific IP camera models. Covid19 is anticipated to have a more variable long-term effect on the IP camera market. The pandemic has hastened the trend of companies eschewing typical office settings in favor of greater remote working. As companies try to secure their remote staff, this will likely drive demand for IP cameras. Since many companies are still hesitant to invest in Chinese-made goods, the ongoing trade conflict between the US and China is still expected to hurt the market.
The market for IP cameras Key Industry Developments
During the projected 2020–2025, the worldwide IP camera market is anticipated to expand at a CAGR of roughly 15%. The market is propelled by the quick uptake of IP cameras across various end-use sectors, including BFSI, retail, transportation, and healthcare. The requirement for improved security and surveillance is the primary driver of the rising demand for IP cameras in these sectors. In addition, the market is anticipated to rise as cloud-based services become more widely used.
However, the high price of IP cameras is anticipated to partially impede market expansion. One of the biggest IP camera end users is the retail sector. To increase the security of their locations, retailers are progressively implementing IP cameras. Compared to typical CCTV cameras, IP cameras provide several advantages, including high resolution, remote monitoring, and simple installation.
Additionally, the expanding popularity of online shopping is anticipated to increase demand for IP cameras in the retail sector. Another important end-user of IP cameras is the transportation sector. The growing need for improved security and monitoring drives the need for IP cameras in transportation. IP cameras are frequently employed in airports, train stations, and seaports to track the movement of people and vehicles.
Additionally, the rise in terrorist attacks is anticipated to promote market expansion. An additional significant IP camera end-user is the healthcare sector. The need for improved security and monitoring drives the demand for IP cameras in healthcare facilities. Hospitals and clinics deploy IP cameras to keep an eye on staff and patient activity.
Additionally, the rise in accidents and emergencies is anticipated to support market expansion. Another significant end-user of IP cameras is the BFSI sector. The need for improved security and monitoring drives the demand for IP cameras in banks and other financial institutions. IP cameras are employed in ATMs and banks to track customer movement and stop fraud. Additionally, the rise in cyberattacks is anticipated to support market expansion.
Future Prospects for the IP Camera Market
During the projected 2020–2025, the worldwide IP camera market is anticipated to expand at a CAGR of about 12%. The rising requirement for security, the rising demand for surveillance systems, and the expanding use of network-based cameras are the main factors propelling the market’s expansion. Type, application, and geographic segments categorize the IP camera market. The market is divided into indoor and outdoor IP cameras according to type.
The market is divided into three categories based on application: residential, commercial, and industrial. One of the key factors propelling the expansion of the IP camera market is the rising need for surveillance systems. Security and safety concerns are addressed via surveillance systems. They are employed to keep an eye on and keep track of activity in open and commercial spaces. Since IP cameras provide high-quality images and videos, they are frequently employed in surveillance systems. Another significant driver propelling the expansion of the IP camera market is the rising demand for security.
Another factor propelling the expansion of the IP camera market is the expanding use of network-based cameras. Compared to conventional cameras, network-based cameras have several benefits, including night vision, two-way audio, and remote viewing.
The United States Bosch Security Systems, Inc., China’s Dahua Technology Co. Ltd., Sweden’s Axis Communications AB, Japan’s Panasonic Corporation, China’s Hikvision Digital Technology Co. Ltd., Canada’s Avigilon Corporation, the United States’ Honeywell Security Group, and Europe’s Pelco by Schneider Electric are the top competitors in the IP camera market (US). The research offers a thorough outlook on the global IP camera market and a detailed market study. The report segments the market in-depth by type, application, and geography. A thorough competition analysis of the market with player profiles of prominent players is also included in the report.