The wireless home security camera market is likely to observe strong growth by 2030 owing to the increase in consumer demand for security and safety. Additionally, rising prevalence of smart homes is slated to further supplement market growth through the forecast period.
Over the years, the presence of wireless technology and the introduction of security cameras have enhanced security systems exponentially. They are much cheaper and easier to install compared to wired systems due to their wireless technology and Wi-Fi connectivity. Notably, the onset of the COVID-19 pandemic led to consumers spending more time than ever at home, which caused an upsurge in the requirement for home upgrades and security devices, boosting product demand across the globe.
Moreover, the adoption of artificial intelligence (AI) in security has also been a game-changer in home security as facial recognition cameras promise optimum security. For instance, in March 2020, Vivint Smart Home, a smart home expert, introduced the novel Vivint Doorbell Camera Pro, an AI-driven doorbell camera that detects packages as well as helps protect against porch pirates and other potential threats.
Overall, the wireless home security camera market has been bifurcated based on resolution, type, application, distribution channel, and region.
With reference to resolution, the market has been divided into HD (720p & 1080p), 2K, and 4K. The HD (720p & 1080p) segment is poised to observe sizable growth by 2030 owing to the affordability of the product that enables individuals from different income groups to install wireless home security cameras.
Based on type, the wireless home security camera market has been classified into PTZ camera and IP camera. The IP camera segment is anticipated to witness substantial growth due to the wireless data transmission and the use of limited number of cables for product installation, which would reduce the chances of data burglary in terms of cutting wires from outside, improving the security of households.
On the basis of application, the market has been bifurcated into doorbell camera, indoor camera, and outdoor camera. The indoor camera segment is poised to record substantial expansion by 2030 owing to growing focus on research and development activities for product innovation, which are paving the way for new product launches.
By distribution channel, the wireless home security camera market has been segregated into offline and online. The offline segment is poised to register significant gains by 2030. This growth is attributed to the modernization of supermarkets, hypermarkets, and dedicated electronics stores, which are improving consumer shopping experiences.
From the regional standpoint, the Europe wireless home security camera industry is set to observe robust expansion over the review timeline owing to the presence of strict data privacy and protection regulations in the region.
Meanwhile, the Latin America wireless home security camera market is slated to observe lucrative growth up to 2030. Rising urbanization is resulting in the construction of new residential projects, which is set to increase the demand for doorbells and outdoor cameras for security purposes across LATAM.