With 14.1% CAGR, IP camera market Size to Reach USD 13.09 Billion by 2029
Fortune Business Insights
Updated 8 min read
As per the report by Fortune Business Insights, the global IP camera market Size is projected to reach USD 13.09 billion in 2029, at a CAGR of 14.1% during the forecast period, 2022-2029
Pune,India, March 31, 2023 (GLOBE NEWSWIRE) -- The global IP Camera Market size was evaluated at USD 4.91 billion in 2021. The market is projected to grow from USD 5.20 billion in 2022 to USD 13.09 billion by 2029, showcasing a CAGR of 14.1% during the 2022-2029 period. Growing adoption of video analytics in BFSI, healthcare, and other sectors and rising use of advanced technologies in smart homes and public places will propel market expansion in the coming years. This information is provided by Fortune Business Insights, in its report titled, “IP Camera Market Forecast 2023-2029.”
Key Industry Development-
Wasabi Technology, a leading provider of cloud storage service for online streaming and video surveillance, joined forces with Axis Communication, a network service provider for IP video surveillance platforms. Under this partnership, Axis Communication used the Wasabi cloud platform for the distribution of video surveillance network.
IP camera market is expected to flourish & reach USD 13.09 Billion in 2029
An IP monitoring camera plays an important role in providing a wireless video analysis service to its consumer.
Growing incidences of data theft and data leakage will hinder market growth during the forecast period
Fixed lead camera due to heavy usage in industrial and residential areas.
IP camera market size in Asia pacific was USD 2.53 Billion 2021
Drivers and Restraints-
Widespread Adoption of Video Analytics in Various Sectors to Drive the IP Camera Market Growth
Video analytics enables users to watch and analyze video surveillance footage of long durations with ease. It also allows the operator to capture and identify crucial surveillance footage such as road and traffic monitoring and industrial operations in real time. IP cameras provide seamless video analytics services without any wired connection to the consumer. After analyzing the footage, it sends a security alert to the operator through the IP network. These benefits of the video analytics system are increasing its adoption in the BFSI, government and public, healthcare, transportation and logistics, oil & gas, mining and automotive sectors, which is driving market growth.
On the other hand, concerns regarding data safety and privacy and rising incidences of data theft and leakage will act as challenges for businesses operating in this domain.
Asia Pacific to Capture Significant Share due to Availability of Camera Lens Manufacturing Units
Asia Pacific captured majority of the global market share in 2021 and was gauged at USD 2.53 billion. The market in this region is driven by presence of advanced camera lens manufacturing companies and research & development facilities in Japan, China, Taiwan, Singapore, and South Korea. Also, India is focusing on building advanced electronic and semiconductor manufacturing facilities to attract global investors and boost market expansion. Meanwhile, China is dominating the Asia Pacific market share backed by research and development activities to develop advanced products to be at par with the competitors and garner larger revenues.
In North America, the U.S generated the largest revenue in 2021 owing to the presence of major key players in the country. Additionally, rising concern regarding public security amid growing gun shooting incidents at schools has increased the demand for IP cameras.
In the Europe region, Germany is dominating the market by capturing the largest share stoked by the presence of modern and advanced manufacturing facilities in the country. The high crime rates in European countries such as Italy, Sweden, Hungary and Moldova creates the need for video surveillance and video analytics, thus attributing to market growth.
Report Coverage-
The report provides valuable insights into market share, growth rate, sales amassed, and valuation of the global market. It also covers the drivers, opportunities, challenges, and threats that are likely to affect market trends in the forecast period. Moreover, latest information pertaining to tactical moves made by industry leaders, such as partnerships, collaborations, and mergers & acquisitions, are documented as well.
Segments-
Hardware Segment to Lead Backed by Extensive Use of Camera Lenses and Mountings
Based on component, the market is bifurcated into hardware and services. Among these, the hardware segment captured a significant IP camera market share in 2021 owing to the heavy use of various types of hardware such as camera lenses and mountings. Moreover, cameras are long lasting and expensive and are bought sparingly, thus boosting the demand for camera hardware.
Fixed Camera Segment to Dominate Owing to Growing Use in Industrial and Residential Sectors
As per product type, the market is split into fixed camera, pan-tilt-zoom (PTZ) camera, and infrared camera. Among these, the fixed camera segment dominated the market due to its rising use in residential and industrial sectors.
Centralized Segment to Capture Largest ShareDue to theUse of Conventional Centralize Connection Network
By connection type, the market is divided into centralized and distributed. Among these, the centralized segment dominated the market in 2021 owing to the use of conventional centralize connection network.
Government and Public Sector to Hold Largest Share Backed by Growing Need for Video Analytics and Surveillance Solutions
According to end user, the market is segmented into residential, commercial, and government and public. Among these, the government and public segment held the largest share due to the growing need for high-end video analytics and surveillance solutions to monitor roads and public places such as bus stands, airports, railway stations, and metro stations.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Product Launches by Leading Companies to Escalate Market Augmentation
Industry leaders often make tactical decisions to boost revenue generation, increase sales, enlarge profit margins, or enhance geographical reach. One such move is the launch of new products to enhance product offerings and attract new consumers. For example, in April 2020, Bosch Security System GmbH introduced the INTEOX open platform. This platform enables users, application developers, and integrators to customize their plans to develop better surveillance solutions.
List of Key Players Mentioned in the Report-
Sony Corporation (Japan)
Bosch Security Systems GmbH (Germany)
Honeywell International Inc. (U.S.)
Samsung Electronics Co. Ltd. (South Korea)
D-link corporation (Taiwan)
Hangzhou Hikvision Digital Technology Co. Ltd. (China)
Avigilon Corporation (Canada)
Belkin International Inc. (U.S.)
CP Plus (India)
GEOVISION Inc. (Taiwan)
Major Table of Contents-
Introduction
Definition, By Segment
Research Methodology/Approach
Data Sources
Executive Summary
Market Dynamics
Supportive Macro and Micro Economic Indicators
Drivers, Restraints, Opportunities and Trends
Impact of COVID-19
Short-term Impact
Long-term Impact
Competition Landscape
Business Strategies Adopted by Key Players
Consolidated SWOT Analysis of Key Players
Global IP Camera Market Key Players Market Share Insights and Analysis, 2021
Global IP Camera Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
Key Findings
By Component (USD Bn)
Hardware
Services
By Product Type (USD Bn)
Fixed Camera
Pan-Tilt-Zoom Camera (PTZ)
Infrared Camera
By Connection Type (USD Bn)
Centralized
Distributed
By End-User (USD Bn)
Residential
Commercial
Government and Public
By Region (USD Bn)
North America
Europe
Asia Pacific
Middle East & Africa
South America
North America IP Camera Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
The global IP camera market size was valued at USD 4.91 billion in 2021. The market is projected to grow from USD 5.20 billion in 2022 to USD 13.09 billion by 2029, exhibiting a CAGR of 14.1% during the forecast period.
How big is IP camera market in Asia pacific?
The market in Asia Pacific stood at USD 2.53 Billion in 2021 and is expected to gain a huge portion of the market share in the coming years.
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