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IP Camera Market to Shows Signs of Growth in Commercial Sector Over the Coming Years

Author : Ronak Bora | Published Date : 2019-04-12 

IP camera market is expected to gain traction over the next seven years owing to the increasing use of these devices in applications such as senior citizen monitoring, baby monitoring, and pet monitoring. Customers prefer a cost-effective option of IP cameras over the costlier baby or nanny cams. These devices enable the parents to view their child’s activity through web-enabled smartphone, laptops, or iPads. Furthermore, these devices are being widely used by small businesses such as a small retail stores or small warehouses as these require low-cost investment and easy installation.

These devices are being increasingly used in solving crimes and providing growth prospects in both public and private spaces. The videos captured by these devices are considered as the legal proof to investigate crimes in several countries including the UK, the U.S., India, and China. The effectiveness of these systems to deter crime has increased the adoption of these devices drastically. In June 2017, a lawyer based in the U.S. used these devices to call the emergency helpline when his security system notified him of two suspects entering his house. Such instances are providing ample growth opportunities for the IP camera market.

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The increasing threat of hackers and data privacy issues are expected to hinder the network camera market growth. Several devices connected to the internet have serious weaknesses in terms of security. Furthermore, the vendors are selling the configured devices using their dynamic DNS services. For instance, Foscam assigns their devices a hostname appended with myfoscam.org. This becomes easy for a hacker to identify these devices together on the internet.

Centralized connectivity in the IP camera market offer basic analytics, video encoding and event triggering functions. Processing functions are carried by the central computer that runs on licensed software. Such solutions are primarily useful for the institutional setting and places where there is a dedicated central monitoring system. However, decentralized connectivity solutions do not require dedicated software and can run individually with built in storage, with the segment expected to grow at a CAGR of over 20%. Decentralized IP cameras are more expensive than centralized solutions, however offer higher flexibility in terms of operation and storage.

Commercial IP camera market is expected to gain momentum over the forecast time span owing to growing applications in industries, retail stores, and healthcare & educational institutions. Commercial buildings are becoming equipped with Wi-Fi networks, which makes it easier to install these devices for enhanced security. Penetration of technologies, such as cloud back-up and artificial intelligence, is expected to increase the adoption of IP camera market across commercial applications.

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China IP camera market is expected to witness sharp growth due to the presence of a large number of market players offering low cost solutions in the region. Favorable government initiatives on city surveillance, smart city development and penetration of IoT devices are also expected to fuel the demand. Features such as remote monitoring, live video feed on the mobile, single Power over Ethernet (PoE) connectivity, HD resolution and mobile access are driving demand for such solutions in residential applications. Ease of access, remote operation, scalability and flexibility to add more components are some of the key benefits of IP cameras solutions. 4K video surveillance, HD and megapixel cameras are gaining increased penetration across industry verticals.

Key vendors in the IP camera market include Bosch Security Systems, Dahua Technology, Hikvision Digital Technology, Panasonic Security System, Samsung Techwin, Shenzhen Smarteye Digital Electronics Co., Ltd., Axis Communications, and Sony Professional. The players are investing in research and development to enhance the features in these devices to increase the applicability and end-consumer appeal.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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