IP Camera Market By 2024 A regional and competitive overview
Date: 2018-08-14   Author: Ronak Bora  Category: #technology

IP Camera Market By 2024 A regional and competitive overview

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.

IP Camera Market set to reach USD 20 billion by 2024. Growing need for intelligent security systems in the light of increasing criminal activities is expected to propel network camera market growth. Instances of illicit drug dealing, robbery, and terrorist activities are increasing owing to the worsening economic conditions and unemployment. This has resulted in the tightening of security across household, industrial, and commercial sectors. This is expected to accelerate the demand for these devices over the forecast timespan.

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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 network camera market.

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.

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 network camera market across commercial applications.

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.



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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline 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.

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