Smart home surveillance camera market to surpass $9.7bn by 2023, says Strategy Analytics
Cameras with full software and service feature sets at sub $200 (€162.39) price points will fuel growth of the smart home surveillance camera market according to recently published research by Strategy Analytics. The firm forecasts the global market to exceed $9.7 billion (€7.88 billion) in consumer spending by 2023, with security service providers such as ADT, Alarm.com and Vivint, and independent camera vendors such as Amazon, Netgear, and Nest set to take the reins.
The report, “Smart Home Surveillance Camera Market Analysis and Forecast“ presents Strategy Analytics’ assessment of market trends, analysis of the competitive landscape, and market forecasts of consumer spending and unit sales by device type and price band through 2023. It provides insights into the impact of technology advancements and product trends for companies seeking to capitalise on opportunities in this market.
“Our research and analysis of the smart home surveillance camera market has identified the market’s ‘hot spots’,” said Jack Narcotta, senior industry analyst, Intelligent Home Practice. We expect spending on video doorbells, the fastest growing segment, to reach $1.4 billion (€1.14 billion) by 2023, up from $500 million (€405.98 million) this year.”
The report details how leading companies are pivoting away from focusing on hardware specifications, electing instead to create differentiators based on software and services, led by greater integration of artificial intelligence that enhances ongoing efforts in facial recognition, object tracking, and contextual notifications.
In addition, it explores the impact of partnerships and acquisitions, and analyses trends across four price bands: entry-level, midrange, premium, and professional-grade consumer.