Smart Home Security Camera Market Size, Share and Trends 2024 to 2034

Smart Home Security Camera Market Size and Forecast 2024 to 2034

The global smart home security camera market size is calculated at USD 10.51 billion in 2024 and is predicted to reach around USD 60.99 billion by 2034, expanding at a CAGR of 19.23% from 2024 to 2034. An increase in regional thefts is the key factor driving the market growth. Also, the increasing connectivity landscape along with the use of the Internet of Things (IoT) is expected to fuel the smart home security camera market growth shortly.

Smart Home Security Camera Market Key Takeaways

• North America dominated the global market with the largest market share of 41% in 2023.
• Asia Pacific is expected to show the fastest growth during the forecast period.
• By technology, the wired smart home security cameras segment contributed the highest market share of 55% in 2023.
• By technology, the wireless technology segment is projected to grow at a significant CAGR during the forecast period.
• By application, the indoor camera segment captured the biggest market share in 2023.
• By application, the doorbell cameras segment is expected to grow at the fastest CAGR during the projected period.

Role of Artificial Intelligence (AI) in the Smart Home Security Camera Market 

Artificial Intelligence (AI) plays a significant role in the smart home security camera market by improving security and decreasing the risk of threats. AI can differentiate between irrelevant movement and real threats to ensure appropriate security measures. Surveilling systems can utilize raw data to predict future security breaches. Furthermore, AI-powered cameras can be accessed remotely, enabling companies or individuals to keep watch on their possessions regardless of location.

• In November 2023, Apple announced the launch of a new AI-powered display to act as a central control hub for connected home devices. This device, internally code-named Project J490, could be launched as early as March 2025.
• In May 2024, Xiaomi launched its latest home security camera, the Xiaomi Smart Camera C700, in the Chinese market. This flagship camera possesses several features, such as local AI processing, 4K resolution, and a wide range of connectivity options.

U.S. Smart Home Security Camera Market Size and Growth 2024 to 2034

The U.S. smart home security camera market size is evaluated at USD 3.02 billion in 2024 and is projected to be worth around USD 17.84 billion by 2034, growing at a CAGR of 19.43% from 2024 to 2034.

North America dominated the smart home security camera market in 2023. The dominance of the region can be credited to the ongoing integration of IoT technology and the increasing technological shift towards more automated systems. Furthermore, the growing emphasis on home remodeling projects, with the rising enthusiasm for these devices, is presenting lucrative opportunities in the region. The U.S. led North America owing to the growing utilization of home automation systems.

• In March 2023, Google partnered with ADT to launch a DIY home security system called ADT Self-Setup. This advanced package empowers users to select from various Google smart home gadgets to improve their home security.

Asia Pacific is expected to show the fastest growth in the smart home security camera market over the studied period. the growth of the region can be attributed to the increasing middle-class population and ongoing urbanization in developing countries like India and China. Moreover, increasing concerns regarding safety, surveillance, and theft boost the adoption of these devices in the region.

Market Overview

The smart home security camera market includes the development and sale of smart security cameras that are controlled remotely as they are connected to the internet. These cameras are equipped with features like two-way audio, mobile application integration, and motion detection. Also, these hold applicability and versatility across numerous indoor environments; hence, they are more popular than conventional cameras. The market involves cloud-based, wireless, and hybrid cameras.

Smart Home Security Camera Market Growth Factors

• Increased adoption of smart home security cameras in the residential sector is expected to boost market growth soon.
• The availability of cost-effective, high-resolution cameras can further propel market growth.
• Ongoing enhancements in camera technology, such as wider viewing angles, higher resolutions, and better low-light performance, will likely propel the smart home security camera market growth in the upcoming year.

Market Scope

Market Dynamics

Driver

Government Initiatives for the development of smart city

The increasing urbanization and rising middle-class population significantly contributed to the surge in demand for the smart home security camera market. Growing concerns about safety, property theft, and surveillance fuel the adoption of this technology. In addition, the new initiatives launched by the government to promote smart city development, along with the integration of Internet of Things (IoT) technologies.

• In June 2024, Reolink launched the advanced Argus 4 Pro camera. Engineered with advanced technology and a range of appealing features, the Argus 4 Pro offers 4K UHD 180° blindspot-free view and all-day color vision.

Restraint

Privacy concerns

The cost and privacy concerns are the major problems confronted by the smart home security camera market. The outdoor smart home camera can record the whole area of the house along with private areas. Moreover, the cost of purchasing this camera is very high and there is a great chance that they might get damaged by criminals or adverse climatic conditions.

Opportunity

The increasing number of smart cities globally

The smart home security camera market is witnessing robust growth due to the rising deployment of smart city initiatives across the globe. Smart cities use advanced data and technology to improve the overall quality of life leading to an increase in demand for cutting-edge security solutions. Furthermore, these systems contain technologies like wireless alarms, artificial intelligence, and biometric access to prevent crime by ensuring public safety.

• In March 2024, Bitel, a major telecom company in Peru, invested USD 70,000 in a smart city project that included facial recognition in Trujillo, especially in the District Municipality of Salaverry. This surveillance initiative aims to blend biometric technology into the existing urban infrastructure.
• In November 2023, TRIO announced that they are introducing the AIoT brand 360 Botslab from 360 Smart Life Group in the Malaysian market. The initial phase saw an extensive range of smart home security products made with innovative AI-driven technology to offer Malaysians improved premise security.

Technology Insights

The wired smart home security cameras segment dominated the smart home security camera market in 2023. The dominance of the segment can be attributed to the increasing popularity of this system due to its low maintenance needs and cost-effectiveness. This economic benefit is an essential factor in fuelling their adoption. Additionally, wired systems offer reliability by tackling the potential issues associated with battery life or WiFi connectivity. These cameras also sustain operational continuity in case of a WiFi outage.

• In October 2024, Arlo has just unveiled its first-ever hardwired floodlight security camera. The Arlo Wired Floodlight Camera provides powerful light to illuminate the outside of your home and to scare off any potential intruders.

The wireless technology segment is expected to grow at the fastest rate in the smart home security camera market over the forecast period. The growth of the segment is credited to the ongoing advancements in IoT and home security solutions as lots of homeowners are selecting them for strong protection. Moreover, people are increasingly using smart devices, such as cameras, locks, and lighting to experience a unified living, which in turn improves their convenience with home security.

• In July 2024, Vantiva, a global connectivity technology leader, announced the launch of the Vantiva Peek™, a patent-pending smart camera with enhanced motion, humidity, and temperature sensors created for self-storage rental units. 

Application Insights

The indoor camera segment led the global smart home security camera market in 2023. The dominance of the segment can be driven by a rise in the number of burglary and theft cases, which increases awareness among the public regarding the importance of safeguarding one's house from unethical activity. Also, this camera provides a wide range of capabilities, like alarm activation and behavior recognition. Furthermore, these cameras are important for monitoring homes during work hours or vacations, etc.

• In October 2024, Amazon launched the new smart home security brand Blink in New Zealand and Australia with a range of security cameras that can be utilized inside and out. The range involves the Blink Outdoor 4, a wireless outdoor camera, and the Blink Mini 2, a plug-in indoor and outdoor camera.

The doorbell cameras segment is expected to grow at the fastest rate in the smart home security camera market during the projected period. The growth of the segment can be linked to the increasing desire to live in smart homes optimized by the growing internet penetration. Innovations in technology, like the integration of doorbell cameras with Amazon Alexa or  Google Assistant, have made the segment more appealing. These devices can also provide special features, including accurate e-differentiation among packages, animals, people, etc.

Smart Home Security Camera Market Companies

• Vivint Smart Home, Inc.
• ADT Inc.
• SimpliSafe, Inc.
• Brinks Home Security
• Xiaomi Inc.
• Skylinkhome
• Protect America, Inc.
• Samsung Electronics Co, Ltd.
• Frontpoint Security Solution, LLC
• Arlo Technologies, Inc.
• Nest Labs
• Wyze Lab, Inc.
• blink
• eufy (Anker Innovations)
• Ring LLC

Latest Announcement by Market Leaders

• In May 2024, Samsung Electronics Co., Ltd. announced that it has agreed to form a joint venture with Lennox, a leading provider of cutting-edge climate solutions in the HVACR industry, to sell ductless HVAC systems in the United States and Canada.
• In October 2024, Arlo Technologies, Inc., a leading smart home security brand, announced that it had made equity grants to new employees under its 2018 Equity Incentive Plan by NYSE Rule 303A.08.

Recent Developments

• In September 2023, Eufy Security, the smart home security brand introduced a series of dual-camera devices, establishing the world's first home surveillance mesh powered by local AI. The state-of-the-art lineup included cameras with wide-angle and telephoto lenses, increasing the surveillance abilities of the devices.
• In June 2023, Xiaomi launched a smart security camera with night vision and an intercom. The Xiaomi Outdoor Camera AW300 has a set of security features. Its two bright white and infrared lights allow for efficient full-color night vision. Even in complete darkness, this advanced function produces clear and detailed visuals.
• In July 2022, Xiaomi Inc. strengthened its home security offerings by launching the 360-degree Home Security Camera 1080p 2i. This advanced camera boasts an extensive range of features designed to offer enhanced protection and surveillance.

Segments Covered in the Report

By Technology

• Wired
• Wireless

By Application

• Doorbell Camera
• Indoor Camera
• Outdoor Camera

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa