The global market for smart home surveillance cameras will surpass the $9.7 billion mark by 2023, according to a smart home surveillance camera forecast from Strategy Analytics.
Growth in the category will be driven by cameras with full software and service feature sets that are below the $200 price point. Security service providers that will dominate include ADT, Alarm.com and Vivint. Important vendors are Amazon, Netgear and Nest.
“Our research and analysis of the smart home surveillance camera market has identified the market’s ‘hot spots’,” Jack Narcotta, Senior Industry Analyst, Intelligent Home Practice, said in a press release. “We expect spending on video doorbells, the fastest growing segment, to reach $1.4 billion by 2023, up from $500 million this year.”
Smart Home Surveillance Camera Forecast
The report, “Smart Home Surveillance Camera Market Analysis and Forecast,” found that leading companies deemphasizing hardware specifications. Instead, these firms are focusing on software and services. The integration of artificial intelligence to extend facial recognition, object tracking and contextual notifications also is a key differentiator.
It is a competitive environment. Last year, Cable MSO Altice USA began marketing Nest Connected home products and services across its Optimum and Suddenlink brands. In addition to cameras, Nest Learning Thermostat, Nest Thermostat E and Nest Protect smoke and carbon monoxide products are being offered.
At this year’s CES in January, Vivint Smart Home introduced Streety, a free app that extends its home security product into the neighborhood. The platform uses a networked of shared residential cameras to observe the streets outside users’ homes.
Surveillance cameras have of course been around for decades. The emergence of smart homes has reinvigorated the industry, since the cameras can be one element of a much broader menu of offerings. The category is not without its challenges, however. Online surveillance cameras that are not property secured are a notorious entry point for botnet malware.