Home Security Cameras Market Will Touch $10 Billion by 2024
Consumer spending for smart home surveillance cameras will grow at 9.1 percent CAGR from $7.0 billion in 2018 to $9.7 billion by 2023 and will cross $10 billion, according to research firm, Strategy Analytics. They also forecast those unit sales will more than double over this period from 54 million in 2018 to 120 million in 2023. Competitive pressures will drive down prices subduing revenue growth, but overall market growth would be excellent and would put a smile on the face of security camera warehouse providers.
Smart Home Surveillance Camera Market Movers are coming into View gives a glimpse of the report mentioned above where Narcotta summarizes the home security camera marketplace as the vendor side of things heat up. Here’s what he shares:
“However, while consumers have more camera options to choose from than in the past, a different story is unfolding for vendors. It’s becoming more difficult for vendors to differentiate their cameras due to the number of competitors seeking a share of this market, especially in crowded entry-level ($50 and less) and midrange ($51 to $100) price bands. There’s more elbow room in premium ($101 to $300) and professional-grade consumer ($301 and up) price bands due to fewer competitors, but heavyweights such as Amazon and Google pose stout challenges for other companies that manufacture or distribute higher-end cameras.” — Jack Narcotta, Strategy Analytics
Personal Experiences With Several Home Surveillance Cameras
For roughly $20, the Wyze Cam is the best deal on the market if you simply want a cam to monitor an area of your home or yard. The Wyze Cam Pan version is $30. While some people will position this home camera to be a security camera, we would not agree since it cannot be tied to any true security system. Both the basic cam and the Pan version work with the Amazon Echo, so you can simply ask Alexa to show you whatever space your cam is watching.
If you need a full-blown DIY-level security system, then you want to look at the Arlo with its robust Smart Home security system. We love that they have rough exterior cams available, with LTE capability (the only way they will operate remotely) and battery packs.
Amazon Cloud Cam or the Simplisafe system are good services, too. We set up a Simplisafe package in a family member’s home and it was up and running in roughly 90 minutes. Ring is a well-known name and makes a fine system, but it was acquired by Amazon in early 2018.
If Jack Narcotta is right, and we believe he is, then we are going to see a lot of good value for consumers buying home security cams. After all, Strategy Analytics’ is tracking nearly 160 smart home surveillance cameras and 19 video doorbells. That’s an increasingly crowded market filled with similar devices. Buyer beware and buyer be ready. This is an industry that is growing, and with an increasing number of players in the market, you need to be sure of what you are purchasing.