IP Security Camera Market Forecast to Be Worth $20B By 2025
Among growth drivers, thermal imaging technologies are being widely used to highlight potential issues including machine failure and overheating.
SELBYVILLE, De. — The IP security camera market is projected to grow from its current market value of more than $8 billion to over $20 billion by 2025, according to a study by Global Market Insights.
Among factors accounting for the expected growth in the IP camera market is the rising demand for modern security technologies in industrial facilities to ensure the safety and security of workers. The industries are concerned for the health and safety of their employees due to rise in industrial accidents and injuries, according to the study.
IP surveillance solutions allow manufacturing industries to monitor crucial areas, such as assembly sections, boilers and condensers, where high chances of accidents are being witnessed. Additionally, it helps operators to monitor the production process and optimize business operations.
Thermal imaging technologies are being widely used to highlight potential issues including machine failure and overheating. Manufacturers in the IP security camera market are developing rugged and long-lasting solutions specifically designed for industrial environment.
The increasing adoption of pan/tilt/zoom (p/t/z) cameras for 360° visibility and security of large facilities is augmenting the IP camera market growth. These solutions are being widely adopted for outdoor applications such as garages, parking lots, construction sites, airports, railways and bus stands.
The cameras allow operators to monitor the facility by capturing the footage at multiple angles or directions, enhancing the security and safety of the premises. Major advantages such as ease in installation, high-quality and tamper-resistant image production, and wide coverage area are propelling the demand for p/t/z solutions in the IP security camera market.
Manufacturers are also engaged in providing infrared technology in p/t/z cameras for enhancing the image quality in different light conditions.
Centralized Security Solutions
With the increasing adoption of centralized security solutions in large enterprises, the IP camera market is expected to witness a high growth over the coming years. These solutions are being widely installed in facilities with multiple IP camera platforms. They store recorded data on a separate DVR or NVR devices, making it more expensive in comparison to the decentralized technologies.
However, centralized solutions allow businesses to manage and store the recorded data from all the installed cameras in a single platform, increasing accessibility and flexibility in data management and analysis. Additionally, the increased adoption of centralized systems for home surveillance applications is also a major factor augmenting the market growth.
Increasing crime rates, thefts and burglaries in several countries including Uganda, Sweden, Italy and Tanzania are encouraging the adoption of home security solutions, propelling the IP camera market growth.
The residential sectors are investing highly to integrate advanced security systems in their homes. Countries including the U.S. and China are the major economies with high installation of network cameras.
According to a report by People’s Daily, Beijing has around 470,000 cameras installed across the city. This increase in the installation of security solutions is due to increased government efforts toward smart city mission, propelling the IP camera market growth. With the increasing focus on the development of smart homes in these countries, the demand for IP security solutions is predicted to grow rapidly.
Large Retail Deployments
In 2018, the North America IP security camera market accounted for around 35% of the industry share and with the rising digitization and industrialization is witnessing substantial growth. With the ongoing expansion of several SMEs and large enterprises in the U.S., the demand for security solutions is growing rapidly.
A large number of retail players, such as Walmart, Costco and Kroger Co. are expanding their business establishments in the region leading to increased installation of surveillance solutions. Additionally, these retail businesses are continuously engaged in developing automated retail outlets, propelling the adoption of modern network camera solutions.
For instance, in January 2018, Amazon Go announced the opening of a new automated convenience store in the U.S., where shoppers are being monitored by hundreds of cameras. Such factors are anticipated to positively impact the IP camera market growth in the coming years.