Selbyville, US, July 15, 2019 — The global market research and consulting service provider Global Market Insights has published reports and figures that outline a positive trend on the IP camera market in North America. They expect the market cap to grow by more than 20% until 2025.
IP camera market reported growing at >14% CAGR
This would take 100 million IP camera units sold into account with a total potential of $20b. In their report, they state that this increase in adoption and utilization would be related to the growing demand for visibility and security. PTZ (pan tilt zoom) cameras are more and more easy to deploy and can be centrally managed by various systems and solutions.
This estimates and forecasts are based on their report for last year’s sales figures. In a press release they state, “In 2018, the North America IP 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 Corporation, and Kroger Company 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.”
While the report is focused on the US, we could potentially see similar developments in other regions. Even in places where the cities are not that invested in video surveillance, most property owners and facility managers rely on 360° IP camera domes to provide security and enable systematic video recording. Such footage does also support investigations after an incident, in case it was overlooked as it happened.
Competitors in the industry
Global Market Insights states that currently the market for IP cameras is dominated by Tyco International, VideoIQ Inc., Pelco by Schneider Electric, Panasonic Corporation, March Networks, Guangzhou Juan Intelligent, Dahua Technology, Hangzhou Hikvision Digital Technology Co., Ltd., Bosch Security Systems, Axis Communications AB, Avigilon, and Shenzhen Apexis Electronic Co., Ltd.
And yet, there are also startups and new-comers who are looking to disrupt the market with innovation. For the consumer market, you can see IoT solutions such as the Amazon Ring doorbell, or Google Clips or Nest cam being increasingly pushed out but those have not yet reached their potential either. Using IoT cameras to check on babies, kids, and even animals is also getting increasingly popular. Police squads are testing body-cams for facial recognition and smart cities might leverage video input for data analytics – this industry is likely to be bullish in the long run.
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Photo credit: The feature image has been done by Alan J. Hendry. The chart has been prepared by Global Market Insights and is owned by them.
Source: Global Market Insights press release
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