Security Cameras Market Trends

Growth Drivers

• Rapid Adoption of the Internet of Things to boost market Growth- The security cameras market is expanding thanks in part to the quick uptake of IoT in smart homes. To improve the security of their properties, consumers are moving away from traditional attachable Wi-Fi cameras and more towards sophisticated smart surveillance security cameras. Numerous benefits of these modern security cameras stimulate their installation in many local residences. 871 million smart home products were shipped in 2022. In 2027, this figure is expected to rise to 1.23 billion.
• Increasing Crime- During the projected period, the expansion of crime-related activities around the world will be a major market driver. The demand for cameras is also rising as people become more aware of the advantages of cameras in the business world.
• Increasing Urbanization- People are more likely to live and work in cities now than they were previously. This trend has significantly boosted the movement of individuals from rural to urban areas. As per the estimates by 2050, 80% of the world's population up from the present 55% will live in urban regions.

Challenges

• High Maintenance Cost- The high maintenance cost associated with CCTV cameras coupled with high initial investment is expected to restrain the growth of the overall security camera market during the forecast period.
• Lack Of Expertise in Handling IP Cameras
• Increasingly Concerned About Privacy Issues