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The Internet of Things has brought about a revolution in the security and surveillance landscape across the globe. IP camera market, in this context, stands as a major beneficiary of this change owing to the growing need for modern security solutions that help in improving road security and city surveillance, especially with the rise in the crime rate in various parts of the world.Many government authorities are adopting surveillance solutions to ensure the safety of the streets. Nations like India and China are constantly working at expanding their CCTV network coverage to control the incidences of crime. For instance, in Shanghai’s 1.52- square kilometer Jiangsu Road, where nearly 80,000 residents live, there are over 600 cameras installed on 18 main roads and streets.
These cameras help in identifying traffic conditions, rubbish on the roads, and keeps a check on the crime rates. According to a study, the global IP Camera market size could cross USD 20 billion in terms of annual remuneration through 2025.
Expounded below are some of the factors expected to influence the industry size in the coming years.
Emergence of smart homes
The growing number of thefts and home burglaries is encouraged the use of residential security cameras, which is supporting the developments in the vast IP market. Growing adoption of smart home solutions due to the increase in disposable income among the people in both developed as well as developing countries as well as the improving standards of living of the people has propelled the need for technologically updated IP cameras.
Evidently, the growth prospects of IP camera market from residential application is huge. The surging establishment of large residential skyscrapers as well as the construction of row houses and bungalows that are equipped with the latest technologies will support the demand for IP Cameras, driven by applications like intelligence building control, remote monitoring, access control, and surveillance system.
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French smart devices manufacturer- Netatmo in the year 2017 launched a security camera equipped with a facial recognition feature that allows the camera to identify the members of the camera owner’s household and send customized updates to them on their arrival. This feature has gained popularity especially among parents who wish to know once the kids have arrived home safely.
High adoption of infrared cameras
Infrared cameras are used to record footage in low light conditions or at night. These are used in city surveillance and for traffic monitoring at night. The police authorities are using these advanced solutions to monitor the streets and to control the number of crimes and accidents. The camera manufacturers are developing technologically advanced solutions that are developed to meet the security requirements of the government.
The Singapore Police Department for instance has deployed high-tech network cameras to help them deal with crimes. In addition to the above, the government is aiming at installing more secured cameras to cover the multi-stored carparks along with 10,000 Housing and Development Board blocks across the nation.
Robust construction sector in Asia Pacific
The government authorities in developing regions across the Asia Pacific are undertaking measures to improve the regional security infrastructure, paving the demand for IP cameras. A rise in Foreign Direct Investment in the construction industry in countries like India, South Korea, China, Japan, and Singapore, noticing the rise in tourism and favorable working conditions has propelled the development of skyscrapers and large advanced buildings.
According to Invest India, the Indian construction industry was the second-largest recipient of FDI in 2017. The Government of India had also established plans of developing 100 smart cities across the nation. The aforementioned factors will positively influence IP camera market share in the coming years.
With the growing deployment of big data and IoT along with the subsequent large pool of data, the quest for obtaining actionable insights is likely to proliferate massively. Clearly, with the need to adopt smart trends in both the public and private sectors, the rapid advancements in the product have become noticeable.
IP camera manufacturing companies are working to improve the quality of the product for application across various sectors of the economy. Key players operating in the IP camera market include March Networks, Canon Inc., Tyco International, Dahua Technology, and Hangzhou Hikvision Digital Technology Co. Ltd., to name a few.
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