The global internet protocol camera market size is poised to grow by USD 8.47 billion during 2020-2024, progressing at a CAGR of over 14% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Internet Protocol (IP) Camera Market 2020-2024 (Graphic: Business Wire)
The growing adoption of smart homes will be a significant factor in driving the growth of the IP camera market. The increasing number of thefts and burglaries in various countries has boosted the demand for security solutions, such as IP cameras, especially in the residential sector. The installation of IP cameras and smart motion sensors in residential properties will allow homeowners to monitor their homes remotely. Also, smart homes use internet-connected devices for remote monitoring and management of appliances and systems through a smart home application on their smartphone or networked device. The rising adoption of smart homes will further increase the demand for IP cameras as video surveillance and security form an integral part of these homes.
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The major internet protocol camera market growth came from centralized IP camera arrangement segment. Media recordings in centralized IP camera arrangement is either stored on a network video recorder (NVR) or digital video recorder. This arrangement is ideal for applications where recording devices need to be hidden or located