We are sure you’ve watched a crime film or a sequel where a policeman and his team are assembled around a TV or a computer screen. And abruptly, one of them marks something uncommon and asks to “Zoom in that man/lady and improve the picture slightly so that we can get a clear picture of his/her face.”
Well, things are completely different for IP Cameras! No longer are safety camera footage of bad quality and barely focused. That said, IP cameras are already conquering the market. The global IP Camera market was valued at USD 11.31 billion in 2022 and is expected to grow to USD 41.32 billion at a CAGR of 13.9% during the forecast period.
What is an IP Camera?
An IP camera, or Internet Protocol camera, is a digital video camera equivalent to a webcam that sends and receives data via a network or the internet. Unlike a typical webcam, it is a single device with its IP address and needs a network connection to relay photos. Like any other common network equipment, such as a laptop, tablet, or printer, the IP camera connects to a network similarly.
These cameras also possess motors and new voice and video processing abilities. They are IP-linked and can be joined using WiFi, wired Ethernet, IEEE 802.11, or HDBaseT.
The Numerous Benefits and Market Growth of IP Camera
The demand for security cameras has recently grown in popularity because of the increase in settlers and home burglaries. Domestic security is currently one of the top concerns for homeowners. This factor is expected to fuel the market growth for internet protocol (IP) cameras throughout the anticipated timeframe. Home surveillance has become increasingly common along with the rise in urban population. New product launches, interactive product releases, ongoing research and development, and innovation initiatives in the technologies of cameras and networking are just a few of the important strategic actions for manufacturers.
Moreover, homeowners are adopting IoT technologies, which promotes market growth. Users are increasingly selecting smart IP cameras over more traditional mountable WiFi cameras to increase the security of their premises. Players in this sector will gain from it in terms of development. The introduction of infrared cameras and the growing use of IoT for video monitoring has greatly increased the market for IP cameras.
Hardware Sector Holds the Largest Market Share
As the industry has recently made it easier to construct hardware systems, hardware components have retained their market share. The facial and body recognition technology manufacturers employ to develop new goods with technological improvements and greater features powered by AI and IoT have yet to be widely adopted by government authorities.
Which Region Holds the Largest Market Share?
North America, a wealthy continent, is seeing tremendous growth in the Internet of Things (IP) camera sector. During the projected period, the region’s CAGR will be influenced by the development of industrial sectors, improvements in features and technologies, and the effect of video surveillance cameras on regional market growth. According to a survey by BuiltWorlds Inc., only 20 locations in the United States are anticipated to contain 50% of all development projects between 2019 and 2023.
Moreover, the market is anticipated to be dominated by Asia Pacific over the forecasting period. The increased usage of contemporary security technologies for various purposes, such as traffic monitoring, home security, and public surveillance, is also expected to cause the market for Internet protocol (IP) cameras to expand significantly by 2032. Due to increased government, private, and academic investment in government-related new technology breakthroughs and research & development, the market in the region is anticipated to rise.
Conclusion
Based on the above, IP security cameras offer convenient features suitable for any home or business. The IP Camera Market is growing rapidly due to its numerous advantages and security.