Propelled by increasing demand for wireless surveillance monitoring and advancements in connected technologies, the Cloud Camera Market is projected to garner significant momentum over the forecast period. Cloud cameras allow monitoring of premises remotely through a smartphone, tablet, or computer from anywhere across the globe. They capture images and videos and store them securely in the cloud for seamless access. Key features like motion detection alerts, night vision capability, and compatibility with popular voice assistants have increased their popularity for residential and commercial security applications in recent years. The global Cloud Camera Market is estimated to be valued at US$ 12.88 Bn in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The proliferation of smart home automation systems integrated with IoT has ramped up adoption of cloud cameras in recent years.Cloud storage enables surveillance footage to be securely saved online without any storage limits. Homeowners have embraced this convenience to monitor their properties remotely through Internet-connected devices. Furthermore, major technology companies like Amazon, Google and Blink (owned by Amazon) have launched affordable cloud cameras with advanced AI-powered features like person detection and package alerts. Their wide distribution networks and brand visibility have helped popularize the technology amongst mainstream users. As 5G networks begin rolling out worldwide, cloud cameras with higher resolution and faster response times are expected to become more commonplace. This will further drive the cloud camera market over the coming decade.
SWOT Analysis
Strength: Cloud cameras allow users to monitor their homes remotely through the cloud and access live streams and footage from anywhere. They are easy to set up and use without requiring technical expertise.
Weakness: Reliance on stable internet connection for remote access. Data usage and storage costs associated with cloud storage of footage. Privacy and security concerns regarding unauthorized access to camera feeds and stored footage.
Opportunity: Growing adoption of smart home devices and IoT provides opportunity for increased sales of cloud cameras. Popularity of do-it-yourself home security solutions boosts the cloud camera market.
Threats: Presence of other competing technologies for home monitoring like traditional DVR systems and standalone security cameras Pose challenge to cloud camera adoption. Stringent data privacy laws can restrict cloud storage and access of footage.
Key Takeaways
The global Cloud Camera Market Scope is expected to witness high over the forecast period of 2023 to 2030. The market was valued at US$ 12.88 Bn in 2023, expanding at a CAGR of 14%.
Regional analysis – North America dominated the cloud camera market in 2023, accounting for around 35% share. This can be attributed to high penetration of smart homes and IoT in the US and Canada. Asia Pacific is anticipated to emerge as the fastest growing regional market between 2023-2030, driven by rising adoption of cloud cameras in China, India, and other developing countries.
Key players operating in the cloud camera market are Arlo Technologies Inc., Ring (owned by Amazon), Nest (owned by Google, a subsidiary of Alphabet Inc.), Wyze Labs Inc., Logitech International S.A., Blink Home Security (owned by Amazon), D-Link Corporation, TP-Link Technologies Co., Ltd., Ezviz (a subsidiary of Hikvision), Reolink Digital Technology Co., Ltd., Zmodo Technology Corporation, Canary Connect Inc., Netgear Inc., Eufy Security (a division of Anker Innovations), Swann Communications Pty Ltd. These players are focusing on diversifying their product portfolios and investing in R&D to develop innovative cloud camera solutions. Partnerships and acquisitions are also key strategies adopted by market players to expand their global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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