IP Camera Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware and Services), By Product Type (Fixed Camera, Pan-Tilt-Zoom Camera (PTZ), and Infrared Camera), By Connection Type (Centralized and Distributed), By End User (Residential, Commercial, and Government and Public), and Regional Forecast, 2022-2029

The IP camera market size was valued at USD 4.91 billion in 2021. The market is projected to grow from USD 5.20 billion in 2022 to USD 13.09 billion by 2029, exhibiting a CAGR of 14.1% during the forecast period. Asia Pacific dominated the global market with a share of 51.53% in 2021.

The global COVID-19 pandemic has been unprecedented and staggering, with IP camera experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global IP camera market exhibited a decline of -3.7% in 2020 as compared to 2019.

IP or internet protocol camera is a type of Close Circuit Television Camera (CCTV) device, which is used in video surveillance. This device sends and receives recorded video footage by the IP protocol network. It is widely used in various surveillance activities such as road traffic monitoring, industrial operation monitoring, and domestic surveillance. An IP surveillance camera is rapidly replacing traditional CCTV cameras due to its various benefits. Unlike conventional CCTV, this IP surveillance camera does not require any type of physical recording device to record video, instead it just needs an internet connection to transfer footage.

An IP camera can be simply connected to a wired or wireless networks and transfer video to the operator’s device or directly store it on cloud storage space. These kinds of cameras capture videos and images in very high-definition format as high as 16 megapixels, depending upon the type of camera. This high-resolution image capturing property of an IP surveillance camera is helpful in capturing and recording moving objects. Moreover, the ongoing implementation of the Internet of Things in the residential and commercial sector is further increasing the demand for IP camera.

COVID-19 IMPACT

Rising Need to Monitor Patients Remotely Propelled Market Growth Amid the Pandemic

The electronic and semiconductor sector had been substantially affected due to exponential growth of COVID-19 all over the globe. The continuously fluctuating global economy rapidly changes the customer buying behavior and inclination toward the product which is expected to impact the global IP surveillance camera market during the forecast period. Various government authorities in the world had imposed global lockdowns, which majorly affected industrial production in various sectors. The global lockdown forced people to stay at home during the COVID-19 period, which is the main factor for reduction in demand for IP camera in the world. Furthermore, COVID-19 lockdowns resulted in sealing of country borders, which disturbed supply chain and distribution and hindered growth of the market globally.

However, COVID-19 outbreak affected many people and infected masses worldwide. Some of them had to get admitted in intensive care units or dedicated COVID-19 care wards at the same time. This exerted heavy pressure on healthcare professionals to monitor all patients at the same time. IP surveillance camera played a major role in this crisis. It helped doctors and healthcare professionals to keep surveillance on COVID-19 wards remotely. It also helped them analyze the condition of patients with the help of artificial intelligence features in the camera. This allowed them to take rapid action on the critical condition of patients, which is responsible for boosting the market globally.

LATEST TRENDS

Increasing Use of Video Analytics in Various Industry Verticals to Drive Market Expansion

Video analytics helps users to watch and analyze long duration footage of video surveillance, which is critical or nearly impossible for an individual operator to watch and analyze for a long time. It allows the operator to capture and identify critical surveillance footage such industrial operations and road & traffic monitoring in live time. It majorly reduces workload on security surveillance management workers. Due to the benefits of a video analytics system, it is becoming more popular in various industry verticals such as transportation and logistics, BFSI, healthcare, government and public, mining, oil and gas, and automotive. These diverse applications of IP cameras across industries have progressively boosted the market share in the forecast period.

An IP surveillance camera plays an important role in providing seamless video analytics service without any wired connection to its consumer. It just needs an internet connection to work efficiently. It analyzes captured footage and sends a security alert along with video to its operator via IP network. This allows the user to take immediate action on the security alert provided by the system. This is increasing the demand for IP surveillance cameras, which is responsible for driving the IP camera market growth globally.

IP CAMERA MARKET GROWTH FACTORS

Increasing Use of Advanced Technology in Smart Home and Public Sectors to Aid Market Proliferation

Technological advancements in various industry verticals such as automotive, smart home, and government and public sectors are rapidly evolving day by day. Smart home and smart city concepts are gaining popularity in various emerging and developed countries such as China, India, Singapore, South Korea, Japan, and South American countries such as Brazil, Argentina, and Chile. The penetration of artificial intelligence and data analytics is increasing in smart cities and smart homes, which increases the demand for video analytics in the market.

Also, incidents of thefts are increasing in the society, and to tackle this unlawful activity, these high-end video surveillance solutions are utilized. This artificial intelligence technology enables IP surveillance camera to track unlawful activity on roads and near smart homes. It also analyzes unlawful activity and sends alerts to the consumer. Moreover, IP surveillance cameras track and analyze previous footage data and help users in taking preventive action on upcoming incidents. These benefits of IP surveillance cameras are driving the market expansion globally.

RESTRAINING FACTORS

Personal Data Privacy and Cyber Attack Concerns to Restrain Market Growth

The usage of IP cameras is increasing rapidly in developed countries, such as the U.S., Canada, Germany, China, India, South Korea, and Japan, owing to increasing security threats. Through the internet connected IP video surveillance camera, transferring data over the internet creates concerns about easy cyber-attacks, and data privacy attacks on end users. Also, attacks on other nations by rival countries through cyber agencies created concerns about IP camera security. Thus, growing incidences of data theft and data leakage will hinder market growth during the forecast period.

For instance, Pegasus project, an international media consortium, in their investigation has revealed that around 50,000 smartphones globally are penetrated by the Pegasus spyware.

SEGMENTATION

By Component Analysis

Hardware Segment to Hold Dominant Share Due to Heavy Use of Various Hardware Components

On the basis of component, the market is divided into hardware and services.

The hardware segment held the leading share in 2021 due to the heavy use of various types of hardware such as camera lenses, camera mountings, and network connectivity devices in installation of the IP surveillance camera. Also, most of the cameras are long lasting and made for one-time use, which is also increasing the demand for camera hardware in the market. 

However, the services segment shows the highest CAGR in the forecast period due to increasing demand for services such as software customization, operational training, and installation of IP surveillance cameras.   

By Product Type Analysis

Fixed Camera to Lead Due to Extensive Use in Industrial and Residential Sectors

On the basis of product type, the market is classified into fixed camera, pan-tilt-zoom camera (PTZ), and infrared camera.

The fixed camera segment generated the highest revenue in 2021 due to adequate use of fixed camera for industrial and residential purpose for end users. Furthermore, pan-tilt-zoom camera (PTZ) is following the same trend in the market due to increasing use of pan-tilt zoom cameras in road and transport surveillance.

However, infrared camera is gaining popularity in the market owing to its various benefits such as detection and capturing of objects at long distances, night vision camera, and thermal detection camera, which is driving the growth of the market globally.

By Connection Type Analysis

Centralize Segment to Dominate Owing to the Existing Use of Centralized Network Server

On the basis of connection type, the market is divided into centralized and distributed.

The centralized segment gained major revenue in 2021, owing to the security hold it offers to the end user. The segment is expected to adopt a centralized server for on-premise data storage and enhanced security to control IP camera video surveillance. This trend is projected to grow in the forecast period.

However, the distributed segment will record the highest CAGR over the forecast period. Owing to its benefits, such distributed systems are able to connect more than one server, which allows more data security and seamless operation, thus driving market growth.

By End User Analysis

Government and Public Sector Segment to Hold Dominant Share Due to Need for Continuous Surveillance

Based on end user, the market is classified into residential, commercial, and government and public.

The government and public segment dominated in 2021 owing to the increasing need of high-end video analytics and surveillance solutions to monitor public activity on the roads and public places such as metro stations, railway station, bus stand, and airport. 

However, the commercial segment is likely to record the highest CAGR in the estimated period owing to increasing use of IP surveillance camera in commercial offices, malls, and IT parks.

Furthermore, the residential segment will follow the same trend in the future owing to increasing demand for IP surveillance cameras for home security in the smart home industry.   

REGIONAL INSIGHTS

Asia Pacific is holding a prominent share in the global market. It is growing as a dominating region in the market globally, owing to the adequate availability of advanced camera lenses manufacturing units and modern research & development facilities in developing countries such as China, Japan, South Korea, Taiwan, and Singapore. Also, emerging countries, such as India, Malaysia, and the Philippines, play important roles in the growth of the regional market. Countries, such as India, are focusing on building more and more electronic and semiconductor facilities in countries, which attract global investors in India to start their manufacturing units, thereby propelling the market growth. 

China Holds Major Share in the Market Owing to Availability of High-end Production Units

China is the dominating region in the Asia Pacific market due to the availability of modern and advanced camera lenses and product manufacturing facilities. Also, China is continuously focusing on the research & development of high-end video surveillance technology to develop more advanced products to cope with huge competition in the global market.

In North America, the U.S generated the largest revenue in 2021 due to the presence of major key players in the country. Moreover, since the last two-decades, increasing public threat incidents, such as the 9/11 attack at the World Trade Center and gun shooting incidents at various schools in the U.S., increase public security concerns, which increase the need for IP surveillance cameras. However, Canada is showing the highest CAGR in the forecast period. Furthermore, Mexico is following the same trend in the market and showing modern and gradual growth.  

For Europe, Germany with its most advanced and modern manufacturing facility in the region, is dominating the market by generating the highest revenue. However, the U.K. is showing the highest CAGR over the forecast period. Rest of Europe and Italy are following the same trend and generating second and third largest revenue in the market, respectively. However, countries, such as Spain and France, are showing gradual and moderate growth in the market. Moreover, Europe includes most developed countries and the crime rate in these countries, such as Hungary, Sweden, Moldova, and Italy, are very high, which creates the need for continuous video surveillance and video analytics. This is responsible for the growth of the market globally.    

Owing to the less focus of government authorities on the manufacturing of the electronics and semiconductors in the Middle East & Africa and South America, the growth in these regions is moderate. However, countries such as Saudi Arabia, the U.A.E., and Brazil are focusing on the development of the electronic and semiconductor industry, which is showing significant growth in the market.

KEY INDUSTRY PLAYERS 

Hikvision Digital Technology to Hold Dominant Market Share Owing to the Presence of Advanced Production Units

Hikvision Digital Technology will hold the leading share in the global market due to the strong presence of the company in the global market. Moreover, it is a major supplier and provider of customized solutions and services of video surveillance cameras to various companies in the global market. Furthermore, Sony Corporation, Bosch Security Systems GmbH, Honeywell International Inc., Samsung Electronics Co. Ltd., D-link corporation, Hangzhou Hikvision Digital Technology Co. Ltd., Avigilon Corporation, Belkin International Inc., CP Plus, GEOVISION Inc., and others have extended their global presence by opening new manufacturing facilities in emerging economies, which is majorly contributing to market augmentation. However, various key players in the market are focusing on engaging small and medium scale companies and service provider companies by collaborating and partnering with them. Also, companies are adopting strategies such as acquisitions and product launches to facilitate market augmentation.

List of Key Companies Profiled in IP Camera Market:

• Sony Corporation (Japan)


• Bosch Security Systems GmbH (Germany)


• Honeywell International Inc. (U.S.)


• Samsung Electronics Co. Ltd. (South Korea)


• D-link corporation (Taiwan)


• Hangzhou Hikvision Digital Technology Co. Ltd. (China)


• Avigilon Corporation (Canada)


• Belkin International Inc. (U.S.)


• CP Plus (India)


• Geovision Inc. (Taiwan)

KEY INDUSTRY DEVELOPMENTS:

• July 2022 – Sony Corporation launched its first IP camera product, which is CMOS Image Sensor for Security Cameras. This sensor allows surveillance cameras to capture and deliver high quality original images to the operator’s device.


• June 2022 – Kastle System, which is a major provider of managed security systems, partnered with EarthCam Solution, a leading IP video surveillance solutions and services provider, to develop solutions for construction and infrastructure sites. Under this partnership, both organizations will be able to create milestone video surveillance solutions for construction sites.   


• January 2022 – Wasabi Technology, a provider of cloud storage service for video surveillance and online streaming platforms, partnered with Axis Communication, a network service provider for IP video surveillance platform. Under this partnership, Axis Communication was able to use Wasabi cloud platform for the distribution of video surveillance networks.  


• February 2021 – Hikvision launched its new ITS camera, which is able to track and improve traffic flow and road safety. This product is majorly used in frequently congested areas in cities and on highways.


• April 2020– Bosch Security System GmbH launched the INTEOX open platform. It gives flexibility in customization to users, integrators, and application developers for development of better surveillance solutions.

REPORT COVERAGE

The report provides a detailed analysis of the global market and focuses on key aspects such as leading companies, product/service types, and leading end-use industries of printed and flexible electronics. Besides this, the report offers insights into the market trends and highlights the key industry developments. In addition to the factors mentioned above, the report encompasses several factors contributing to the market growth in recent years.

Report Scope and Segmentation

ATTRIBUTE	DETAILS
Study Period	2018-2029
Base Year	2021
Estimated Year	2022
Forecast Period	2022-2029
Historical Period	2018-2020
Unit	Value (USD Billion)
Segmentation	By Component Hardware Services
By Product Type Fixed Camera Pan-Tilt-Zoom Camera (PTZ) Infrared Camera
By Connection Type Centralized Distributed
By End User Residential Commercial Government and Public
By Region North America (By Component, By Product Type, By Connection Type, By End User, and By Country) U.S. (By End User) Canada (By End User) Mexico (By End User) Europe (By Component, By Product Type, By Connection Type, By End User, and By Country) U.K. (By End User) Germany (By End User) France (By End User) Italy (By End User) Spain (By End User) Rest of Europe (By End User) Asia Pacific (By Component, By Product Type, By Connection Type, By End User, and By Country) China (By End User) India (By End User) Japan (By End User) South Korea (By End User) Rest of Asia Pacific (By End User) Middle East & Africa (By Component, By Product Type, By Connection Type, By End User, and By Country) GCC (By End User)  South Africa (By End User) Rest of Middle East and Africa (By End User) South America (By Component, By Product Type, By Connection Type, By End User, and By Country) Brazil (By End User) Argentina (By End User) Rest of South America (By End User)