IP Camera Market Size, Share & Industry 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, 2024-2032

The global IP camera market size was valued at USD 5.53 billion in 2023. The market is projected to grow from USD 5.94 billion in 2024 to USD 16.00 billion by 2032, exhibiting a CAGR of 13.2% during the forecast period.

An IP or internet protocol camera is a type of closed-circuit television camera (CCTV) device 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 physical recording device to record video. Instead, it just needs an internet connection to transfer footage.        

An IP camera can be connected to a wired or wireless network and transfer video to the operator’s device or directly store it in cloud storage space. These kinds of cameras capture videos and images in very high-definition formats, 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 sectors is further increasing the demand for IP cameras.

During the COVID-19 pandemic, various government and regulatory bodies across the globe imposed lockdowns that prominently affected industrial production and the consumption of various products. The global lockdown forced people to stay at home during the COVID-19 period, which is the main factor for the reduction in demand for IP cameras in the world. Furthermore, COVID-19 lockdowns resulted in the sealing of country borders, which disturbed the supply chain and distribution and hindered the growth of the market globally. However, the COVID-19 outbreak affected many people and infected masses worldwide. At the same time, IP surveillance cameras played a major role in this crisis that helped doctors, policemen, and healthcare professionals strictly keep surveillance on COVID-19 wards and residential lockdowns. Thus, surveillance allowed them to take rapid action on the critical condition of patients, which is responsible for boosting the market globally.

IP Camera Market Trends

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

Analytics is a new advancement integrated into video cameras that helps consumers analyze long-duration video surveillance footage, which is crucial for an individual investigation. Furthermore, IP cameras allow the video surveillance operator to live record and remotely monitor crucial victimized localities and vital spots. It majorly reduces the 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 to its consumers without any wired connection. It just needs an internet connection to work efficiently. It analyzes captured footage and sends a security alert along with a video to its operator via an IP network that allows the user to take immediate action on the security alert provided by the system. Also, IP surveillance is increasing the demand for IP surveillance cameras, which is responsible for driving the growth of the IP camera market globally.

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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 society, and to tackle this unlawful activity, these high-end video surveillance solutions are utilized.

Furthermore, the integration of artificial intelligence into home surveillance and remote surveillance enables live recording and smart control of Wi-Fi-connected home surveillance cameras. This advancement prevents consumers from reporting the possible threats of theft and danger. It also examines unlawful activities and sends notification alerts to consumers' mobile phones or communication media. 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.

• 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.

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. Globally, the increasing cases of ghosting and hacking by hackers to inspect the consumer's daily activities have increased the cases of threatening and blackmailing. The rising cases are prime factors for money laundering and cash fraud cases, weakening the demand for IP cameras in the short term.

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

IP Camera Market Segmentation Analysis

By Component Analysis

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

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

The hardware segment held the leading share in 2023 due to the heavy use of various types of hardware, such as camera lenses, camera mountings, and network connectivity devices, in the 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 cameras, pan-tilt-zoom cameras (PTZ), and infrared cameras.

The fixed camera segment generated the highest revenue in 2023 due to the adequate use of fixed cameras for industrial and residential purposes for end users. Furthermore, pan-tilt-zoom cameras (PTZ) are following the same trend in the market due to the increasing use of pan-tilt-zoom cameras in road and transport surveillance.

However, infrared cameras are gaining popularity in the market owing to their various benefits, such as detection and capturing of objects at long distances, night vision cameras, and thermal detection cameras, which are 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 2023, 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

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

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

The government and public segment dominated in 2023 owing to the increasing need for high-end video analytics and surveillance solutions to monitor public activity on the roads and public places such as metro stations, railway stations, bus stands, and airports. 

However, the commercial segment is likely to record the highest CAGR in the estimated period owing to the increasing use of IP surveillance cameras 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

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Asia Pacific holds a prominent share of the global market. It is growing as a dominating region in the market globally, owing to the adequate availability of advanced camera lens 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, which attract global investors to India to start their manufacturing units, thereby propelling 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.

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In North America, the U.S. generated the largest revenue in 2023 due to the presence of major key players. Moreover, in 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., have increased 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. The rest of Europe and Italy are following the same trend and generating the 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 the most developed countries and the crime rates in these countries, such as Hungary, Sweden, Moldova, and Italy, are very high, which creates the need for continuous video surveillance and video analytics that drive the growth of the market globally.    

Owing to the less focus of government authorities on the manufacturing of 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 company's strong presence. 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.

• For instance, in January 2021, 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 platforms. Under this partnership, Axis Communication was able to use the Wasabi cloud platform for the distribution of video surveillance networks. 

List of Top IP Camera Companies:

• 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:

• November 2023 – Matrix, a pioneer in network security solutions, launched its latest ruggedized IP cameras for advanced transportation surveillance. It is an integral surveillance tool for unique remote surveillance ensuring human and asset safety.


• October 2023 – Ajax, a prominent security and surveillance camera manufacturer launched its new series of camera that includes bullet, turret, and mini dome cam. Each camera is loaded with a lens having a viewing angle of 85 or 110 degrees with 3k or 4k resolution support.


• March 2023 – Synology, a prominent manufacturer and security solutions provider, unveiled its two new series of all-weather turret and bullet cameras BC500 and TC500. The excellent IP cameras are designed for smart surveillance that features advanced AI capabilities and seamless integration.


• March 2023 – Hikvision, a pioneer manufacturer of advanced security solution, expanded its product portfolio with the addition of two new ColorVu cameras 7 series with dual light and 8 series with 8MP dome IP camera. The camera enables 24/7 full color imaging.

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.

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Report Scope & Segmentation