Asia-Pacific Smart Home Security Cameras Market
Asia Pacific Smart Home Security Cameras Market Size More Than Triples to Cross USD 15.7 Billion by 2029
Published | 25 April 2023
Asia-Pacific smart home security cameras market is flourishing due to rapid urbanization, rising purchasing power, and an increasing trend towards smart homes.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Asia-Pacific smart home security cameras market size at USD 4.79 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Asia-Pacific smart home security cameras market size to grow at a robust CAGR of 18.64% reaching a value of USD 15.73 billion by 2029. To address the demand for a secure environment both inside and outside, the Asia-Pacific smart home security cameras market is growing quickly. Smart home security cameras, due to new technological advancements, are becoming easier for individuals to use. It, in turn, is expected to open up market expansion opportunities during the period in analysis. However, high cost of smart home systems is anticipated to hinder the market expansion during the forecast period.
Asia-Pacific Smart Home Security Cameras Market – Overview
While businesses and retail establishments have traditionally employed security cameras, home security is now becoming more crucial. Thus, customers' interest in home security cameras is growing. Applications for surveillance cameras have improved along with wireless technology.
Impact of COVID-19 on Asia-Pacific Smart Home Security Cameras Market
COVID-19 pandemic outbreak harmed the market for smart home security cameras across the Asia-Pacific countries. Supply chain hubs in all significant end verticals in the region have been severely damaged and disrupted by the pandemic. The lockdown hurt global output and made trade uncertainty and the present manufacturing slump worse. India has been severely hurt by the decline in global electronic component sales and China's production capacity, which decreased by more than 14%. The majority of raw material suppliers that provide raw materials and components to a variety of manufacturing facilities throughout Asia Pacific, are concentrated in China, which was also the pandemic's epicenter.
Asia-Pacific Smart Home Security Cameras Market – By Resolution
Asia-Pacific Smart home security cameras market is bifurcated into HD and Non-HD segments based on resolution. The HD (high definition) segment currently dominates the market and is expected to grow at the fastest rate during the forecast period. The demand for high-quality security cameras is increasing as more video surveillance systems are used for safety and security. HD security cameras, when combined with a surveillance system, help in improving image clarity and quality. In addition to high resolution, the HD cameras have a wide dynamic range, durability, an improved viewing angle, and technology compatibility, all of which contribute to the widespread adoption of HD cameras in the security industry.
The Asia-Pacific smart home security cameras market is highly competitive. Major players in the market include Vivint Smart Home, Inc., ADT LLC, Simplisafe, Inc., Brinks Home Security, iSmart Alarm, Inc., Live Watch Security LLC, Skylinkhome, Protect America, Inc., SAMSUNG ELECTRONICS Co., LTD., and Frontpoint Security Solutions, LLC. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Asia-Pacific smart home security cameras market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Asia-Pacific Smart Home Security Cameras Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Asia-Pacific Smart Home Security Cameras Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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