The IP camera market shipments are predicted to witness gains at more than 20% to surpass 100 million units by 2025, according to a 2019 Global Market Insights report. The rise in demand for modern security technologies in industrial facilities to ensure the safety and security of workers will drive the market demand.
The increasing adoption of PTZ cameras for 360o visibility and security of large facilities is augmenting the IP camera market growth. These solutions are being widely adopted for outdoor applications such as garages, parking lots, construction sites, airports, railways, and bus stands. They allow operators to monitor the facility by capturing the footage at multiple angles or directions, enhancing the security and safety of the premises.
Major advantages such as ease in installation, high-quality and tamper resistant image production, and wide coverage area are propelling the demand for PTZ solutions in the IP camera market. Manufacturers are engaged in providing infrared technology in PTZ cameras for enhancing the image quality in different light conditions.
With the increasing adoption of centralized security solutions in large enterprises, the IP camera market is expected to witness a high growth over the coming years. These solutions are being widely installed in facilities with multi IP camera platforms. They store recorded data on a separate Digital Video Recorder (DVR) or Network Video Recorder (NVR) devices, making it more expensive in comparison to the decentralized technologies.
However, centralized solutions allow businesses to manage and store the recorded data from all the installed cameras in a single platform, increasing accessibility & flexibility in data management and analysis. Additionally, the increased adoption of centralized systems for home surveillance applications is also a major factor augmenting the market growth.
Increasing crime rates, thefts, and burglaries in several countries including Uganda, Sweden, Italy, and Tanzania are encouraging the adoption of home security solutions, propelling the IP camera market demand. The residential sectors are investing highly to integrate advanced security systems in their homes. Countries including the U.S. and China are the major economies with high installation of network cameras.
In 2018, the North America IP camera market accounted for around 35% of the industry share and with the rising digitization and industrialization is witnessing substantial growth. With the ongoing expansion of several SMEs and large enterprises in the U.S., the demand for security solutions is growing rapidly.
A large number of retail players, such as Walmart, Costco Corporation, and Kroger Company are expanding their business establishments in the region leading to increased installation of surveillance solutions. Additionally, these retail businesses are continuously engaged in developing automated retail outlets, propelling the adoption of modern network camera solutions.
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