The global Cloud Camera Market is estimated to be valued at US$ 12.88 Bn or 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 Overview:
A cloud camera is an IP camera that sends camera footage to the cloud for storage and remote access. Cloud cameras offer 24/7 access to live or recorded video through smartphones, tablets or computers from anywhere with an internet connection. Compared to traditional DVR systems, cloud cameras eliminate the need for local storage and allow simultaneous viewing by multiple users. Businesses use cloud cameras for security monitoring while homeowners use them to remotely monitor their homes. The increasing demand for security and surveillance systems from the commercial and residential sectors is expected to propel the growth of the cloud camera market over the forecast period.
Market key trends:
Growing popularity of smart homes: Smart home technologies such as smart locks, security systems and home automation devices are gaining widespread adoption among homeowners. Cloud cameras are an integral part of smart home security solutions as they can be accessed and controlled remotely using smart devices. This is expected to be a major trend driving the demand for cloud cameras.
Integration of AI capabilities: Major players in the cloud camera market are focusing on integrating AI and machine learning capabilities into their solutions. AI-enabled cloud cameras can perform tasks such as facial recognition, motion detection, people counting etc. This enhances the functionality of security cameras and simplifies video monitoring. The increasing integration of AI is anticipated to present lucrative opportunities for players in the cloud camera market.
Porter’s Analysis
Threat of new entrants: The cloud camera market has moderate threat of new entrants due to the presence of established players and requirement of high initial investments.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives and differentiated products from different brands.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes and less differentiation in components.
Threat of new substitutes: Threat of substitution is low as cloud cameras offer advantages over traditional security cameras.
Competitive rivalry: High due to presence of many global and regional players offering price-based and product differentiation competition.
Key Takeaways
The Global Cloud Camera Market Size is expected to witness high growth, exhibiting CAGR of 14% over the forecast period, due to increasing security concerns and growing adoption of IoT devices.
Regionally, North America dominates the market holding the largest market share of over 35% in 2023. Emerging economies of Asia Pacific region is expected to be the fastest growing market over the forecast period due increasing infrastructure and housing sectors.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it