International. A recent study indicated that the global IP camera market size will reach $32.63 billion by 2030, growing at a CAGR of 13.9% from 2023 to 2030, as reported by Grand View Research, Inc.
Latin America is expected to grow at the fastest CAGR of 17.0% during the forecast period because governments are increasing their spending on public safety and increasing smart city projects are driving the growth of the IP camera market.
The report explains that the demand for Internet Protocol (IP)-based camera systems is increasing due to the constant development of infrared cameras and the adoption of IoT in video surveillance. With an increasing number of burglaries and squatting homes, residential security is a top concern for homeowners. The growing smartphone user base and the availability of installment security solution subscriptions promise solid growth in the residential market.
Lower Costs Drive the Market
Home security concerns are growing along with the connected ability to alert security services, and the comparatively low cost of home security continues to positively impact the growth of the market.
Government Legislation Helps Drive the Market
Asia Pacific is projected to dominate the global market in 2021 due to the increasing awareness and adoption rate of network cameras. The impact of government legislation and investments also continues to drive the growth of the market in the region. There are several major component suppliers in the area it dominates globally. For example, in 2019, Chinese police began installing new surveillance technology that helps local authorities identify potential suspects by their body language and behavior. The technology used by Chinese police identifies people based on their body shape and movement at a distance of about 50 meters. Government officials use advanced technology, such as AI-based security solutions, that help them improve their surveillance operations.
Relevant data from the study
Hardware components accounted for a 76.7% market share in 2022 as the advancement of hardware systems in the market over the past few years has provided convenience.
The services segment is expected to grow at the fastest CAGR of 15.0% during the forecasted period due to the innovation and development of IP camera system manufacturers, and service providers are catering to the market demand for better solutions.
The consolidated product type had the highest revenue share of 74.7% in 2022. It is expected to reach a considerable market share in 2021 as it employs a central control server that hosts a master database.
The commercial segment had the largest revenue share of 66.4% in 2022, owing to the increased demand for advanced security technologies in the banking and financial sectors, which accelerated the commercial industry and thus impacted the growth of the market.
Asia Pacific dominated the market and accounted for the largest revenue share of 48.5% in 2022. Moreover, the IP camera market is expected to show significant share by 2030 due to the increasing adoption of today's security technologies for various applications such as traffic monitoring, home security, and city surveillance.
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