The security camera market has experienced significant growth in recent years, driven by a combination of factors, including the increasing need for security surveillance and the increasing popularity of smart home devices and home security solutions. India’s smart home security camera market shipments experienced 44 percent (on-year) growth in 2022, a report has said.
Xiaomi led the market in 2022 with a 33 percent share. Tapo registered 88 percent growth and maintained its second position in 2022 with a 17 percent share, according to Counterpoint Research.
The market remains dominated by Chinese players, with Indian brands accounting for 23 percent of total shipments last year.
EZVIZ jumped to the third spot with a 16 percent share as its shipments almost tripled.
Shipments in the Rs 1,500-Rs 2,500 price band remained the highest in 2022, capturing a 64 percent share.
“In a price-sensitive market such as India, the entry-level price point of smart cameras (Rs 1,500) also creates a big demand pull,” said research analyst Varun Gupta.
“Smart cameras are gaining more popularity among small and medium retailers as they are less expensive and easy to install,” Gupta added.
Regarding features, the 2MP camera remains popular among users, but we expect the 3MP camera to gain more traction as it becomes more affordable.
Senior research analyst Anshika Jain said that indoor smart security cameras accounted for more than 80 percent of the total shipments.
“It was mainly driven by increased awareness and importance of indoor home security. Even residential developers are increasingly installing smart camera devices due to the hybrid work model,” she added.
CP Plus is a well-known Indian brand in the surveillance industry and is taking big strides in the smart camera market as well. It ended 2022 with a top-10 position and 2 percent market share.
Thee smart home security camera market is expected to continue growing in the coming years, driven by the increasing demand for home automation and smart security systems, advancements in technology, and rising concerns over home security and safety.
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