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India's smart home security camera market grows 116%, shows study

India's smart home security camera market grows 116%, shows study
Photo Credit: Pixabay
8 Aug, 2022
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India's smart home security camera market grew 116% (year-on-year) as consumers are now more concerned about safety inside their premises, according to a new report. The segment grew 7% (on-quarter) in Q2 2022 (April-June period), according to the latest report from Counterpoint Research.

Smart home security camera incorporates Wi-Fi connections, which allow the home owner to view and control the camera’s videos and functions remotely by using a smartphone app.

The growth was driven by increasing consumer interest, greater concerns over security, shift from traditional security cameras, and brands' marketing push through discounts and promotions.

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"The growing consumer interest in smart home security cameras is a result of various factors, including ease of use, availability of smart features, and affordability," said research analyst Varun Gupta.

The pricing of these devices has been a key to the success of the smart camera market as most brands are offering devices below ₹2,500, which is less than the conventional camera systems, he added.
The top three brands captured 74% share in Q2, said the analyst firm. There was a push towards offline retail channels by leading brands such as Xiaomi, EZVIZ, Imou, Qubo and CpPlus, it said.

Xiaomi's shipments doubled in Q2 due to an increase in demand for home security cameras and better brand outreach through promotional events. It plans to come up with Camera Viewer, a standalone laptop camera app for MS Windows. 

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Realme registered a 74% growth due to good performance by its Home Cam 360 degree. The brand is expanding its offline presence and is expected to refresh its portfolio soon amid strong demand.

"In addition to this, we also expect the entry of new brands to build their position in this untapped market," said senior research Analyst Anshika Jain.

In terms of applications, the indoor security camera market will witness a jump due to demand coming from working professionals resuming work at offices after the work-from-home routine during the pandemic, she added. As is evident, of the emerging brands, D-Link grew 22% YoY in Q2 2022 due to good performance by its DCSP6000LH home camera, which offers portability, motion and sound detection.

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The major hurdle to mass adoption of these cameras is the lack of consumer awareness.

"Brands need to focus on setting up experience zones and providing some sort of bundled offers with other smart home products to market these products in a better way," Jain noted. 

Meanwhile, the global smart home security camera market will reach an estimated value of $46.5 billion in 2032, growing at an astonishing CAGR of 20.02% during the forecast period of 2022-2032. The market is predicted to reach a valuation of $7.5 billion in 2022. Increasing adoption of the Internet of Things (IoT) in home appliances coupled with the rising need for indoor security will likely boost the market over the forecast period.

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