Categories: Market Research

Wireless Security Cameras Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Wireless Security Cameras Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Wireless Security Cameras Global Market Report 2024, The wireless security cameras market size has grown rapidly in recent years. It will grow from $7.31 billion in 2023 to $8.26 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The growth in the historic period can be attributed to surge in crime rates, urbanization and smart cities, home automation trends, retail and commercial security needs, cost-effective installation.

The wireless security cameras market size is expected to see rapid growth in the next few years. It will grow to $13.57 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The growth in the forecast period can be attributed to increased awareness of security, integration with ai and analytics, rise of smart infrastructure, remote work and monitoring needs, government initiatives for public safety. Major trends in the forecast period include battery-powered and low-power devices, remote monitoring and mobile accessibility, enhanced resolution and imaging technologies, integration with access control systems, environmental resistance and durability.

The increasing crime rates are expected to propel the growth of the wireless security cameras market going forward. Crime is defined as the intentional conduct of an act that is usually judged as socially damaging or hazardous, clearly defined, forbidden, and penalized under criminal law. Wireless security cameras help reduce crime rates by improving monitoring capabilities, discouraging illegal activity, and assisting in investigating and prosecuting criminal crimes. For instance, according to the Office for National Statistics, a UK-based statistics authority, Knife or sharp instrument offenses registered by the Metropolitan climbed from 10,605 to 11,232 in the fiscal year ending June 2022, resulting in a rate of 125 per 100,000 people. The West Midlands, a metropolitan county in England, reported an offense increased from 3,299 to 4,958 (to 169 per 100,000 population), whereas in Greater Manchester, offenses increased from 3,297 to 3,563 (to 125 per 100,000 population). Therefore, the increasing crime rate is propelling the wireless security camera market.

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The wireless security cameras market covered in this report is segmented –

1) By Components: Hardware, Software, Video Surveillance As A Service (VSaaS)

2) By Type: Box Camera, Dome Camera, PTZ Camera, Bullet Camera, IP Camera, Day or Night Camera, Thermal (FLIR) Camera, Wireless IP Camera, Other Types

3) By Camera Technology: Analog or Direct, Digital, Ip or Network

4) By Applications: Car Dash Cameras, Security, Home Surveillance, Baby And Adult Monitoring, Other Applications

5) By Industry Verticals: Banking, Financial Services, and Insurance (BFSI), Manufacturing, Education, Hospital And Healthcare, Household, Other Industrial Verticals

Technological advancements are the key trend gaining popularity in the wireless security cameras market. Major companies operating in the wireless security cameras market are focusing on new innovative products to sustain their position in the market. For instance, in September 2022, Lorex Technologies, a Canada-based home security solutions firm, introduced the Lorex 4K Spotlight Indoor or Outdoor Wi-Fi Security Camera with smart security lighting. Lorex is a Wi-Fi security camera featuring 4K resolution and Wi-Fi 6 technology that allows for faster transmission and shorter downloading time, resulting in an exceptional resolution quality without interfering with other internet activities and also uses color night vision and infrared night vision that captures clear nighttime footage in any lighting condition. It also offers sophisticated motion detection modes for providing relevant notifications, allowing users to be more aware of activity on their property, and the unique function of 2-Way Talk will enable users to converse directly with visitors using the camera’s built-in microphone and speaker.

The wireless security cameras market report table of contents includes: