Wireless Security Cameras Global Market Opportunities and Strategies to 2033

This report describes and explains the wireless security cameras market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global wireless security cameras market reached a value of nearly $6.1 billion in 2023, having grown at a compound annual growth rate (CAGR) of 8.6% since 2018. The market is expected to grow from $6.1 billion in 2023 to $11.6 billion in 2028 at a rate of 13.9%. The market is then expected to grow at a CAGR of 15.4% from 2028 and reach $23.7 billion in 2033.

Growth in the historic period resulted from rapid urbanization, increasing disposable income, increased adoption of cloud services and increasing government initiatives for smart city initiatives. Factors that negatively affected stringent regulations.

Going forward, strong economic growth, increasing criminal rates, increasing adoption of smart devices and increasing number of IoT connections will drive the growth. Factor that high cost of raw materials.

The wireless security cameras market is segmented by components into hardware, software and video surveillance as a service (VSaaS). The hardware market was the largest segment of the wireless security cameras market segmented by components, accounting for 63.6% or $7 billion of the total in 2023. Going forward, the software segment is expected to be the fastest growing segment in the wireless security cameras market segmented by components, at a CAGR of 16% during 2023-2028.

The wireless security cameras market is segmented by type into dome camera, bullet camera, PTZ camera (pan-tilt-zoom camera), box camera and other types. The dome camera market was the largest segment of the wireless security cameras market segmented by type, accounting for 40.9% or $2.5 billion of the total in 2023. Going forward, the PTZ camera (pan-tilt-zoom camera) segment is expected to be the fastest growing segment in the wireless security cameras market segmented by type, at a CAGR of 18.2% during 2023-2028.

The wireless security cameras market is segmented by camera technology into digital, IP or network, analog or direct. The digital market was the largest segment of the wireless security cameras market segmented by camera technology, accounting for 60.9% or $ 3.7 billion of the total in 2023. Going forward, the IP or network segment is expected to be the fastest growing segment in the wireless security cameras market segmented by camera technology, at a CAGR of 14.5% during 2023-2028.

The wireless security cameras market is segmented by industry verticals into residential, commercial, education, banking, financial services, and insurance (BFSI), healthcare, manufacturing and other industry verticals. The residential market was the largest segment of the wireless security cameras market segmented by industry verticals, accounting for 31.8% or $1.9 billion of the total in 2023. Going forward, the healthcare segment is expected to be the fastest growing segment in the wireless security cameras market segmented by industry verticals, at a CAGR of 17.4% during 2023-2028.

The wireless security cameras market is segmented by applications into home surveillance, asset monitoring, public safety and surveillance, educational institutions, security and others applications. The home surveillance market was the largest segment of the wireless security cameras market segmented by applications, accounting for 31.6% or $1.9 billion of the total in 2023. Going forward, the asset monitoring segment is expected to be the fastest growing segment in the wireless security cameras market segmented by applications, at a CAGR of 15.9% during 2023-2028.

North America was the largest region in the wireless security cameras market, accounting for 37.1% or $2.2 billion of the total in 2023. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the wireless security cameras market will be Asia Pacific and South America where growth will be at CAGRs of 16.1% and 15.1% respectively. These will be followed by Eastern Europe and Western Europe where the markets are expected to grow at CAGRs of 15% and 13.2% respectively.

The global wireless security cameras market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 50.3% of the total market in 2022. Hangzhou Hikvision Digital Technology Co. Ltd. was the largest competitor with a 16.1% share of the market, followed by Vivotek Inc with 10.7%, Zhejiang Dahua Technology Co., Ltd. with 6.8%, Hanwha Vision with 4.3%, Axis Camera with 3.3%, IDIS with 2.5%, Teledyne FLIR LLC with 2.3%, Robert Bosch GmbH with 1.5%, Cisco Systems Inc. with 1.4% and Honeywell International Inc. with 1.4%.

The top opportunities in the wireless security cameras market segmented by components will arise in the hardware segment, which will gain $3.2 billion of global annual sales by 2028. The top opportunities in the wireless security cameras market segmented by type will arise in the dome camera segment, which will gain $1.9 billion of global annual sales by 2028. The top opportunities in the wireless security cameras market segmented by camera technology will arise in the digital segment, which will gain $3.4 billion of global annual sales by 2028. The top opportunities in the wireless security cameras market segmented by applications will arise in the asset monitoring segment, which will gain $2 billion of global annual sales by 2028. The top opportunities in the wireless security cameras market segmented by industry verticals will arise in the residential segment, which will gain $1.7 billion of global annual sales by 2028. The wireless security cameras market size will gain the most in the USA at $1.6 billion.

Market-trend-based strategies for the wireless security cameras market include introduction of innovative surveillance cameras addressing specific market needs, development of 4K Wi-Fi security cameras, introduction of AI-based smart security cameras, focus on compact wireless cameras for a wide range of applications and strategic partnerships among market players to drive use of new technologies.

Player-adopted strategies in the wireless security cameras market include focus on launching innovative solutions to provide solutions and products with the latest upgrades and the highest level of security to their customers, focus on providing after-sales services to retain their customers and attract new customers to their products and focus on innovations by providing new services and products that are different from what their competitors offer to gain a competitive advantage.

To take advantage of the opportunities, the analyst recommends the wireless security cameras companies to focus on innovative surveillance cameras with advanced features, focus on 4k wi-fi security cameras for enhanced surveillance, focus on ai-powered smart security cameras with advanced features, focus on the software segment in the wireless security cameras market, focus on PTZ cameras, focus on IP or network cameras for market growth, focus on video surveillance as a service (VsaaS), expand in emerging markets, focus on diversifying distribution channels, focus on strategic partnerships, provide competitively priced offerings, focus on strategic pricing strategies for market leadership, participate in trade shows and events, continue to use B2B promotions, focus on digital engagement for enhanced market visibility, prioritize technical webinars for thought leadership, focus on asset monitoring segment for market growth and focus on commercial and BFSI segments.