Tuesday, September 18, 2018

7.7 million standalone and all-in-one networked/IP cameras will be sold in U.S. in 2018, with $889M in revenues

Smart Product Market Assessment finds networked/IP cameras provide peace of mind to consumers

Parks Associates today released Smart Product Market Assessment: Networked Cameras, which estimates 7.7 million standalone and all-in-one networked/IP cameras will be sold in the U.S. in 2018, with $889 million in revenues.  

“IP cameras are key security-related devices and provide peace of mind to consumers. As such, these devices are consistently among the most popular smart home devices,” said Dina Abdelrazik, Research Analyst, Parks Associates. “Currently 9% of U.S. broadband households own one, but advances in image recognition and ease of self-installation, combined with a strong user experience, are driving increased adoption, with retail channels (online and in-store) starting to dominate sales.”

Channel Purchase Locations - Networked Camera | Parks Associates

 

DIY cameras represent the majority of sales as these products are improving consumer experiences for installation, setup, and usage. Consumers still value recommendations and setup assistance, though—7 out of 10 consumers planning to buy a networked/IP camera would consider recommendations from an insurance or security company to be “important or very important.” New parents and pet owners in particular make for strong target markets.

“When consumers interact with their smart device more frequently, they are more likely to recommend it to family and friends,” Abdelrazik said. “AI and the integration of voice control will help drive further engagement with consumers, which will continue to drive positive consumer experiences. While consumer privacy concerns do exist with networked/IP cameras, we project double-digit growth for the IP camera market, as consumer familiarity rises, price points continue to drop, and millennials buy homes, acquire pets, and begin having families.”

The Market Assessment notes voice integration and the development of AI as it relates to image and sound recognition will drive the next generation of networked cameras. Over 80% of consumers who own or plan to buy a networked camera consider image or sound recognition abilities to identify safety and security events (like glass breaking or a person falling) to be appealing or very appealing.

Parks Associates released the Smart Product Market Assessment for Smart Thermostats earlier this year. The firm will produce multiple Smart Product Market Assessments throughout the year:

  • Smart Lighting Market
  • Smart Door Lock Market
  • Video Door Bell Market
  • Networked Camera Market
  • Smart Speaker and Personal Assistant Market
  • Smart Thermostat Market
     

More information about Parks Associates’ research is available at www.parksassociates.com. To schedule an interview with an analyst or to request specific data, contact Julia Homier at julia.homier@parksassociates.com, 972-996-0214.

About Parks Associates: Parks Associates, a woman-owned and woman-led internationally recognized market research and consulting company, specializes in emerging technology solutions serving the consumer and small to medium business (SMB) markets. Celebrating its 35th year in 2021, Parks Associates is a partner to companies navigating the changing consumer technology landscapes through data-driven market insights, extensive consumer and industry intelligence, custom marketing services, and executive networking experiences and conferences.

The company's expertise includes home automation, control systems and security, digital media and platforms, entertainment and gaming, home networks, internet and video services, connected health and independent living solutions, mobile applications and services, support services, consumer electronics, and energy management solutions.

Each year, Parks Associates hosts industry webcasts, the CONNECTIONS™ Conference Series, Connected Health Summit, Smart Energy Summit: Engaging the Consumer, and Future of Video: OTT, Pay TV, and Digital Media. http://www.parksassociates.com

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