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.”
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