LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global smart home cameras market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global smart home cameras market will grow at a CAGR of over 7% during the forecast period. Innovation and portfolio extension leading to premiumization of products is a major factor driving the market’s growth.
The smart home cameras with innovative features and functionalities are relatively high-priced than other types of regular home security cameras. The demand for high-quality smart home cameras with integrated and advanced technologies is increasing among the tech-savvy customers. Furthermore, the vendors are expanding their product portfolio to foster product premiumization in the market. The vendors strategize to differentiate themselves from other competitors and manufacture smart home cameras with add-on features and designs.
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In this report, Technavio highlights the rise in demand for technologically advanced home security products as one of the key emerging trends in the global smart home cameras market:
Rise in demand for technologically advanced home security products
In the home security and surveillance category, the smart-connected cameras are gaining attention on developing the advanced experience of home monitoring of households. Customers demand affordable smart home cameras, which provide extreme security, convenience of use, reliability, and durability. Thus, players in the global smart home camera market are concentrating on product innovation and enhancement of features and functionality of the smart home cameras.
“Several companies in the smart home cameras market are providing certain technological enhancements in the product offerings, including weatherproof, cloud storage of videos, wireless connection, enhanced night vision, and cloud storage for surveillance videos. With the help of these advanced features, the homeowners and their family members can easily view the videos that were recorded earlier by the camera,” says a senior analyst at Technavio for research on consumer electronics.
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Global smart home cameras market segmentation
This market research report segments the global smart home cameras market into the following end-users (process industry and discrete industry), distribution channel (online and offline), and key regions (the Americas, APAC, and EMEA).
In 2017, the Americas accounted for a market share of approximately 47% of the global smart home cameras market. It was followed by EMEA and APAC. The market share of the Americas is expected to decrease slightly by 2022. However, this region will dominate the market throughout the forecast period.
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