Strategy Analytics projects consumers globally will spend nearly $8 billion on smart home cameras in 2019, including video doorbells, and spending will grow at a 14% CAGR through 2023 to nearly $13 billion. Strategy Analytics’ report “2019 Smart Home Surveillance Camera Market Forecast and Analysis” predicts that by 2023 camera sales to consumers globally will surge to more than 111 million units, growing at a 19.8% CAGR and nearly tripling 2019’s total.
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Consumer Unit Sales and Consumer Spending: Smart Home Cameras (Graphic: Business Wire)
Strategy Analytics’ Smart Home Strategies (SHS) research service report analyzes how the growth rates of camera units and consumer spending will accelerate through 2023, aided by shrinking purchase prices and stronger demand for video doorbells. Additionally, entry-level and midrange cameras from Wyze, Xiaomi, Kasa Smart, Ring, EZVIZ, Zmodo, and dozens of Chinese brands will drive camera sales. Consumer spending growth for indoor and outdoor cameras will be driven by premium cameras priced at more than $100 offered by interactive security companies in the US such as Alarm.com, ADT, and Vivint, as well as consumer technology stalwarts Ring, Nest, and Arlo.
Strategy Analytics predicts growth in consumer spending on video doorbells from 2019 through 2023 will be the highest of any camera category. The list of video doorbell manufacturers has grown significantly over the last two years, with EZVIZ, Zmodo, Eufy, Remo+, and SimpliSafe entering the arena to compete with Ring, Skybell, Nest, and Vivint.
“Video doorbells are smart home camera market superstars,” said Jack Narcotta, Senior Industry Analyst, Smart Home Strategies. “Video doorbells will become an important segment in their own right. Additionally, smart home device companies will find video doorbells to be a key ingredient that helps bring consumers into their respective smart home ecosystems and helps spur purchases of additional cameras.”
“Smart home cameras are no doubt a central pillar for many smart home device companies,” said Bill Ablondi, Director, Smart Home Strategies. “Many companies have taken positive steps to prepare their portfolios for shifts in market and customer dynamics, and this will help accelerate adoption, boost demand, and improve a company’s chance for long-term success in the smart home market.”
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