Cloud Camera Market is Estimated To Witness High Growth Owing To Rising Adoption of IoT

The Cloud Camera Market is estimated to be valued at US$ 12.88 Bn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Cloud cameras capture photos and videos and store them on the cloud. They can be accessed through a smartphone app and provide superior image quality as compared to traditional cameras. They provide remote monitoring capabilities and security features such as motion detection, night vision, two-way audio etc. which makes them useful for home security purposes.

Market key trends:

The rising adoption of Internet of Things (IoT) is facilitating the growth of cloud cameras as they act as IoT devices that can be controlled remotely through the Internet. Most cloud cameras have inbuilt capabilities such as Wi-Fi or Bluetooth that allows a user to connect them to an IoT platform and control them using a smartphone application. They stream live videos and send alerts to the connected smart devices. Growing IoT infrastructure worldwide is augmenting the demand for cloud-connected security cameras.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate in the cloud camera market due to high R&D and capital investment required. However, entry barriers are not extremely high due to availability of substitute products.

Bargaining power of buyers: The bargaining power of buyers is high as the cloud camera market has the presence of several established players offering differentiated products at competitive prices. Buyers can easily compare and switch between various brands.

Bargaining power of suppliers: The bargaining power of suppliers is low as there are numerous component manufacturers for chipsets, sensors, and other electronics. Additionally, suppliers do not have significant impact over pricing in the market.

Threat of new substitutes: The threat of substitutes is moderate as traditional CCTV cameras offer substitutes but are less advanced compared to cloud-based cameras in terms of connectivity and access through mobile apps.

Competitive rivalry: The competitive rivalry is intense among the major players to gain maximum market share through innovation and portfolio expansion.

SWOT Analysis

Strengths: Large customer base, brand recognition, product innovation, wide distribution channels

Weaknesses: High research and development costs, heavy dependence on third party cloud infrastructure providers, data privacy and security concerns

Opportunities: Growth in number of smartphone and internet users, increasing adoption of IoT technologies, integration with other smart home devices

Threats: Strong competition from local and international players, vulnerability to technological changes, stringent regulations regarding data privacy

Key Takeaways

The Global Cloud Camera Market Size is expected to witness high growth, exhibiting CAGR of 14% over the forecast period, due to increasing adoption of IoT technologies across various sectors. By 2030, the market size is projected to reach US$ 50 Bn.

The Asia Pacific region dominates the global cloud camera market and is expected to grow at the fastest rate during the forecast period. Countries such as China, India, and Japan contribute significantly to the growth of the market in the region due to rapid urbanization, increasing disposable incomes, and growing small home businesses.

Key regional markets include North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America holds a substantial share in the global cloud camera market due to high proliferation of advanced smart home infrastructure and presence of major players in the region.

Key players operating in the cloud camera market are Arlo Technologies Inc., Ring (owned by Amazon), Nest (owned by Google, a subsidiary of Alphabet Inc.), Wyze Labs Inc., Logitech International S.A., Blink Home Security (owned by Amazon), D-Link Corporation, TP-Link Technologies Co., Ltd., Ezviz (a subsidiary of Hikvision), Reolink Digital Technology Co., Ltd., Zmodo Technology Corporation, Canary Connect Inc., Netgear Inc., Eufy Security (a division of Anker.

https://www.ukwebwire.com/cloud-camera-market-size-share-growth-outlook-2023/