Strategy Analytics’ latest research report “Smart Home Surveillance Camera Market Forecast and Analysis 2019” states that global consumers will spend nearly $8 billion on smart home cameras (including video doorbells) in 2019, with a compound rate of 14% Annual growth increases to nearly $13 billion in 2023. The growing popularity of video doorbells will drive total smart home camera sales to exceed 56 million in 2019. The report predicts that by 2023, global consumer camera sales will surge to more than 111 million units, a compound annual growth rate of 19.8%, which is nearly three times the total in 2019.
The Strategy Analytics Smart Home Strategies (SHS) research service report analyzes how the growth rate of camera sales and consumer spending will accelerate through 2023 amid falling purchase prices and increased demand for video doorbells. Additionally, entry-level and mid-range cameras from Wyze, Xiaomi, Kasa Smart, Ring, EZVIZ, Zmodo, and dozens of Chinese brands will drive sales. U.S. interactive security companies such as Alarm.com, ADT and Vivint, as well as high-end cameras priced above $100 from consumer tech vendors Ring, Nest and Arlo, will drive consumer spending on indoor and outdoor cameras.
Strategy Analytics predicts that from 2019 to 2023, consumer spending on video doorbells will grow by the largest of any camera category. The list of video doorbell manufacturers has grown significantly over the past two years, with EZVIZ, Zmodo, Eufy, Remo+ and SimpliSafe entering the market, competing with Ring, Skybell, Nest and Vivint.
Jack Narcotta, Senior Industry Analyst, Strategy Analytics’ Smart Home Strategies research service, said, “Video doorbells are the superstars of the smart home camera market. Video doorbells themselves will be an important segment. In addition, smart home device companies will realize that visual Doorbells are a key element in helping consumers bring them into their respective smart home ecosystems and incentivizing more camera purchases.”
Bill Ablondi, Director of Strategy Analytics’ Smart Home Strategies research service, said, “Smart home cameras are undoubtedly a central pillar for many smart home device companies, and many have taken aggressive steps to prepare their product portfolios to adapt to changing market dynamics and customer dynamics. This will help accelerate adoption, increase demand, and improve companies’ chances of long-term success in the smart home market.”