Berg Insight, the leading IoT market research provider, today released a new market report covering the connected video camera market.
The report focuses on the following five application areas: city surveillance; commercial buildings and industrial site surveillance; smart home security cameras; body-worn cameras; and video telematics for commercial vehicles.
The installed base of video cameras in Europe and North America will grow at a compound annual growth rate (CAGR) of 18.1 percent from 183.0 million units in 2019 to 420.3 million units in 2024. North America is the most successful region of the two and accounted for close to 70 percent of the total installed base in 2019. Today, city, commercial building and industrial site surveillance is the largest segment accounting for 60.1 percent of the installed base. Smart home security cameras is the second largest segment, accounting for 38.4 percent of the installed base. Video telematics for commercial vehicles and body-worn cameras are smaller segments, representing around 1.1 percent and 0.4 percent of the installed base respectively.
Video cameras connected via cellular networks have traditionally been rather uncommon mainly due to requirements on bandwidth and reliability. Berg Insight estimates that only about 2 percent of the installed base of connected video cameras today use cellular technology. With the introduction of 5G networks, which is currently being rolled out across Europe and North America, the number of video cameras featuring cellular connectivity is anticipated to grow fast. Berg Insight forecasts that the installed base of video cameras featuring cellular connectivity will grow at a CAGR of 40.7 percent from 3.7 million units 2019 to 20.4 million units in 2024.
5G communications technology will have a major impact on all the video camera segments covered in this study and will result in a range of new use cases as well. Video surveillance systems will now be possible to install at remote or difficult locations. Body-worn cameras can provide police officers and other workers in the field with real-time data that are crucial for operations.
“Video is anticipated to become one of the early volume 5G IoT connectivity use cases”, says Martin Backman, IoT Analyst at Berg Insight. He adds that video camera vendors are now ramping up their efforts to offer a range of 5G video cameras in the near future.
Mr. Backman concludes:
“The market potential for all connected video camera segments is huge as new breakthrough technologies such as artificial intelligence and facial recognition are adopted on a wider scale.”