New Delhi, Aug 7 : India’s smart home security camera market has grown 116 % (year-on-year) because people are becoming more concerned about the safety of their home, a recent report has found.The security of your home with a smart camera’s market share grew 7 percent (on-quarter) in Q2 2022 (April-June period) According to the most recent research by Counterpoint Research.
The growth was fueled by a growing interest from consumers more concerned about security, a shift away from the traditional security cameras and the marketing push of brands with promotions and discounts.
“The increasing interest of consumers in smart security cameras for homes is the result of many factors like the ease of use, the availability of intelligent features and affordable prices” claimed research analyst Varun Gupta.
The cost of these gadgets has been an important factor for the growth of the market for smart cameras as the majority of brands are offering devices priced below Rs 2,500, which is lower than traditional camera system, he added.
Three of the top three brands took 74% of the market in the second quarter of the year.
There was a move to offline retail channels by major brands like Xiaomi, EZVIZ, Imou, Qubo and CpPlus.
Xiaomi’s sales increased by a third in Q2 as a result of an increase in the demand for home security cameras, as well as increased brand exposure through events for promotion.
realme has registered a 74 per percentage increase due to the excellent performance of the Home Cam 360o.The brand has expanded its presence offline and will revamp its product line soon due to the high demand.
The market for smart home security cameras is predicted to grow by more than 50% this year, thanks to the ongoing efforts of manufacturers to make these devices accessible offline, as well as special discount programs and the introduction of cost-effective devices.
“In addition we are also expecting the arrival of brand new ones to establish their presence in this market that is not yet tapped,” said senior research Analyst Anshika Jain.
As a matter of applications in terms of applications, the indoor security camera market will see a surge because of the demand generated by professionals who return to their workplaces after their work-from-home lifestyle in the aftermath of the pandemic she added.
The biggest obstacle to widespread use of these cameras is absence of the consumer’s awareness.
“Brands must concentrate on establishing experiences zones and offering some kind of bundle deals with other smart home devices to promote these products in an effective method,” Jain noted.
na/
