Indians more concerned about safety, home security camera market grows 116%text_fields
New Delhi: India's smart home security camera market has grown 116% since last year because consumers are more worried about the safety of their homes.
A report from Counterpoint Research said the smart home security camera grew 7% (on-quarter) in Q2 2022 (April-June period). It cited increasing consumer interest, greater concerns over security, the shift from traditional security cameras, and brands' marketing push through discounts and promotions as factors for drastic growth.
Senior research analyst Anshika Jain told IANS that they are expecting the entry of new brands to build their position in "this untapped market". She added that professionals returning to offices after two years of working from home will also contribute to the jump in demand for indoor security cameras.
Research analyst Varun Gupta said the growing consumer interest in smart home security cameras is a result of various factors, including ease of use, availability of smart features, and affordability. The pricing of cameras is a major factor because most brands are selling them for under Rs 2,500. This is less than traditional camera systems.
According to the report, the top three brands selling security cameras captured 74% share in Q2. Xiaomi's shipments doubled and realme registered a 74% growth. Leading brands such as Xiaomi, EZVIZ, Imou, Qubo, and CpPlus pushed their products via offline retail channels.
Jain thinks the lack of consumer awareness is a reason hindering the market. "Brands need to focus on setting up experience zones and providing some sort of bundled offers with other smart home products to market these products in a better way."