Europe IP Camera Market size crossed USD 2 billion in 2019 and is poised to expand at a CAGR of 15% from 2020 to 2026.
The market demand is due to the rapid adoption of IP cameras in commercial and residential buildings for security applications. Stringent government regulations across Europe to monitor food processing and product manufacturing are bolstering the market growth. Manufacturers in the region are shifting their process control systems from proprietary transmission protocols to internet-based systems (IP) that transmit data across Ethernet infrastructures. IP cameras used in food processing record the effectiveness of container cleaning equipment during each production process.
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The ongoing coronavirus pandemic has a negative impact on the Europe IP camera market landscape. The pandemic has disrupted the industry value chain at the global and local levels. AI-driven video analytics integrated with IP cameras are used during the pandemic and anticipated to be deployed during the post-pandemic world for queue management and body temperature checking in a crowd from a safer distance.
PTZ cameras are widely deployed for monitoring large areas such as malls, farms, and parking lots in Europe. These cameras can be adjusted to pan, tilt, or zoom to monitor larger areas, ensuring enhanced efficiency compared to fixed cameras. Several critical areas are difficult to capture with fixed cameras due to the lack of flexibility in capturing different angles. PTZ cameras can monitor such areas more effectively by focusing on different angles and are designed for both day & night vision.
The Europe decentralized IP camera system segment is anticipated to witness significant growth during the forecast period. The camera system relies on storage devices for media maintenance, free upgrades, and does not require a video management system. The availability of several media storage options such as onboard Secure Digital (SD card) card storage, flash drives, or Network Attached Storage (NAS) is proliferating the decentralized IP camera system market growth.
The Europe IP camera market share from public/government application is estimated to observe lucrative rise through 2026. Government and public buildings are deploying IP cameras to manage the crowd and enhance premise safety from any external threat. BFSI enterprises are using IP cameras to avoid bank robberies and data misuse. The growing trend of smart homes in Europe will propel the market demand for advanced security cameras for improved safety. Smart-home owners can connect their camera systems with a software application on their smartphones, enabling them to remotely control digital locks and other security systems installed in their homes. These cameras have a wide range of applications such as monitoring children, elderly people, or pets at home.
Prominent companies operating in the Europe IP camera market include Honeywell International, Inc., Bosch Security Systems, Hangzhou Hikvision Digital Technology Co., Ltd., GeoVision, Inc., Dahua Technology Co., Ltd., D-Link Corporation, Tyco International Management Company, LLC and Vivotek, Inc.
Market players are focusing on developing video analytics that can be integrated with their wholly owned or partnered company’s AI camera to safely manage the crowd. For instance, in July 2020, VIVOTEK offered a video analytics solution that can be integrated with IP cameras to monitor and count the number of persons in a crowd. This helps commercial buildings such as supermarkets, pharmacies, and restaurants to maintain a specific number of people inside the shopping area. Furthermore, it helps in maintaining social distance and keeping the shopping area safe.