Demand and Trends Analysis of Smart Home Security Camera in Korea

Analytical Study of Smart Home Security Camera in Korea for 2024 to 2034

Sales of smart home security camera in Korea are poised to surge at a staggering 17.2% CAGR through 2034. The overall demand for smart home security camera in Korea is set to rise, crossing a valuation of USD 259.7 million in 2024. By 2034, sales projections for smart home security camera in Korea indicate reaching a valuation of USD 1,268.7 million.

Attributes	Details
Industry Size in Korea in 2024	USD 259.7 million
Expected Industry Size of Korea by 2034	USD 1,268.7 million
Forecasted CAGR between 2024 to 2034	17.2%

Key Trends to Bolster Revenues through 2034

• Smart home camera manufacturers in Korea are exploring the implementation of edge computing and on-device processing. The aim is to reduce reliance on external cloud services in the coming years.
• Strategic alliances with prominent voice assistants like Bixby, Alexa, and Google Assistant are being utilized to deliver voice-activated control and access to smart home security camera, thereby increasing consumer convenience and brand competitiveness.
• Korean businesses are developing smart camera with AI algorithms that can track the well-being of individuals, particularly in households with elderly family members. These camera are capable of detecting falls, unusual activity patterns, or symptoms of distress and alerting caretakers or family members.
• The integration of smart home security camera and emergency response systems is becoming more popular. These camera can automatically inform local authorities or private security agencies in the case of a security breach or an emergency scenario, allowing for a speedier response.
• Camera that can recognize certain things, such as a pet, a package delivery, or a car, and initiate associated actions or alarms are in high demand. This function improves the camera's usability and versatility.
• Korean enterprises could experiment with AR integration, enabling users to overlay camera feeds with extra information, such as real-time sign translation or better home navigation.
• Industry participants are taking advantage of Korea's broad rollout of 5G infrastructure to provide real-time high-definition video streaming and lower-latency responses in smart home security camera products.

Key Insights - Highlights on the Emerging Opportunities in the Smart Home Security Camera Industry

• Designing smart camera with environmental sensors that monitor air quality, temperature, and humidity can meet the rising need in Korean households for health and wellness monitoring.
• Development of user-friendly mobile applications that allow consumers to manage and monitor their smart home security camera from their smartphones. Also, integrating extra features such as geofencing and automation for a better user experience.
• Collaboration with local governments and security organizations to incorporate smart camera into community safety initiatives and improve emergency response.
• Promoting energy-efficient camera models and environmentally friendly design elements in accordance with Korea's emphasis on environmental sustainability.
• Providing powerful data privacy and security capabilities to tackle customer concerns and comply with growing privacy legislation.
• Creating sophisticated access control capabilities, such as speech and biometric verification, that go beyond facial recognition to improve the security of residential locations such as residential buildings and gated communities.

Category-wise insights

Rapid Infrastructural Growth Drives Demand for Wired Smart Camera

Leading Connectivity for Smart Home Security Camera in Korea	Wired Smart Camera
Total Value Share (2024)	71.10%

Wired connections are typically considered more secure than wireless connections because they are less susceptible to hacking or signal interference. The perceived security advantage of wired connections can be a key selling feature in an industry where data security and privacy are crucial. Korea is well-known for its sophisticated internet infrastructure, which includes high-speed broadband and ubiquitous fiber optic access.

This deployment of wired smart camera is supported by this robust infrastructure, allowing for high-definition video streaming and continuous surveillance without the risk of signal losses or latency difficulties. The rapid growth of infrastructure is expected to boost demand for connected smart home security camera in the future years.

Physical Stores Thrive in Korea amid Cultural Ties and Consumer Choices

Leading Sales Channel for Smart Home Security Camera in Korea	Physical Stores
Total Value Share (2024)	69.10%

For the younger generation in Korea, the future of brick-and-mortar shops appears secure, at least in the short term. In 2021, more than 65% of Koreans favored offline shopping, citing the ability to personally inspect products, and buying a smart home security camera is no exception. Traditional and independent markets coexist with chain businesses, such as department stores and hypermarkets, in the Korean retail scene.

Physical stores are preferred in Korea due to social and cultural reasons. In addition to the value of human relationships, the tactile sensation of physically examining items is important. Koreans place a high emphasis on in-person conversations with vendors, asking for tailored advice, and developing a relationship of trust. The comfort and familiarity of conventional retail locations, together with a need for instant satisfaction, continue to fuel the appeal of physical stores, even while eCommerce is rising.

Competitive Landscape

The smart home security camera industry in Korea features an evolving competitive landscape with a mix of domestic and foreign competitors striving for a competitive edge. Growing security concerns and the emergence of smart home ecosystems drive healthy industry growth.

Domestic firms like Samsung and LG are fierce competitors, utilizing their established presence and brand image to offer complete security solutions integrated into their larger product ranges. These firms concentrate on developing synergies within their product ecosystems to deliver end-to-end smart home solutions, thereby increasing their competitive position.

International firms, such as Google's Nest and Amazon's Ring, are also making strides in the Korean industry. These firms bring their worldwide expertise and technical advancements to the forefront to seize a portion of the rising demand for smart home security camera. Their focus on cloud-based solutions and AI-powered features has piqued the interest of tech-savvy Korean customers.

Strategies for Key Players to Tap into Potential Growth Opportunities

• Allow users to adjust camera settings, alerts, and features to meet their specific security needs, increasing customer happiness and loyalty.
• Provide data analytics services enabling homeowners to make data-driven decisions regarding their protection and safety, improving the products' value proposition.
• Prioritize sustainability by decreasing manufacturing's environmental imprint and stressing energy-efficient designs, which contribute to both environmental responsibility and cost savings.
• Increase popularity and income streams by expanding the product line to meet varied customer demands, such as interior and outdoor camera, environmental sensors, and elderly care solutions.

Recent Development Observed in Smart Home Security Camera in Korea

• In October 2023, Seoul implemented an intelligent disaster prevention and safety system based on the population density data collected by security camera.
• Amazon just released the Blink Outdoor 4, a brand-new Blink camera, in August 2023. Together with a new design, it also has upgraded hardware that produces better low-light sensitivity, a larger 143-degree field of view, and high-quality photos.
• In June 2023, the award-winning smart home security system manufacturer SimpliSafe launched the Smart Alarm Wireless Indoor Security Camera with 24/7 live guard protection. With the aid of the new Smart Alarm Indoor Camera, the industry's first professional monitoring function could potentially prevent crime in real time by enabling monitoring agents to view and communicate with intruders directly.

Some of the Key Players in Smart Home Security Camera in Korea

• Samsung
• LG Electronics
• Hanwha Techwin
• ADT Caps
• KT Corporation
• SK Telecom
• Cubie
• Goscam
• DLink Korea
• Withus Technology

Scope of the Report

Attribute	Details
Estimated Industry Size in 2024	USD 259.7 million
Projected Industry Size in 2034	USD 1,268.7 million
Anticipated CAGR between 2024 to 2034	17.2% CAGR
Historical Analysis of Demand for Smart Home Security Camera in Korea	2019 to 2023
Demand Forecast for Smart Home Security Camera in Korea	2024 to 2034
Report Coverage	Industry Size, Industry Trends, Analysis of key factors influencing Smart Home Security Camera Adoption in Korea, Insights on Global Players and their Industry Strategy in Korea, Ecosystem Analysis of Local and Regional Korean Manufacturers
Key Cities Analyzed While Studying Opportunities in Smart Home Security Camera in Korea	South Gyeongsang, North Jeolla, South Jeolla, Jeju
Key Companies Profiled	Samsung; LG Electronics; Hanwha Techwin; ADT Caps; KT Corporation; SK Telecom; Cubie; Goscam; DLink Korea; Withus Technology

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033
• 5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Camera Type
  • 5.1. Smart Video Doorbell Camera
  • 5.2. Smart Indoor Camera
  • 5.3. Smart Outdoor Camera
• 6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Connectivity
  • 6.1. Wired Smart Camera
  • 6.2. Wireless Smart Camera
• 7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel
  • 7.1. Ecommerce/Online
  • 7.2. Physical Stores/Offline
• 8. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
  • 8.1. South Gyeongsang
  • 8.2. North Jeolla
  • 8.3. South Jeolla
  • 8.4. Jeju
  • 8.5. Rest of Korea
• 9. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 10. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 11. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 12. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 13. Rest of Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 14. Market Structure Analysis
• 15. Competition Analysis
  • 15.1. Vivint Smart Home Inc.
  • 15.2. ADT LLC
  • 15.3. Simplisafe Inc.
  • 15.4. Brinks Home Security
  • 15.5. Skylinkhome
  • 15.6. Samsung Electronics Co. Ltd.
  • 15.7. Frontpoint Security Solutions LLC
  • 15.8. Arlo Technologies Inc.
  • 15.9. Wyze Labs Inc.
  • 15.10. Blink
  • 15.11. Ring LLC
• 16. Assumptions & Acronyms Used
• 17. Research Methodology