The wireless security camera market is worth $1.5 billion in 2017, and the growing market could push the average cost of an installed wireless security device down from $50 to $35 per month, according to data from the company Digi-Key.
While the devices can capture video, they also have the ability to transmit information about where the user is, as well as other details, such as a user’s location and a log of where they are going, Digi, the leading provider of smart home security systems, said in a blog post.
The price of these devices could be significantly cheaper in the future, as consumers become more interested in keeping tabs on their security devices, Digis research analyst Tom Trompeter wrote.
The company has an average annual revenue of $2.5 million and expects it to grow to $3.5-$3.75 million in 2020, according the blog post, based on an estimate based on the company’s annual survey of 2,500 consumers.
Trompeters research suggests the ring door bell camera market could grow to more than $1 billion by 2025, according with $2 billion of revenues by 2023.
While this is more than twice the size of the average U.S. home security system, Trompores research indicates that the market is only worth $400 per month.
In the U.K., the number of security cameras installed in homes jumped 50 percent in the past year, according Digi’s research, while the average price per unit fell 20 percent.
The growing market for these cameras is due in part to the rising popularity of smartphones, which are increasingly being used for home security purposes.
But the rise of these cameras has also pushed up the cost of the devices, Trimpores said.
“The trend of higher-end home security devices increasing in price has been reflected in the increase in the number and prices of devices purchased in 2017,” Tromperis wrote.