Smart cameras are devices equipped with advanced features for uploading and sharing photos on social media sites. Advances in machine learning and AI are expected to increase the end result of photos used by these devices. The global smart camera market report by Market Research Future (MRFR) provided an analysis of the various trends and opportunities for the period of 2017 to 2023 (forecast period) and covers the effects of the COVID-19 pandemic on the industry.
Market Scope
The global smart camera market is expected to grow at a CAGR of 8% to reach USD 2 billion by the end of 2023. The integration of these devices in tablets, PCs, smartphones, and other consumer electronic devices is likely to drive market demand. Its use across industries can catapult its demand in the coming years. For instance, the manufacturing sector employs smart cameras for inspecting the product quality and improving productivity. Establishment of smart homes for providing convenience to home owners through various gadgets and devices can bode well for the market. The use of smart cameras for increasing the security of homes as well as being used for screening strangers can propel the market demand throughout the forecast period. Adoption of automation systems, growth in semiconductor and electronics industries, and strides in camera technology can drive the market as well.
But high costs of cameras and lack of technical skill can impede market growth.
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Segmentation
By type, the market is segmented into single-chip smart cameras, embedded systems smart cameras, stand-alone smart cameras, and PC & network-based smart cameras.
By component, the market is segmented into display, lens, image sensors, processors, and others.
By technology, the market is segmented into sensors (CMOS and CCD) and scanning (area scan and line scan).
By application, the market is segmented into medical, video surveillance, consumer electronics, transportation, automobile, industrial, and others.
By connectivity, the market is segmented into wireless HART, Wi-Fi, Bluetooth, and others.
Regional Analysis
The geographical analysis of the smart camera market is done for North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). Due to higher acceptance of smart cameras by military and defense services, APAC is expected to dominate the smart cameras market during the forecast period owing to being utilized for video surveillance. Moreover, growth in the electronics and semiconductor industries is fuelling the market for smart cameras in countries such as China and Taiwan.
Europe is expected to have substantial growth in the smart camera market owing to surging demand for security and surveillance at public places. The use of ring floodlight cameras for monitoring properties safely from the vicinity of homes can drive the regional market growth. Moreover, the installation of CCTV and internet enabled cameras for capturing real-time data and deterring crime rates.
North America can also be accountable for a major market share owing to construction of smart homes and surge in infrastructural projects. The use of smart camera networks for surveillance of perimeter of gated communities and large industrial complexes can bode well for the market. The use of smart cameras by law enforcement agencies for solving crimes and lowering crime rates will be pivotal in its demand and fare favorably for camera manufacturers.
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Competitive Outlook
Raptor Photonics Ltd., Olympus Corporation, Panasonic Corporation, Bosch Security Systems, Inc., Nikon Corporation, Canon Inc., Polaroid Corporation, Sony Corporation, Watec Cameras Inc., Flir Systems, Inc., and Samsung Electronics Co. Ltd. are key players of the global smart camera market.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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