Smart Camera 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 product quality and improving productivity. The establishment of smart homes for providing convenience to homeowners 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. The 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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Smart Camera Market 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 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 the construction of smart homes and surge in infrastructural projects. The use of smart camera networks for surveillance of the 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.
Smart Camera Market Synopsis
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.
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Smart Camera Market 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.
Smart Camera Market 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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The report "Smart Camera Market for Security & Surveillance by Application (Public Spaces, Commercial Facilities, Residential Infrastructure), Sensor Technology, Scanning Technology, and Region (Americas, Europe, APAC) - Global Forecast to 2020", The global smart camera for security & surveillance market is expected to grow from USD 1.93 Billion in 2015 to USD 3.06 Billion by 2020, at a CAGR of 9.7% from 2015 to 2020.The major driver for the global smart camera for security & surveillance market is the increasing usage of smart cameras for security & surveillance applications.
Easy installation and advanced monitoring features offered by smart cameras are the factors leading to the growth of this market.
On the basis of application, the global smart camera for security & surveillance market has been segmented into public spaces, military & defense, transit facilities, commercial facilities, enterprise & government infrastructure, and residential infrastructure.Download PDF Brochure:https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=195041607The public spaces application segment of the global smart camera for security & surveillance market is projected to grow at the highest CAGR from 2015 to 2020:Smart cameras used for security & surveillance applications are continuously undergoing technical advancements to obtain better quality imaging.
Growing concern for security & surveillance in public spaces, such as railway station, public squares, and parks is one of the factors driving the demand for smart cameras, globally.
Moreover, there has been an increase in terrorist activities worldwide, with innocent civilians being majorly targeted.
Acknowledging this fact, various countries across the globe are modernizing their conventional anti-terror equipment and adopting latest technologies to mitigate security lapses.
Technological progressions in camera and machine sector have directed towards evolution in the smart camera technology.
On account of features, for instance, getting a constant view, sharing and removing pictures, smart camera market offers distinctive customer and present-day applications, which boosts demand for smart camera market.
Utilization of smart cameras in bar code reading is extensive and offers prospects for market growth.
Progressions in the smart camera technology, for example, 3D vision are probably going to support the market.Furthermore, use of smart cameras for automated system controls in different sector verticals, for example, chemical, automotive, food & beverage, and pharmaceuticals additionally push the market development.
High cost owing to product premiumization is probably going to limit the acceptance of smart cameras.
Smart cameras are less adaptable contrasted with traditional cameras and offer restricted UI.This market is still considered as niche inferable from less number of players active in the worldwide smart camera market.
Technological advancements in machine and camera industry has led to evolution in smart camera technology. Attributed to features such as getting real time view, extracting and sharing images, smart camera market offer various consumer and industrial applications, which fuels demand for smart camera market. The global smart camera market is expected to grow at 23.84% CAGR over the forecast period, 2020.
Market Dynamics: Smart cameras are used for a host of applications, depending upon specific industry in industrial automation, and monitoring and surveillance purposes in home automation. It is expected that surge in demand from these sectors will fuel smart camera market in the span of next five years.
In addition, with technological advancements such as innovative CMOS image sensors, chip manufacturing, embedded system designs, chip manufacturing and smart lenses has further expanded the scope of smart camera in terms of applications.
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Global Smart Camera Market to Grow at a Stellar CAGR of 23.84%
Moreover, growth in semiconductor and electronics industry will create new opportunities for the global smart camera market in the coming years. Additionally, reduction in prices of PC-based smart camera and focus of government to strengthen security and surveillance system will further drive growth of the global smart camera market in the coming years.
However, imposition on government regulations regarding limited application of smart cameras for surveillance at public place is a significant factor that will inhibit growth of the market. In addition, use of smart cameras in developing countries is limited to transportation, security and surveillance sectors, which can create challenges for market expansion in the span of next five years.
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Segmentation Analysis
In 2014, lens and processors accounted for 48% of the market share in the global smart camera market among various components. Moreover, this will amplify to 50% in the span of five years. Collectively, these two segments will grow at a CAGR of 20% in the coming years.
Among various customers, evolution of user-friendly technologies will fuel demand for the smart cameras. The consumer segment will grow at a CAGR of over 18% in the span of next five years. Surging demand for smart cameras from automotive and transportation industry will provide growth opportunities, growing at CAGR of 24.5% by the end of 2020.
Regional Analysis
Among various regions, Asia Pacific is the most lucrative market for smart camera market globally. In addition, product innovation by various manufacturers in India, China, Taiwan, Singapore and Korea, which is further fuelling growth of the market in the span of next five years. Moreover, the Asia Pacific market will grow at a CAGR of 21.7% in the coming years. Smart camera market in Latin America is at its initial stage, however it will grow at a relatively fast CAGR of 31.7%.
Vendor Insights
Brand reinforcement, innovation and mergers & acquisition remain the key trends for leading players in the smart camera market. Canon Inc., Samsung Electronics Co., Ltd., Sony Corporation and Panasonic Corporation, Nikon Corporation, Microscan System, Inc., Polaroid Corporation, XIMEA GmbH, Matrox Imaging and Vision Components GmbH are mainly focussing on offering innovative products in order to maintain the market position.
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