Smart Camera Market - Forecast(2024 - 2030)

Smart Cameras are the camera devices that are capable to extract application-specific information from the captured images, apart from capturing pictures. These cameras have an inbuilt image sensor along with a standalone vision system and can be integrated with smartphone applications and personal computers. Other technological features of smart cameras include built-in Wi-Fi or LTE connection, high-performance microprocessor, communication interface (Ethernet), and Bluetooth. Moreover, these cameras enable the user to directly share and upload the captured videos and pictures on various online portals and social media networks. Thus, the technological sophistication and its superiority over the traditional cameras are the prominent factors that are creating an unprecedented demand for smart cameras in various applications, especially in security and surveillance applications. Since the recent past years, there is a growing emphasis on safety and security concerns across the world due to the festering figures of crime statistics.

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According to the 2017 crime statistics from the FBI, a burglary offense occurred in every 23 seconds and there were an estimated 1,401,840 burglaries, in the United States. Therefore, there is a hefty demand for security and surveillance systems. Governments around the world increasing their expenditure on security and surveillance equipment. The growing demand for security and surveillance system is eventually increasing the demand for smart cameras as they offer enhanced monitoring and runtime video analysis. Thus, the increasing emphasis on safety and security accompanied by the increasing affinity for smart cameras to curb the crimes is propelling the growth of the global smart camera market.

The global smart camera market size is estimated to be around $7.4 billion in 2018. Furthermore, the demand for the same is poised to grow at a CAGR of 11.9 % during the forecast period 2019-2025.

Advanced Technological Infrastructure in North America Providing Impetus For The Smart Camera Market Growth

North America dominated the global smart camera market with a regional share of 35% in 2018. This is attributed to the increasing adoption of smart cameras by various industries in this region such as aerospace, defense, electronics, and semiconductor . The unprecedented endorsement for smart cameras among the aforementioned industries is due to its wide range of applications such as verification, quality assurance, part sorting, reading codes, detection of intruders, surveillance, traffic monitoring, photo capturing, and video recording. Owing to the presence of most technologically developed countries such as USA, Canada, and Mexico, the industries in this region are growing?continuously?by the adoption of advanced technologies such as automation, IoT, mobility, and networking. The growth of these end-user industries is providing promising prospects for the growth of the smart camera market of this region.

High Emphasis on Security and Surveillance Benefiting the Smart Camera Market

On the basis of application, the smart camera market is segmented into robotics, security and surveillance, traffic surveillance, and industrial machine vision. Among these, the key application segment is found to be security and surveillance. The increasing criminal activities, security breaches, and terrorist attacks is consequently raising the demand for implementation of stringent security and surveillance systems such as smart cameras. Owing to this factor the key application is poised to grow at a CAGR of 9.4% through 2025.

Smart Camera Market Growth Drivers

nbsp;·nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;Adoption by Manufacturing Industrial

The smart camera market is gaining traction due to the increasing adoption of smart cameras by manufacturing industries. The growing demand for smart cameras from the industrial sector is mainly due to the fact that these cameras are used in various manufacturing processes such as machine vision, bar code reading, product inspection, fault detection, parts counting, and surface inspection. Moreover, with the emergence of Industry 4.0 revolution, there is a paradigm shift towards the factory automation that makes use of smart technologies such as smart cameras and thereby fuelling the growth of the market.

Smart Camera Market Trends

nbsp;·nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;Government Initiatives

Owing to the technological features of smart camera, governments across the world are taking initiatives to deploy smart cameras in public spaces such as bus stops, railway stations, and airports. The penetration of smart cameras into public spaces is disrupting the growth of smart camera market.

nbsp;·nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;Applications in Military and Defense

Military and defense areas require advanced cameras with proven features and adaptable technology. Smart cameras are advanced and extremely programmable cameras having high end features such as in-built imaging processing, auto-exposure, auto-Iris control, and auto-gain with precision up to one microsecond. These attributes make smart cameras a great choice for military applications.

Smart Camera Market Key Players Perspective

The prominent players in the smart camera market are Basler, Nikon, Panasonic, FLIR, Raptor Photonics, Canon, Samsung, Sony, Bosch. Olympus, Ata-Vision, Polaroid, and Omron. These companies are adopting strategic business plans such as mergers, acquisitions, partnerships, new product innovations, and collaborations, to strengthen their market share. They keep involving in research and development activities to innovate cost-effective smart cameras.

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