Smart Camera Market to Witness CAGR of 23.3% by 2027

The “Global Smart Camera Market, By Component (Image Sensor, Memory, Processor, Communication Interface, Lenses, Display, Others), By Application (Transportation & Automotive, Healthcare & Pharmaceutical, Food & Beverages, Military & Defense, Commercial Area, Consumer Segment and Others)and by Geography (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Global Forecast to 2027”, is expected to be valued at US$ 43,913.3 million by 2027, witnessing a CAGR of 23.3% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.

Overview

A smart camera is a self-contained vision system with built-in image sensor, which is capable of capturing images, generating event descriptions, extracting application-specific information from the images, and making decisions. It also offers real-time video analysis and is used in advanced monitoring, quality checking, robotic guidance system, and various machine vision applications. Smart cameras include different components including memory, image sensors, communication interface, lenses, processor, display, etc. Smart cameras offer numerous field applications including non-contact measurements, robot guidance, biometric recognition, part sorting and identification, code reading and verification, unattended surveillance, web inspection, detection of position and rotation of parts, etc.

The global Smart Camera market is estimated to account for US$ 8,203.1 Mn in 2019 and is expected to grow at a CAGR of 23.3% % over the forecasted period 2019-27.

Market Driver

Rising expenditure of governments on surveillance and security is expected to drive growth of the global smart camera market during the forecast period

Governments of various countries have started investing significantly in surveillance, in order to enhance the security measures. The governments are focused on increasing their expenditure on security and surveillance equipment. Smart camera offers enhanced monitoring and real-time video analysis, which enhances security. As a result of this, many countries are increasing expenditure on smart cameras for security and surveillance systems. Therefore, growing investment in surveillance and security systems is expected to boost the global smart camera market growth over the forecast period.

Market Opportunity

Rising demand for smart intelligent system in the MEA region can provide major growth opportunities

Smart cameras are being increasingly used in transportation systems since they facilitate better traffic movement and control. Moreover, these cameras help to ensure road safety by monitoring vehicles. For instance, in 2013, Abu- Dhabi government installed smart cameras for facilitating traffic monitoring. Furthermore, in 2014, Dubai Police Force deployed smart or intelligent cameras for monitoring road traffic and crimes. Major market players can focus on these regions by providing novel products and capitalize on untapped potential.

Market Restraint

Low acceptance in emerging economies is expected to restrain growth of the global smart camera market during the forecast period

Some emerging economies continue to lag behind in terms of technology adoption, including smart cameras adoption for various purposes and industries, as compared to developed economies. Moreover, low awareness and technological advancements are other factors hindering growth of the market. However, adoption of smart cameras in emerging economies for surveillance and security applications and in transportation systems as compared to other applications. Therefore, these factors are expected hinder the global smart camera market growth over the forecast period.

Market Trends

North America Trends

Rising demand for a customized experience

Consumers in North America are demanding smart cameras that are equipped with more customized settings and features, despite being a camera model. For instance, in June 2013, Samsung Electronics Co., Ltd. introduced a bunch of interchangeable NX smart lenses along with its NX smart camera that enhances photographic experience. Moreover, smart cameras for consumers are equipped with advanced options that enable users to manage and share images with other devices and networking sites.

Increasing demand for enhanced connectivity

High growth of consumer segment in the North America smart camera market is attributed to rising connecting technologies that allow sharing of images and videos on social networks. Market players are offering smart cameras for consumers with advanced connecting options such as NFC, Bluetooth, and Wi-Fi. Moreover, such features are generally available only with devices such as smartphones and tablets that are generally connected to social media.

Latin America Trends

Large number of distribution channels for smart cameras

Many global market players are establishing their subsidiaries and sales units in Latin America region, in order to expand to their market share and fulfill market demand. These distribution channels provide several aftersales services to the end users, which in turn, is deriving regional market growth. For instance, Nikon Corporation has established its new sales subsidiary at Panama to increase the sales of its imaging products, mainly digital cameras, and to enhance its after-sales services.

High demand for customized digital camera

The demand for custom-made is increasing significantly in Latin America region. This is owing to increasing disposable income and economic development in the region. Furthermore, in the consumer segment, digital and smart cameras are closely linked. According to Coherent Market Insights’ analysis, the per capita income of people in the Latin America is increasing gradually. According to the same source, Latin America smart camera market is expected to expand at a CAGR of 31.7% during the forecast period.

Competitive Section

Key companies operating in the global smart camera market are XIMEA GmbH, Fujifilm Corporation, Samsung Electronics Co., Ltd., Matrox Imaging, Canon Inc., Vision Components GmbH, Nikon Corporation, Microscan Systems, Inc., Sony Corporation, Hero Electronix, Polaroid Corporation, Panasonic Corporation, and Olympus Corporation.

Key Developments

Key players in the market are involved in business expansion, in order to enhance the market presence. For instance, in June 2019, Panasonic Corporation established a new company to operate security systems in Japan and overseas.
Major companies in the market are focused on product launches, in order to expand product portfolio. For instance, in September 2019, Hero Electronix introduced its first AI-enabled smart camera under Quobo Brand.

Segmentation

Market Taxonomy: