During the forecast period, the sales of smart camera are expected to develop at a robust CAGR of 25.8%. The smart camera market size is expected to be worth US$ 151,187.6 Million by 2032, up from US$ 15,247.6 Million in 2022.
Increased adoption of smart cameras across industries, a greater emphasis on safety and security, and a number of other factors are all expected to improve the sales of smart cameras. The key smart camera market driver includes an increase in criminal activity, which encompasses both intra-regional crime and cross-border terrorism.
The use of smart cameras allows us to keep track of what is going on in the most sensitive areas. This is expected to increase the demand for smart camera. The government and other agencies are spending substantially in smart cameras, as national security comes first when making any public welfare decision.
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Based on market research, it is predicted that the semiconductor sector would expand during the forecast period at a respectable CAGR of about 12%. Small components called semiconductors are placed inside electronic equipment to boost their speed and effectiveness. As a result, the sales of smart cameras are anticipated to grow significantly during the forecast period.
Furthermore, drones are used by military personnel for security purposes. These drones target the necessary object using their smart cameras. Due to a number of advantages the smart cameras offer, namely monitoring and precise targeting, the government and defence authorities are eager to invest more and more in them. Smart camera manufactures make the cameras in a way that allow users to watch videos/images in a variety of ways.
The ability to receive notifications while recording a new clip is predicted to boost smart camera demand. To achieve the greatest outcomes, the smart camera has an incredible ability to collaborate with other components. This means that smart cameras can modify their settings based on lighting devices, colour devices, alerts, and so on. As a result, the smart camera market size is anticipated to witness growth throughout the forecast period.
Key Takeaways from Smart Camera Market
- According to Future Market Insights report, the lenses used in smart cameras will have the greatest market share of 24.5% in 2021. The lens market is expected to develop at a CAGR of 21.6% during 2022-2032.
- Processors follow lenses in terms of market share, accounting for 22.4% in 2021.
- In 2021, the communication interface has a market share of 10.6% and is expected to grow at a CAGR of 17.2% by 2032.
- The consumer category had the biggest market share of 26.3% in 2021, and this segment is predicted to increase at a CAGR of 22.3% throughout 2032.
- The commercial sector had the next biggest market share of 19.3% in 2021, and it is predicted to develop at a CAGR of 25.1% during the forecast period.
- The military and defense sector had 15.8% of the market in 2021 and is predicted to grow at a CAGR of 21.7% during 2022-2032.
- The healthcare and pharmaceutical segment held 11.7% of the market and is expected to grow at a CAGR of 20.6% by 2032.
- The food and beverage business had a 7.4% market share in 2021 and is expected to increase at an 18.7% CAGR throughout 2032.
- In 2021, the United States held an 18.1% share of the North America smart camera market, which is predicted to increase at a CAGR of 20.8% during the forecast period.
- In 2021, the UK held a 9.7% share of the Europe smart camera market, which is predicted to increase at a CAGR of 21.4% during 2022-2032.
- China was the largest smart camera market in Asia Pacific in 2021, with a 12.8% share, and the market is predicted to develop at a CAGR of 24.2% during the forecast period.
- Japan held a 3.5% share of the Asia Pacific smart camera market, which is expected to develop at a CAGR of 22.6% by 2032.
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“Rapid technological improvements, combined with increased R&D spending, are expected to boost the smart camera market. This is predicted to have a favourable impact on the adoption of smart cameras.” – FMI Analyst
Competition Landscape in the Smart Camera Market
With an emphasis on enhancing camera performance, key competitors are primarily working on sensors to increase the overall sensitivity of the device. The sensors are expected to be unveiled after 2024. Currently, the 108 MP and 200 MP sensors are the most widely accessible. In the future, the leading players are likely to focus on creating 576 MP sensors.
Key players in the Smart Camera Market includes Samsung Electronics Co., Ltd., Canon Inc., Nikon Corporation, Sony Corporation, Panasonic Corporation, Olympus Corporation, Polaroid Corporation, Microscan Systems, Inc., Vision Components GmbH, Matrox Imaging, XIMEA GmbH
Recent Developments in the Smart Camera Market:
- Olympus introduced the 72DL PLUSTM ultrasonic thickness gauge in March 2022, which enables accuracy thickness measurements at high speed in a portable, user-friendly device.
- Nikon delivered the LuFact ultra-compact machine vision camera in July 2022 to help expedite digital transformation at manufacturing plants.
Smart Camera Market Segmentation
By Components:
- Image Sensor
- Memory
- Processor
- Communication Interface
- Lens
- Display
- Others
By Applications:
- Transportation and Automotive System
- Healthcare & Pharmaceutical
- Food & Beverages
- Military & Defence
- Commercial Area
- Consumer Segment
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
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