The smart camera market is forecast to experience an explosive growth of 26.1% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 18,983.3 million in 2023 and US$ 1,93,496.8 million by 2033.
Governments across the world are tightening their security measures by heavily investing in surveillance and security equipment. The smart camera offers government authorities advantages like real-time video analysis and elevated monitoring, thereby appreciating the security levels in the respective country. Consequently, an upsurge in investment in security and surveillance systems is anticipated to propel market growth.
Smart cameras can further be seen increasingly adopted in transportation systems to better maneuver and control traffic movement. In addition to this, cameras facilitate road safety by regulating vehicles. In the historical period, within the Middle East region, instances of smart camera installation have been high, which has helped lower road traffic and crimes. Top players in the market can consider these regions to market their novel products and capitalize on their untouched potential.
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Some underdeveloped countries are quite behind concerning technology adoption, such as smart cameras for different purposes and in diverse industries. On top of this, low levels of awareness and technical upgradation are some other factors that might strangle the sales chart of smart cameras.
Region-wise, North America is anticipated to lead the market with high demand observed for smart cameras outfitted with advanced settings and features. Presently, cameras allow advanced options like assisting a user to manage and share images with other networking sites and devices. The growing demand for connectivity is another reason fueling the market growth in North America.
Top Highlights from the FMI’s Analysis of the Smart Camera Market:
- The North American smart camera industry is projected to obtain a share of more than 24.3% in the forecast period.
- The Europe smart camera industry is anticipated to acquire a market share of more than 18.7% over the estimated period.
- The United States smart camera industry attained a market share of 19.5% in 2022.
- The German smart camera industry achieved a market share of 10.4% in 2022.
- The Japan smart camera industry bagged a value share of 5.4% in 2022.
- The Australian smart camera industry procured a market share of 2.9% in 2022.
- The India smart camera industry is projected to attain a CAGR of 26.5% over the assessment period.
- The China smart camera industry is estimated to record a CAGR of 23.2% in the forecast period.
- The United Kingdom’s smart camera industry is anticipated to register a CAGR of 21.1% over the upcoming years.
- In 2022, the processor component gained a share of 24.3% in the overall market.
- Based on application, the commercial area is estimated to share more than 18.2% share in the global market.
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Key Developments in the Market
Key rivals in the market are concentrating their efforts on launching new products to widen their product portfolio. Take, for instance, the release of LUMIX S1H by Panasonic Corporation in August 2019. The product is the latest digital single-lens mirrorless camera. The camera is outfitted with a full-range image sensor and video quality of professional level.
In the same year, Hero Electronix launched its first-ever AI-empowered smart camera under Quobo Brand.
Key Players: Smart Camera Market
- 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
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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 & Defense
- Commercial Area
- Consumer Segment
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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