The embedded smart cameras market value is set to reach US$ 6,566.6 million in 2023. Over the forecast period 2023 to 2033, embedded smart cameras market sales are expected to soar at a CAGR of 34.2%. The market size at the end of 2033 is forecast to reach US$ 1,24,725.1 million. Significant developments in camera technology, as well as increased usage of automation systems by households and businesses, are key factors that are boosting global growth.
Embedded smart cameras are compact gadgets that incorporate image processing, artificial intelligence (AI), and other sophisticated functions directly into the camera, eliminating the need for separate processing units. These cameras are designed to collect and evaluate data in real time, allowing for a wide range of applications in a variety of industries.
Smart cameras can be reconfigured to aid in the enhancement of transmission, which aids image processing systems. It incorporates the most recent camera advancements in technology, recording vast quantities of photos while also retrieving application-specific data. These smart cameras are accessible with Computer and smartphone applications. Smart cameras can securely and directly share photographs on numerous photo-sharing portals and social networking platforms.
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On the technological front, speedy and numerous developments in chip production and hardware for them, as well as component designs such as image sensors, have fueled the expansion of the embedded smart camera market.
Opportunities for key players:
- Surging Artificial Intelligence Deployment for Object Recognition, Quality Control, Barcode Inspection, and Process Monitoring
- Expanding Enterprise Interest in Embedded Smart Cameras
Challenges posed to key players:
- Constraints caused by combining all of a Machine Vision System’s abilities
- Image Sensor, Camera Speed, and Processing Power Options are confined
The hardware cost, which was once a constraint, is fast decreasing, so ensuring the accessibility and cost-effectiveness of hardware for both consumers and R&D operations. On the contrary, the high price of smart cameras, as well as a lack of technical expertise on how to use them, are projected to be the most common factors impeding the growth of the embedded smart camera market.
Key Takeaways
- The Asia Pacific region is likely to grow significantly in the forecast period. The India and China markets for embedded smart cameras are estimated to grow at a CAGR of 36.4% and 38.7% in the forecast period.
- Japan held a global market value of 5.2% in 2022 in the embedded smart cameras market.
- Germany accounted for 8.6% of market share in the global embedded smart cameras market in 2022.
- North America dominates the global embedded smart cameras market with a share of 25.4%.
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Market Competition
Companies make significant investments in developing new products and technologies that improve efficiency, are kinder to the environment, and reduce manufacturing expenses. To broaden their reach, leading corporations and manufacturers are focusing on product development and launch.
Recent Developments
- 2022- Celebrating its 35 years in business, Stemmer Imaging Ltd. has revisited its top-selling imaging vision components. The component is expected to be geared with new integrated smart technologies and an option for custom operating settings.
2022- Matrix Vision GmbH has introduced its new 3D industrial camera for object detection and handling. The camera includes a 12 mPixel global shutter CMOS sensors along with an integrated pattern projector.
Key Segments of Embedded Smart Cameras Industry Survey
By Component:
- Hardware
- Software
- Services
By Application:
- Human & Animal Detection
- Surveillance
- Facial Detection
- Motion Analysis
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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