Market Highlights
As per the analysis by the Market Research Future Reports (MRFR), the global smart cameras market is expected to expand at a CAGR of 8% and value approximately 2 billion by the end of 2023.
The global market for the smart camera is likely to grow considerably during the forecast period from 2017 to 2023. The robust development in camera technology, increasing adoption of automation systems by industries and homes, expansion of semiconductor and electronics industries have contributed significantly to the expansion of the global market for smart camera 2020. The rising demand for surveillance and security, easy installation process, developed specifications in electronic gadgets are likely to propel the smart camera market at a global level. However, the lack of technical proficiency and the high cost of cameras are the major factors hindering the growth of global smart cameras. Apart from this, the scarcity of standardization and constant review of regulatory policies of local bodies of various economies on the installation of smart cameras at sensitive locations are assumed to act as an obstacle to the expansion of the smart camera market.
COVID-19 Impact Analysis
Many countries were under lockdown in April 2020, which led to the shutdown of numerous semiconductor components manufacturing units. Only a few manufacturing units supply semiconductor components to healthcare sectors and other major end segments, which have remained operational during this period to supply essential commodities. China is one of the largest exporters of smart devices such as smartphones, smart cameras, USB flash drives, digital cameras, and media players. The country holds an almost 50% share in the exports of software and hardware devices. Hence, the IT sector is expected to witness severe disruptions in the coming few months due to the spread of COVID-19.
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Segment Analysis
The global Smart Cameras Market has been classified on the basis of type, sensor type, scanning, type connectivity, application, and region.
On the basis of type, the global smart cameras market has been segmented into stand-alone, single-chip, embedded, PC, and network-based. The stand-alone segment accounted for the largest market share in 2020 and is estimated to register a CAGR of 9.51% during the review period. Computer vision-based approaches are very useful in dynamic displacement measurement, damage detection, and structural health monitoring. Single-chip cameras can be used as a simple, cheap solution for colored tasks. They are capable of providing essentially more information with 3 * 8 bits RGB. A large number of color camera versions are available on the market, providing reasonable color quality.
By sensor type, the smart cameras market has been bifurcated into CMOS and CCD. A complementary metal-oxide-semiconductor (CMOS) image sensor has a photodiode and a CMOS transistor switch for each pixel, allowing the pixel signals to be amplified individually. A charge-coupled device (CCD) image sensor has an array of capacitors, each carrying an electric charge corresponding to the light intensity of a pixel.
By scanning type, the smart cameras market has been bifurcated into area scan, line scan. Area scan cameras are based on rectangular sensors. Their pixels are all exposed at the same time and then convert photons into electric signals. Line scan cameras record an endless image one line at a time, at frequencies of ten thousand pictures per second, which are put together by software.
By application, the global smart cameras market is segmented into surveillance security, inspection and quality assurance, automated sorting, transportation logistics, biometrics and access control, and guidance/machine vision. Smart camera surveillance system benefits banking enterprises on a vast scale some of them include proactive security, centralized monitoring and control, and cost-saving on bandwidth and storage. Cameras are widely used in food sorting applications to sort vegetables fruits, dried fruits nuts, cereals, grains, and pulses. Smart camera solutions are used to create facial recognition quickly, people tracking, employee management, and visitor identification applications that estimate emotions, behavior, and anti-spoofing.
Based on connectivity, the global market is segmented into Bluetooth, Wi-Fi, and Wireless HART. Wi-Fi-connected devices provide various benefits for controlling several homes and office security through smartphones. The Bluetooth speaker camera is powered from the mains for 24/7 around-the-clock surveillance. Security camera uses the same level of security as a bulb or a sensor.
Key Findings of the Study:
The global smart cameras market is predicted to reach a valuation of USD 5,926.4 million by 2027,with a CAGR of ~9.57%during the forecast period, 2021 to 2027.
North America accounted for the largest market share in 2020; this can be attributed to the growing technological advancements.
Asia-Pacific is expected to be the second-fastest-growing regional market registering a CAGR of over 10%.
Europe is likely to register significant growth due to government initiatives to deploy smart cameras in public spaces such as railway stations, bus stops, and airports and the increasing applications of smart cameras in the automobile, medical, industrial, transportation, and other end-use industries.
Emerging smart city initiatives present lucrative growth opportunities for the players operating in this market.
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Competitive Outlook
Raptor Photonics Ltd., Olympus Corporation, Panasonic Corporation, Bosch Security Systems, Inc., Nikon Corporation, Canon Inc., Polaroid Corporation, Sony Corporation, Watec Cameras Inc., Flir Systems, Inc., and Samsung Electronics Co. Ltd. are key players of the global smart camera market.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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