Smart Cameras Market is Expected to Grow with a Remarkable CAGR of 10.4% during 2018 to 2023
The global smart cameras market was valued at US$ XX Mn in 2018 and is expected to reach US$ XX Mn by the end of the forecast period, growing at a CAGR of 10.4% during the period from 2018 to 2023.
Dublin, United States – March 15, 2019 /MarketersMedia/ —
A smart camera is a machine vision system that is capable of obtaining application-specific information from captured images in addition to the image capturing capabilities. Apart from this, the camera is also capable of giving event descriptions and making decisions that can be used in an automated and intelligent system.
Rapid advancements in the smart camera technology such as 3D vision and the rising semiconductor and electronics industries are expected to drive the growth of the smart cameras market. The growing adoption of smart cameras in smart homes and also in industries is expected to further drive the smart cameras market. The rising concern regarding security and surveillance in various countries is expected to drive the smart cameras market. However, the lack of technical experts and the high cost of smart cameras are the major factors impeding the growth of this market.
Based on application, Industrial Machine vision is expected to hold the largest share of the smart cameras market. Cameras used for industrial applications perform functions such as bar code recognition, surface inspection, fault detection, number plate recognition, etc.
Geographically, the Asia-Pacific region is expected to hold the largest share in the global smart cameras market. The main reason for the dominance of this region is the increasing adoption of smart cameras for video-surveillance, primarily for military and defense purposes.
The major players operating in the smart cameras market are Sony Corporation (Japan), Samsung Electronics (South Korea), Nikon Corporation (Japan), Bosch (Germany), Canon Inc. (Japan), and Xiaomi (China), amongst others.
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Recent Developments in the Market:
WiFi Connectivity: In Jan 2019, Reolink to show-off its 3 new smart cameras at the CES 2019. The three new products being launched include Reolink Keen™ 2 battery-powered outdoor security camera, Reolink Go 4G LTE camera, Reolink Argus® Series. Reolink Go, a 100% wire-free 4G LTE and battery-powered camera will be one of the most futuristic security cameras on the market. Another product, Reolink Keen™ 2, is a wire-free outdoor security camera. The launch of all these products gives a major boost to the use of smart cameras for security purposes.
China: In Sept 2017, China installed 20 million AI-equipped street cameras. The country has installed over 20 million smart cameras for security and surveillance purposes. This is believed to be the world’s most advanced security system. The system is a part of the ‘Sky Net’ operation. The technology will be used to identify people, which can help policeman in identifying criminals and vehicles.
Huawei: In Jan 2019, Huawei launched its smart panoramic camera in China. The new camera, known as HiSilicon 3516E V100 chipset, is priced at RMB 299. It has a built-in rotary motor that enables shooting in different directions. Another interesting feature of the camera is its humanoid detector, with the help of which it identifies an intruder and immediately alerts, thereby reducing the risk of theft. The camera is also capable of shooting in low-light conditions.
Key Questions Answered in the Report:
• What is the market value of the overall market and its segments?
• What are the key segments and sub-segments in the market?
• Which is the largest sub-segment in each segment in the scope of the study?
• What are the key drivers, restraints, opportunities, and challenges in the market and how are they expected to impact the market?
• What are the attractive segments and geographies to invest in?
• What is the market value at the regional and the country level?
• Who are the key market players and their key competitors?
• Who are the key market players at different stages of the value chain?
• What are the strategies for growth adopted by the key players in the market?
• How does a particular company rank against its competitors with respect to revenue, profit comparison, operational efficiency, cost competitiveness, and market capitalization?
• How financially strong are the key players in the market (on the basis of revenue and profit margin, market capitalization, expenditure analysis, investment analysis)?
• What are the recent trends in the market? (M&A, partnerships, new product developments, expansions)
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