Market Overview
The Global Smart Camera Market is determined to grow in a significant manner during the calculated period. It is estimated that the target market is to grow and get valued around USD 9.17 Billion by 2026 from USD 5.58 Billion in 2021, garnering a CAGR of 9.17% during the period of 2021 to 2026. The smart cameras, also known as intelligent cameras, are the machine vision systems that are able to extract the application-specific information from a captured image and generate an event description or make a decision that is employed in the intelligent & automated systems.
Smart cameras are trending nowadays because of the built-in functionalities that they offer to the user like LTE, accessibility with an open-source Android operating system for users, professional properties with interchangeable lenses, and various network services that can be distinct from telecommunication providers.
Recent Developments
Drivers and Restraints of Smart Camera Market
The major drivers for the growth of the Global Smart Cameras are having a wide-range of applications of these cameras for security & surveillance and growing technological developments in the quality imaging and getting improved. Also, demands for digital cameras with extra features, from consumers, which can resemble the smartphones are the other major factors that are fuelling the growth of the Smart Cameras Market over the outlook period.
Furthermore, intensifying norms by various governments around the world, for setting up security & surveillance systems in public places are boosting the adoption of these smart cameras.
However, factors such as growing adoption of smartphones that are with better camera quality, absence of the standardization for the installation of these smart cameras, and the high cost that are involved in the business of these smart cameras are hampering the adoption of these smart cameras, and turning into challenges of the target market globally.
Nonetheless, developments and transformation of embedded system designs, smart lenses, & image sensors are creating lucrative growth opportunities for the expansion of the Global Smart Camera Market among key players.
Market Segmentation of Smart Camera Market
Based on the type of product, the global Smart Camera market is segmented into Standalone, Single-chip, and Embedded.
And based on the type of connectivity, the global Smart Camera market is segmented into Wi-Fi, Bluetooth, Wireless HART, and Others.
On the end-use vertical outlook, the global Smart Camera market is segmented into Public Spaces, Military & Defense, Transit Facilities, Commercial Facilities, Enterprise & Government Infrastructure, and Residential Infrastructure.
In the sensor's technological outlook, the global Smart Camera market is segmented as CMOS and CCD.
And on the technology outlook of scanning, the global Smart Camera market is segmented into Area Scan and Line Scan.
On the application segmentation, the global Smart Camera market is segmented as Robotics, Automobile, Security, Medical, Consumer Electronics, industrial, and others.
Smart Camera Market Region wise analysis
In the regional analysis of the Global Smart Camera Market, Asia-Pacific held the major share of in terms of the revenue aspect, with around 32.7%. The technological advancements in these smart cameras majorly for the security & surveillance in the Asia-Pacific region is the significant driver for the growth of the target market in this locale. In addition, the Asia-Pacific region is emerging as a manufacturing hub of these smart cameras, which is fuelling the revenue of the Smart Camera Market, in this locale. The key application verticals of these smart cameras of Asia-Pacific are the public spaces, military & defense, and transit facilities, which are also estimated to register rapid development over the prediction period. And the major contributors of the Asia-Pacific regional smart camera market are the regional markets in China, Japan, and South Korea. It is also expected that this regional market in the Asia-Pacific region is going to continue its dominance over the projection period too, when compared to other regional markets, around the world.
And the Latin America regional smart camera market is anticipated to witness the highest growth during the evaluated period. It is the second-largest regional market, worldwide, with a share of around 31.7%. The major driving factors for the growth of the target market in this area are the growing concern regarding the safety & security and the rapid growth of bio-metric market in Latin America.
Key Players of Smart Camera Market
The key players of the Global Smart Camera Market include Samsung Electronics Co. Ltd. (South Korea), Sony Corporation (Japan), Bosch Security Systems, Inc. (Germany), Canon Inc. (Japan), Nikon Corporation (Japan), Flir Systems, Inc. (U.S.), Panasonic Corporation (Japan), Raptor Photonics Ltd. (U.K.), Olympus Corporation (Japan), Polaroid Corporation (U.S.), Watec Cameras Inc. (Japan), IntelliVision (U.S.), VIVOTEK Inc. (Taiwan), VMukti Solutions Pvt. Ltd. (India), Axis Communications AB (Sweden), Zmodo (U.S.), and Vivint, Inc. (U.S.).
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