The smart camera market is expected to experience significant growth, with a strong CAGR of 26.1% projected during the forecast period. By the year 2033, it is estimated that the market will be valued at an impressive US$ 193,496.8 million. In comparison, the market’s estimated worth in 2023 stands at US$ 18,983.3 million.
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.
Key Takeaways from the Smart Camera Market Report:
- 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.
Recent Developments:
- In March 2022, Olympus launched 72DL PLUSTM ultrasonic thickness gauge, which delivers precision thickness measurements at high speed in a portable, easy-to-use device. With fast scanning, advanced algorithms, and the lowest-ever minimum thickness capability, we can confidently measure the thickness of very thin layers in the most challenging applications.
- In July 2022, Nikon released LuFact ultra-compact machine vision camera to help accelerate digital transformation at manufacturing sites. The product name has evolved from the phrase ‘Luminous Factory Camera’, and describes a camera that dramatically improves manufacturing capabilities by bringing to light things that were not previously visible.
- In July 2022, Canon launched its first-ever smart camera, the Canon PowerShot Pick. An ‘intelligent photography companion’, it automatically captures the treasured moments so that we can focus on experiencing them, rather than trying to capture them ourselves.
Leading Key Companies:
- 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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