Smart Cameras Market

According to Stratistics MRC, the Global Smart Cameras Market is accounted for $3.54 billion in 2023 and is expected to reach $7.63 billion by 2030 growing at a CAGR of 11.57% during the forecast period. Smart cameras, commonly referred to as intelligent cameras, are image-processing systems used to monitor industrial technology. A standalone vision system and an integrated image sensor make up the two main parts of these cameras. Intelligent cameras may be reconfigured to enhance communication, which is advantageous for image processing systems. It exemplifies the most recent advancements in camera technology, taking a lot of pictures and extracting information particular to each application. Applications for PCs and smartphones can incorporate these clever cameras. Direct sharing of photos and security is possible with smart cameras on a number of social networking sites and photo-sharing websites.

According to the India Brand Equity Foundation (IBEF), the Indian appliance and consumer electronics market was valued at US$ 10.93 billion in 2019 and is expected to reach US$ 21.18 billion by 2025.



Market Dynamics:

Driver:

Raise conscience about security and safety

Smart cameras seek to capture a video image of the area they are watching, despite being in a variety of sizes and picture quality levels. The rising use of technology in both public and private infrastructure has increased the demand for connected safety and solutions. Smart cameras have a number of benefits, including real-time property monitoring, surveillance, a complete view of the user's property, a log of all visitors, evidence against theft, and increased night-time protection. This mostly assists in providing security and safety solutions to consumers and increasing awareness of the issue.

Restraint:

Cost and affordability

The advanced features and technologies incorporated into smart cameras often come at a higher price point compared to traditional cameras. This can limit the adoption of smart cameras, particularly in price-sensitive markets or for budget-constrained consumers. Affordability is crucial for widespread market penetration and customer acceptance. To overcome this threat, market players need to focus on cost optimization, efficient manufacturing processes, and economies of scale. Continued innovation to reduce production costs, partnerships with component suppliers for cost-effective solutions, and competitive pricing strategies are essential.

Opportunity:

New smart city activities

High-quality video surveillance could help in tracking and monitoring human behavior, traffic, and other activities with the use of intelligent security cameras. Behavioral analytics and facial recognition are only two more uses for video analytics. In order to deliver real-time information, monitor traffic, and carry out other tasks, smart city projects require technologically sophisticated security cameras and video surveillance systems. The smart city projects also offer intelligent traffic and disaster warning notifications by giving quick access to crises and suspicious circumstances. The smart city initiatives also include surveillance systems that keep an eye on the roads and public areas, safeguard people, equipment, and property, and aid in criminal investigations.

Threat:

Mobile devices with a better camera

The main factor behind their rising need for smart cameras is the fact that smartphones have developed into essential daily tools. On the basis of its use and the applications it supports, the smart camera is viewed as a hybrid between a smartphone and a digital camera. Smart cameras can collect data from the number of photos taken that is pertinent to an application in addition to taking pictures. Consumers, however, are drawn to current smartphones because they have superior cameras in terms of quality and resolution.

Covid-19 Impact:

The COVID-19 pandemic has increased the demand for smart cameras in surveillance, monitoring, and contactless applications. While supply chain disruptions and budget constraints have presented challenges, the need for enhanced safety measures and remote monitoring solutions has accelerated the adoption of smart cameras. As the world recovers from the pandemic and adjusts to the new normal, the smart camera market is expected to continue growing as organizations prioritize safety, security, and efficiency in various sectors.

The lens segment is expected to be the largest during the forecast period

The lens segment held the largest share in the market owing to the increasing demand. The lens used in smart cameras can vary depending on the application and requirements. Some common types of lenses used in smart cameras include fixed focal length lenses, varifocal lenses, and zoom lenses. These lenses allow the camera to capture images with specific focal lengths or adjust the focal length as needed. Additionally, lenses may have features such as auto-focus or manual focus capabilities, image stabilization, and aperture control to further enhance image quality, which will propel the segment in the market.

The stand-alone smart camera segment is expected to have the highest CAGR during the forecast period

During the projection period, the stand-alone smart camera segment is expected to have the greatest CAGR. Methods based on computer vision are useful for monitoring structural health, identifying damage, and measuring dynamic displacement. These cameras enable the creation of an intelligent or smart image sensor, a single hardware component that combines the image sensor and the vision system. These cameras are used to measure the safety of buildings during earthquakes, and a novel stand-alone smart camera system was created to measure inter-story drifts. The proposed system consists of two accelerometers, each with a microcontroller, a single camera, and a single-board computer.

Region with largest share:

The North America region market is estimated to witness the highest share of the global Smart Cameras market during the forecast period, the wide presence of the semiconductor industry, coupled with booming IoT, and heavy investments being made in the defense sector is expected to drive the North American smart camera market. Moreover, rapid advancements being made in technology coupled with increasing investments in Research and Development are anticipated to further drive the market. This is expected to have a positive influence on smart camera adoption trends.

Region with highest CAGR:

The Asia Pacific region is expected to have the highest growth rate over the forecast period. Smart camera application expansion, rising online high-tech security and swift technological advancements in this field have all had an impact on market demand. In order to meet the region's growing demand, many manufacturing companies, including Micro scan Systems Inc., Sony Corporation, Canon Inc., Nikon Corporation, Panasonic Corporation, Olympus Corporation, Polaroid Corporation, Vision Components GmbH, and XIMEA GmbH, are working arduously to develop novel products that are suitable for a variety of applications.



Key players in the market

Some of the key players in Smart Cameras market include Arlo, Axis Communication AB, Bosch Security Systems, Canon Inc., D-Link Corporation, FLIR Systems, Honeywell International Inc, Intellivision, Nikon Corporation, Olympus Corporation, OM Digital, Panasonic Corporation, Polaroid Corporation, Raptor Photonics Ltd., Samsung Electronics Co Ltd, Sony Corporation, Vivotek Inc and Watec Co. Ltd.

Key Developments:

In July 2022, Nikon released the LuFact ultra-compact machine vision camera to accelerate digital transformation at manufacturing sites. The product name is derived from the phrase Luminous Factory Camera and refers to a camera that dramatically improves manufacturing capabilities by illuminating previously unseen objects

In April 2022, Canon released its first intelligent camera, the Canon PowerShot Pick, a smart photography companion. It automatically captures priceless moments, allowing us to focus on experiencing them rather than attempting to capture them manually

In March 2022, Olympus introduced the 72DL PLUSTM ultrasonic thickness gauge, which offers high-speed, precise thickness readings in a portable package. In the most difficult applications, we can confidently estimate the thickness of very thin layers thanks to quick scanning, sophisticated algorithms, and lowest-ever minimum thickness capability

Types Covered:
• Chip-Smart Camera
• Standalone Smart Camera
• PC and Network-Based Smart Camera
• Embedded System Smart Camera

Components Covered:
• Image Sensor
• Memory
• Processor
• Communication Interface
• Lens
• Display
• Other Components

Connectivities Covered:
• Bluetooth
• Wi-Fi
• Other Connectivities

Technologies Covered:
• Sensor Technology
• Scanning Technology

Applications Covered:
• Consumer Electronics
• Security and Surveillance
• Military and Defense
• Industrial
• Medical Sector
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

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o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances