Smart Camera System Market: Introduction
According to a new market report pertaining to the global smart camera system market published by Transparency Market Research the global smart camera system market is projected to reach ~US$ 29.5 Bn by 2027. The smart camera system market is projected to expand at a CAGR of ~15% from 2019 to 2027. Growth of the smart camera system market can be attributed to increasing focus on public safety. Over the forecast period, Asia Pacific is anticipated to grow rapidly in the smart camera system market at a CAGR of 15.9%. In terms of number of units, the market is dominated by North America, followed by Asia Pacific.
Smart Camera System Market: Key Drivers
Huge increase in crimes and illegal activities globally is hampering the overall economic and social infrastructure of different countries. The homicide rate is very high in regions such as Africa and South America, which is resulting in poor social structure of the countries within these regions. According to data published by the United Nations Office on Drugs and Crime, in year 2017, El Salvador (South America) had homicide rate of 61.8%. The homicide rate in South Arica is 35.9%. This has resulted in increasing concerns about public safety & security. The demand for smart camera systems is increasing at an exponential rate with the increased focus by governments on the deployment of smart camera systems specifically for crime surveillance.
Moreover, initiatives by governments to develop smart cities is increasing due to their multiple advantages such as reduced environmental footprint, efficient public utilities, enhanced citizen and government engagement, and traffic management. Smart camera systems have the ability to control and monitor the whole transportation system through which, the system can be managed easily and can reduce accidents. Development of smart cities is driving the demand for smart camera systems, as smart cameras are a crucial component in smart cities with respect to efficient connected transportation systems (rail, subway, and air).
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Smart Camera System Market: Segmentation
The global smart camera system market has been segmented in terms of component, application, industry, and region. Based on component, the smart camera system market has been classified into hardware, software, and services. The hardware segment has been sub-classified into camera and video management system. The camera segment has been sub-categorized into camera box camera, dome camera, and bullet camera). Services has been sub-segmented into professional and managed.
Based on application, the smart camera system market has been categorized into license plate recognition, surveillance, advanced driver assistance system (ADAS), and facial recognition (identity access management). In terms of industry, the market has been segmented into government, transportation, commercial, residential, and smart cities. The government segment has been further sub-segmented into traffic surveillance, and toll road cameras. The transportation segment has been sub-segmented into railway stations, airports, and marine. The commercial segment has been divided into retail, BFSI, education, OEM, and others. Initially, vendors across the ecosystem of smart camera systems were analyzed based on device and technology providers in the market.
Smart Camera System Market: Regional Outlook
In terms of region, the global smart camera system market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to dominate the smart camera system market during the forecast period. Asia Pacific is anticipated to witness growth in the smart camera system market. The smart camera system market in South America, Europe, and Middle East & Africa is also expected to expand rapidly during the forecast period.
The report provides in-depth segment analysis of the global smart camera system market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the smart camera system market.
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Smart Camera System Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global smart camera system market. Key players profiled in the report include Hangzhou Hikvision Digital Technology Co., Ltd., Bosch Security Systems Inc., Axis Communications AB, SimpliSafe, Inc., Samsung Electronics Co., Ltd., Huawei Technologies Co., Ltd., FLIR Systems, Inc., Hangzhou Hikvision Digital Technology Co., Ltd., Zhejiang Dahua Technology Co.,Ltd., Canon Inc., Raptor Photonics Ltd, Vivint, Inc., Sony Corporation, and Watec Co., Ltd.