As per the analysis by the Market Research Future Reports (MRFR), the global smart cameras market is estimated to register a CAGR of over 9.57% to reach USD 5,926.4 million by the end of 2027.
During the projection period of 2017 to 2023, the global market for smart cameras is expected to rise significantly. The rapid advancement of camera technology, the growing adoption of automation systems by enterprises and households, and the expansion of the semiconductor and electronics sectors have all contributed considerably to the growth of the global market for smart cameras in 2020. The smart camera market is expected to grow at a global level due to increased need for surveillance and security, ease of installation, and developed specs in electronic gadgets. The lack of technical expertise and the expensive cost of cameras, on the other hand, are important roadblocks to the global proliferation of smart cameras. Apart from this, the scarcity of standardization and constant review of regulatory policies of local bodies of various economies on the installation of smart cameras at sensitive locations are assumed to act as an obstacle to the expansion of the smart camera market.
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COVID-19 Impact Analysis
Many countries were under lockdown in April 2020, which led to the shutdown of numerous semiconductor components manufacturing units. Only a few manufacturing units supply semiconductor components to healthcare sectors and other major end segments, which have remained operational during this period to supply essential commodities. China is one of the largest exporters of smart devices such as smartphones, smart cameras, USB flash drives, digital cameras, and media players. The country holds an almost 50% share in the exports of software and hardware devices. Hence, the IT sector is expected to witness severe disruptions in the coming few months due to the spread of COVID-19.
The global Smart Cameras Market can be classified on the basis of end-user, components, application, sensor technology, integration, scanning technology, and region.
On the basis of end-user, the global market for the smart camera can be segmented into Military & Defense, Public Spaces, Transit Facilities, Enterprise & Government Infrastructure, Commercial Facilities, and Residential Infrastructure.
On the basis of components, the global market for the smart camera can be segmented into Communication Technology, Digitization Circuit, Sensors, Lighting Device/LED, and Storage Hardware.
On the basis of application, the global market for the smart camera can be segmented into Fingerprint Readers, Security & Surveillance, Face Recognition, Robotics, Traffic Surveillance, and Industrial Machine Vision.
On the basis of sensor technology, the global market for the smart camera can be segmented into CCD and CMOS.
On the basis of integration, the global market for the smart camera can be segmented into Distributed Smart Cameras, Embedded Smart Cameras, Single-Chip Smart Cameras, and Stand-Alone Smart Cameras.
On the basis of scanning technology, the global market for the smart camera can be segmented into Line Scan, and Area Scan.
On the basis of region, the global market for the smart camera can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
The geographical analysis of the smart camera market is done for North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). Due to higher acceptance of smart cameras by military and defense services, APAC is expected to dominate the smart cameras market during the forecast period owing to being utilized for video surveillance. Moreover, growth in the electronics and semiconductor industries is fuelling the market for smart cameras in countries such as China and Taiwan.
Europe is expected to have substantial growth in the smart camera market owing to surging demand for security and surveillance at public places. The use of ring floodlight cameras for monitoring properties safely from the vicinity of homes can drive the regional market growth. Moreover, the installation of CCTV and internet enabled cameras for capturing real-time data and deterring crime rates.
North America can also be accountable for a major market share owing to construction of smart homes and surge in infrastructural projects. The use of smart camera networks for surveillance of perimeter of gated communities and large industrial complexes can bode well for the market. The use of smart cameras by law enforcement agencies for solving crimes and lowering crime rates will be pivotal in its demand and fare favorably for camera manufacturers.
Raptor Photonics Ltd., Olympus Corporation, Panasonic Corporation, Bosch Security Systems, Inc., Nikon Corporation, Canon Inc., Polaroid Corporation, Sony Corporation, Watec Cameras Inc., Flir Systems, Inc., and Samsung Electronics Co. Ltd. are key players of the global smart camera market.
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