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Smart Cameras Market Forecasts to 2027
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As per the analysis by the Market Research Future Reports (MRFR), the global smart cameras market is expected to expand at a CAGR of 8% and value approximately 2 billion by the end of 2023.
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The global market for the smart camera is likely to grow considerably during the forecast period from 2017 to 2023. The robust development in camera technology, increasing adoption of automation systems by industries and homes, expansion of semiconductor and electronics industries have contributed significantly to the expansion of the global market for smart camera 2020. The rising demand for surveillance and security, easy installation process, developed specifications in electronic gadgets are likely to propel the smart camera market at a global level. However, the lack of technical proficiency and the high cost of cameras are the major factors hindering the growth of global 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.
Market Segmentation
The global market for the smart camera 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).
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Regional Segmentation
The geographical analysis of Europe, North America, Asia Pacific, and RoW has been performed. As per the analysis, the APAC is likely to reign the global smart camera by acquiring the maximum market share in the region. The developing countries of APAC, such as Taiwan, China, Japan, and the Republic of Korea, are making a significant contribution to the market. It is accredited to a large number of suppliers of electronics components, manufacturers, and semiconductors are enhancing the market to expand significantly. Europe is likely to have a considerable growth of the smart camera market due to the increasing demand for security and surveillance in public places. The North American region is likely to expand due to the presence of developed nations like Canada and the U.S. It is likely to expand considerably during the review period.
Key Players
The most important players in the market for the smart camera are Sony Corporation (Japan), Samsung Electronics Co. Ltd. (South Korea), Bosch Security Systems, Inc. (Germany), Nikon Corporation (Japan), Canon Inc. (Japan), Flir Systems, Inc. (U.S.), Raptor Photonics Ltd. (U.K.), Panasonic Corporation (Japan), Olympus Corporation (Japan), Watec Cameras Inc. (Japan), and Polaroid Corporation (U.S.).
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