Smart Camera Market May See Big Move :Major Giants Sony, Samsung Electronics, Canon
Published Via 11Press : According to HTF MI, “Global Smart Camera Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2029″. The Global Smart Camera Market is anticipated to grow at a compound annual growth rate (CAGR) of 12.1% from 2023 to 2028, reaching USD 4.75 Billion in 2023 and USD 9.41 Billion by 2028.
A smart camera is a type of digital camera with advanced features like facial recognition, object tracking, and motion detection. These features allow the cameras to capture and analyze images and videos in real time and can be used for a variety of purposes, including security surveillance, traffic monitoring, and industrial automation.
In addition, the market for smart cameras is being driven by the growing use of artificial intelligence (AI) and machine learning (ML).
The primary factors driving the growth of the smart camera market are the rising demand for video surveillance, the expanding acceptance of IoT, and the rising demand for smart homes. The need for video surveillance solutions is expanding quickly due to increased security concerns.
Real-time analysis and alerts, which are crucial for the camera’s use in surveillance and security, are just one of the advantages smart cameras have over traditional cameras. Additionally, the market has been expanding as a result of technological advancements like machine learning and artificial intelligence as well as the growing uptake of the internet of things.
These factors have been the main factors for the growth of the smart camera market because, in particular, its devices and sensors offer a much more comprehensive view of the situation. Furthermore, smart cameras can be used for predictive maintenance to increase operational efficiency in industrial and manufacturing applications.
There is a clear market trend at the global level. The important trends driving the growth of the smart camera market are the rising usage of artificial intelligence and cloud-based cameras, as well as the rising demand for high definition and 4K video quality.
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Key and developing players who have been highlighted as part of the coverage
- Sony Corporation – Japan,
- Samsung Electronics Co., Ltd. – South Korea,
- Canon Inc. – Japan,
- Panasonic Corporation – Japan,
- FLIR Systems, Inc. – United States,
- Basler AG – Germany,
- Teledyne Technologies Incorporated – United States,
- Allied Vision Technologies GmbH – Germany,
- Hikvision Digital Technology Co., Ltd. – China,
- Dahua Technology Co., Ltd. – China,
- Bosch Security Systems, Inc. – Germany,
- Arecont Vision Costar – United States,
- Hanwha Techwin Co., Ltd. – South Korea.
Market Drivers
- The primary factors driving the growth of the smart camera market include increased demand for video surveillance, growing IoT usage, and rising demand for smart homes.
- The need for video surveillance solutions is expanding quickly due to increased security concerns. Real-time analysis and warnings are just one of the benefits smart cameras have over regular cameras.
- This feature is crucial for the use of the camera in surveillance and security, and the market has been expanding as a result of technological improvements.
- Smart cameras can also be used for predictive maintenance to increase operational efficiency in industrial and manufacturing applications. As a result, these factors have been the main drivers for the growth of the smart camera market.
- Other factors that have contributed to this growth include machine learning and artificial intelligence, as well as the increased adoption of the Internet of things, especially its devices and sensors.
Market Trend
- The important trends driving the growth of the smart camera market are the rising usage of artificial intelligence and cloud-based cameras, as well as the rising demand for high definition and 4K video quality.
- With the ability to store large amounts of data and allow for remote access and management of the cameras, cloud-based smart cameras are becoming more popular.
- These solutions are essential for companies with multiple locations as they provide greater scalability, accessibility, and control over multiple locations. In addition, the incorporation of AI and Machine learning enables smart cameras to analyze images and videos in real time.
- The demand for smart cameras to be more powerful and capable of high-resolution video is also growing.
- The development of 4K and HD videos allows cameras to capture fine details in order to provide a clear view of the scene, increasing the effectiveness of these cameras for security and surveillance. Consequently, these factors have been the key trends in the growth of smart cameras.
Market Challenges
- The main issues facing the market for smart cameras are cost worries, difficulties integrating them with current systems, and rising cybersecurity dangers.
- Smart camera providers must ensure their products are not vulnerable to attacks like hacking and malware. Additionally, smart cameras are more expensive than traditional cameras, which can be a constraint for many.
- With the increased adoption of cloud-based cameras and increased connectivity, there are increased concerns regarding potential cyberattacks. Smart cameras can capture and transmit sensitive information, such as images of people and personal data.
- Additionally, there are issues with compatibility with outdated legacy systems, which raises the risk of businesses having to upgrade their entire camera ecosystem.
- As a result, these issues are the main obstacles to the expansion of the smart camera market.
Major Developments Activities in the Market:
A deal to buy Compressor Controls Corporation from INDICOR, LLC, a company owned by funds connected to a private equity group, was announced by Honeywell in April 2023. CCC is a top supplier of hardware, software, and services for controlling and optimizing turbomachinery. Protec Fire and Security Group, a top system integrator for security and fire detection technologies with a cutting-edge product line, was purchased by Bosch Building Technologies in October 2021.
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Market Breakdown by Applications:
- Analog Video Surveillance System,
- IP Video Surveillance System
Market Breakdown by Types:
- Public Spaces,
- Military & Defense,
- Transit Facilities,
- Commercial Facilities,
- Enterprise & Government Infrastructure,
- Residential Infrastructure
Report Scope
| The Market size value in 2023 | USD 4.75 Billion |
| Revenue Forecast by 2033 | USD 9.41 Billion |
| Growth Rate | CAGR Of 12.1% |
| Regions Covered | North America, Europe, the Middle East and Africa, Latin America, and the rest of the world |
| Historical Years | 2018-2022 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Short-Term Projection Year | 2028 |
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