New Study On Worldwide Smart Camera Industry Is Anticipated To Reach USD 6.2 Billion By 2024
Global Smart Camera Market by Application (Public Spaces, Military & Defense, Transit Facilities, Commercial Facilities, Enterprise & Government Infrastructure, Residential Infrastructure) by Sensor Type (CMOS Sensor, CCD Sensor) and Region - Global Forecast to 2024
Smart camera is an image processing system. These cameras are flexible, reprogrammable and help in better communication which benefits machine vision system with easier integration of camera into the system. These smart cameras have the capability of interacting with smartphone and PC applications. Smart camera can directly share and upload pictures and videos on various social media platforms and photo-sharing portals.
Smart cameras are basically used for monitoring and surveillance purposes in home, industrial and others. There are various applications of smart cameras in real-world such as for video surveillance and industrial machine vision. The industrial machine vision is probably the most favorable application of smart camera.
Market Size and Forecast
The global smart camera market is expected to expand at a CAGR of 18.2% over the forecast period i.e. 2017-2024. Further, the smart camera market is anticipated to reach USD 6.2 Billion globally by 2024. Rising demand for smart camera in commercial, residential infrastructure, public places, military and others for security and surveillance is projected to foster the growth of smart camera market.
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Geographically, Asia-Pacific region accounted for the highest market share in the revenue of smart camera followed by North America. The Asia-Pacific region is anticipated to grow at a CAGR of 21% over the forecast period. Rapid economic development in India, China and Japan is anticipated to propel the growth of smart camera market over the forecast period. Further, product innovation by manufacturers in China, Korea, and Singapore is fuelling the growth of smart camera in this region. Moreover, Asia-Pacific is witnessing rapid urbanization and modernization of structural developments such as integration of hi-tech security system in new building constructions. This factor is believed to positively impact the growth of smart camera market.
North America region holds the second largest market share in smart camera market across the globe. Further, evolution of user-friendly technologies is anticipated to foster the demand for smart camera in this region. U.S. is anticipated to account for the highest percentage of market share in this region over the forecast period. Apart from this, some of the developing regions such as Latin America are also anticipated to witness a robust growth owing to the adoption of advanced technologies. Furthermore, Latin America is expected to grow at a CAGR of 31% by the end of 2024.
Market Segmentation
Our in-depth analysis segmented the global smart camera market in the following segments:
By Application
Public Spaces
Military & Defense
Transit Facilities
Commercial Facilities
Enterprise & Government Infrastructure
Residential Infrastructure
By Sensor Type
CMOS Sensor
CCD Sensor
By Region
Global smart camera market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, South Korea &Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
Middle East and Africa (GCC, North Africa, South Africa and Rest of Middle East and Africa) Market Size and Y-O-Y Growth Analysis
Growth Drivers and Challenges
Growing concern for security and surveillance in public spaces such as railways stations, public squares and parks is envisioned to bolster the demand for smart camera. Further, global growth of smart camera can be attributed to technological advancements in improved quality imaging. In addition, modernization of complementary metal oxide semiconductors (CMOS) image sensors, smart lenses, embedded system designs and chip manufacturing are also believed to flourish the growth of smart cameras market over the period 2017-2024.
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Moreover, governmental norms for strengthening the surveillance and security of public spaces are fuelling the growth of the global smart camera market. Further, the rising investments in infrastructural facilities would lead to the installation of the smart cameras for monitoring and security in the residential apartments and industries.
However, lack of standardization for the installation of smart cameras is projected to dampen the growth of smart camera market. Further, high cost associated with smart cameras is anticipated to hinder the growth of smart camera market in the near future.
Key players
The major key players for smart camera market are as follows
Canon Inc.
Company Overview
Key Product Offerings
Business Strategy
SWOT Analysis
Financials
Nikon Corp.
Panasonic Corp.
Samsung Group
Sony Corp.
Olympus Corporation
Polaroid Corporation
Ata-Vision
Bosch security system
Basler Vision Technologies
Raptor photonics
Datalogic S.P.A
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
The global smart camera market is segmented as follows:
By Application Market Size & Y-O-Y Growth Analysis
By Sensor Type Market Size & Y-O-Y Growth Analysis
By Region Market Size & Y-O-Y Growth Analysis
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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