The electronics and semiconductor industries’ rapid expansion drive’s the market’s expansion.
From USD 3.12 billion in 2022 to USD 5.92 billion in 2030, the smart camera market is anticipated to expand at a compound annual growth rate (CAGR) of 9.57%. (2022 – 2030)
Smart Camera Market Insights
In 2021, the smart camera market was estimated to be worth 2.85 billion USD. From USD 3.12 billion in 2022 to USD 5.92 billion in 2030, the smart camera market is anticipated to expand at a compound annual growth rate (CAGR) of 9.57%. (2022 – 2030).
The main factors boosting market growth are the quick development of camera technology and the rising usage of automation systems by homes and businesses.
Due to the ongoing use of automation, networking, mobility, and smart project efforts, the electronics and semiconductor sector is expanding rapidly across the world. The Indian appliance and consumer electronics industry was estimated to be worth $10.93 billion in 2019 and is projected to increase to $16.18 billion by 2025, according to the India Brand Equity Foundation (IBEF). Consequently, the significant expansion of the semiconductor and electronics sector is likely to boost the growth of the market throughout the forecast period.
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Important stakeholders are also taking the required actions to enhance the gadgets’ accuracy and general operation. Although tech behemoths like Amazon, Google, and Apple are at the vanguard, many of these fresh concepts and breakthroughs are discovered in the startup world. For instance, Vivint Smart Home introduced the Vivint Doorbell Camera Pro in March 2020. Its AI-powered doorbell camera actively assists in protecting parcels from porch pirates and other possible hazards by automatically detecting packages. The doorbell camera gives homeowners peace of mind by assisting in the early detection of crimes. As a result, these significant player activities have increased the CAGR of the global smart camera market in recent years.However the quick uptake of IoT in smart homes is also assisting market expansion. To improve the protection of their properties, consumers are switching from conventionally mounted Wi-Fi cameras to the installation of smart home security cameras. These cutting-edge smart home security cameras have a number of advantages that encourage their widespread adoption in local houses. The affordability and accessibility of smart home security cameras are key market drivers.
Smart Camera Market Key Players:
- Polaroid Corporation (Sweden),
- Arlo (Sweden),
- Bosch Security Systems Inc. (Europe),
- Canon Inc. (Asia),
- Flir Systems Inc. (United states of america),
- Panasonic Corporation (Asia),
- Raptor Photonics Ltd. (Ireland),
- Samsung Co. Ltd. (Korea),
- Om Digital Solutions Corporations (UK),
- Sony Corporation (Asia),
- Watec Co. Ltd. (United states of america),
- D-Link Corporation (China), among others
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The analysis offers market information for North America, Europe, Asia-Pacific, and the rest of the world, organised by region. The market for smart cameras in North America, which had sales of USD 1.23 billion in 2021, is anticipated to increase at a substantial CAGR over the research period. The market in this area is expected to continue to grow as a result of the rapid technological improvements and rising spending in research & development. In addition, the US smart camera market had the biggest market share, while the North American smart camera market in Canada was expanding at the quickest rate.
The United States, Canada, Germany, France, the United Kingdom, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil are other significant nations included in the market analysis.
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Insights into the Smart Camera Market Segment:
The Smart Camera Market is segmented into stand-alone, single-chip, embedded, PC, and network-based products. In terms of revenue, the embedded category accounted for the bulk of the market for smart cameras in 2021. This is mainly due to the rise of computer vision systems that can be quickly deployed as embedded systems in the Internet of Things (IoT) because to the variety of hardware platforms and the abundance of open-source machine learning and artificial intelligence libraries (AI). Nevertheless, due to the rising consumer demand for single-chip cameras, the single-chip category is expected to have the highest growth throughout the projected period.
CMOS and CCD are two of the sensor types included in the Smart Camera Market segmentation. The CMOS category led the market in 2021 and is anticipated to expand at the fastest rate from 2022 to 2030. This is brought about by lower CMOS sensor production costs, lower power requirements for smaller camera capabilities, and greater resolution in microscopic pixels. But, during the course of the projection period, CCD will expand the fastest. This is attributable to an increase in demand for better performance in the industrial sector. In particular, for applications using near-infrared wavelengths, there is a widespread use of CCD image sensors to prevent the loss of picture sharpness, which has a favourable effect on market growth.
However the quick uptake of IoT in smart homes is also assisting market expansion. To improve the protection of their properties, consumers are switching from conventionally mounted Wi-Fi cameras to the installation of smart home security cameras. These cutting-edge smart home security cameras have a number of advantages that encourage their widespread adoption in local houses. The affordability and accessibility of smart home security cameras are key market drivers.
Due to increased internet usage and improved connection, manufacturing facilities have switched from analogue to IP cameras, giving surveillance & security the greatest segment share in 2021. Nevertheless, due to the rising need for smart cameras in the automotive industry, transportation & logistics will have the greatest growth throughout the projection period. The worldwide smart camera market has been divided into Wi-Fi, Bluetooth, and wireless HART based on connectivity. Because to considerable improvements in home security systems and IoT, which many homeowners desire for effective protection, wireless HART maintained the greatest segment share in 2021. However because the internet has been more widely used over the projection period, Wi-Fi is the category that is expanding the quickest.
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