Smart Cameras Market

The high growth of the electronics and semiconductor industry boosts the market growth

The electronics and semiconductor industry across the globe is growing at a significant rate, owing to the constant adoption of automation, networking, mobility, and smart project initiatives. According to the India Brand Equity Foundation (IBEF), the Indian appliance and consumer electronics market was valued at US$ 10.93 billion in 2019 and is expected to reach US$ 21.18 billion by 2025. Thus, the high growth of the semiconductor and electronics industry is expected to drive the growth of the market during the forecast period.

Additionally, key players are taking the necessary steps to improve the accuracy and overall functionality of the devices.

Although tech giants like Amazon, Google, and Apple are at the forefront, it is in the startup space where many of these new ideas and inventions are uncovered. For instance, in March 2020, Vivint Smart Home launched the Vivint Doorbell Camera Pro, an AI-powered doorbell camera that intelligently detects packages and actively helps protect them from porch pirates and other potential threats. The doorbell camera provides homeowners peace of mind by helping prevent crime before it happens. Therefore, such initiatives taken by key players have enhanced the smart cameras market CAGR across the globe in recent years.

However, the rapid adoption of IoT in smart homes is also supporting market growth. Consumers are shifting from traditionally mountable Wi-Fi cameras to the deployment of smart home security cameras to increase the security of their premises. These advanced smart home security cameras offer several benefits, which boost their installation in many households across the region. Smart home security cameras' ease of installation and easy availability drive the market revenue.

By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America smart cameras market accounted for USD 1.23 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the rapid advancements in technology coupled with increasing investments in research and development, which is anticipated to drive the market in this region further. 

Moreover, US smart cameras market held the largest market share, and the Canada smart cameras market was the fastest-growing market in the North America region. Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Smart Cameras Market SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe smart cameras market accounts for the second-largest market share due to the deployment cost, and the maintenance cost of smart cameras systems is comparatively high compared to normal surveillance camera systems or CCTV cameras. Smart cameras systems cost hundreds, even thousands, depending on the features and number of cameras and monitoring systems. Further, the Germany smart cameras market held the largest market share, and the UK smart cameras market was the fastest-growing market in the European region.

The Asia-Pacific smart cameras Market is expected to grow at the fastest CAGR from 2024 to 2030. This is due to the growing use of smart cameras in this region's industries, such as aerospace, electronics, defense, and semiconductors. Moreover, China smart cameras market held the largest market share, and the India smart cameras market was the fastest-growing market in the Asia-Pacific region.

Major market players are spending a lot on R&D to increase their product lines, which will help the smart cameras market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the smart cameras industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies manufacturers adopt in the global smart cameras industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In the smart cameras market, major players such as Arlo (Sweden), Bosch Security Systems Inc. (Germany), Canon Inc. (Japan), and others are working on expanding the market demand by investing in research and development activities.

Microsoft Corporation is a multinational technology corporation producing consumer electronics, personal computers, computer software, and related services. Headquartered at the Microsoft campus in Washington, Microsoft's best-known software products are the Windows line of work techniques and the Internet Explorer and Edge web browsers. In March 2022, Microsoft introduced its first AI-powered smart cameras for the Surface Hub 2. Businesses that have bought fully into Microsoft’s future-of-work vision with the Surface Hub will now be able to upgrade its camera capabilities.

The new Surface Hub 2 Smart Cameras supports automatic reframing, a wide field of view, and image correction features that improve meetings.

Also, Nikon Corporation, known just as Nikon, is a Japanese multinational corporation headquartered in Japan, specializing in optics and imaging products. The firm held by Nikon forms the Nikon Group. Nikon's products, such as smart cameras, binoculars, camera lenses, microscopes, measurement instruments, and the steppers utilized in the photolithography steps of semiconductor fabrication, it is the world's second-largest manufacturer. In November 2022, Nikon Corporation launched the ultra-compact LuFact smart cameras, which utilizes edge AI computing to increase the speed and accuracy of object inspection without the need for a computer connection.