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The market elements of smart cameras have been going through an extraordinary excursion lately, molded by a conjunction of mechanical headways, developing buyer interest, and an extending scope of uses. Savvy cameras, outfitted with cutting edge elements like computerized reasoning (simulated intelligence), AI, and network choices, have seen a flood in prominence across different areas. One of the vital driving variables behind this market's development is the rising accentuation on security and reconnaissance arrangements. As worries for wellbeing and security keep on rising, organizations, states, and people are going to brilliant cameras to improve observing and reaction capacities.
The mix of simulated intelligence and AI advancements has been a distinct advantage in the smart cameras market. Notwithstanding customary reconnaissance, these abilities make it feasible for cameras to break down and decipher visual information progressively. Smart cameras currently offer high level elements like facial acknowledgment, object location, and conduct investigation, which are impacting how security is dealt with. This improves the adequacy of reconnaissance frameworks as well as opens up additional opportunities in regions like retail examination, traffic the board, and modern robotization.
Besides, the developing pattern of the IoT has fundamentally added to the market elements of savvy cameras. These cameras' ability to connect and communicate with other systems and devices improves overall coordination and efficiency. These cameras, for instance, are crucial to the development of interconnected networks in smart cities that make it easier to make decisions based on data. The interest in smart cameras in shrewd homes is additionally on the ascent, driven by the craving for expanded home mechanization and security. The capacity to remotely screen and control smart cameras through cell phones and different gadgets has turned into a key selling point for shoppers.
There are both established players and innovative startups in the smart camera market's competitive landscape. Laid out camera makers are adjusting to the changing business sector requests by integrating savvy highlights into their items, while new companies are utilizing new advancements to present troublesome arrangements. Development is energized and a consistent stockpile of better than ever smart camera items is guaranteed by this unique environment.
Despite the rapid growth of the smart camera market, there are still challenges to overcome. Insurance concerns associated with the usage of facial affirmation development, data security issues, and the potential for maltreatment of surveillance data are a part of the ethical examinations that the business grapples with. Finding some kind of harmony among advancement and mindful utilization of innovation will be vital for the supported progress of the smart cameras market.
Looking forward, the market elements of smart cameras are supposed to develop further as arising innovations keep on developing. Smart camera systems that are even more powerful and adaptable will likely be made possible by advancements in edge computing, connectivity via 5G, and AI algorithm development. In order to guarantee the responsible and ethical deployment of smart camera technologies, stakeholders will need to navigate regulatory frameworks and ethical considerations as the market expands. At last, the shrewd cameras market is ready for proceeded with development and advancement, driven by the continuous journey for improved security, effectiveness, and network in different areas.
Smart Cameras Market Highlights:
Global Smart Cameras Market Overview:
Smart Cameras Market size was valued at USD 4.6 billion in 2023. The smart cameras industry is projected to grow from USD 6.3 Billion in 2024 to USD 13.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10% during the forecast period (2024 - 2032). Rapid advancements in camera technology, and increasing adoption of automation systems by homes and industries are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Smart Cameras Market Trends
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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.
Smart Cameras Market Segment Insights:
Smart Cameras Type Insights
The Smart Cameras Market segmentation, based on type, includes stand-alone, single-chip, embedded, PC, and network-based. The embedded segment held the majority share in 2021 of the Smart Cameras Market revenue. This is primarily owing to the increasing number of computer vision systems that may be rapidly implemented as embedded systems in IoT due to the wide choice of hardware platforms and the number of open-source libraries for machine learning and artificial intelligence (AI). However, single-chip is the fastest-growing category over the forecast period due to the growing demand for single-chip cameras among consumers.
Smart Cameras Sensor Type Insights
The Smart Cameras Market segmentation, based on sensor type, includes CMOS and CCD. The CMOS segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2030. This is due to less manufacturing cost of CMOS sensors, less power required to enable smaller cameras, and higher resolution in small pixels. However, CCD is the fastest-growing category over the forecast period. This is attributed to growing demand in the industrial sector for improved performance, particularly for different applications operating in near-infrared wavelengths, there is the extensive usage of CCD image sensors to avoid the reduction in image sharpness which positively impacts the market growth.
Smart Cameras Scanning Type Insights
The Smart Cameras Market data has been bifurcated by scanning type into area scan and line scan. The line scan segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2030. This is attributed to the growing demand for line scan smart cameras due to their cost-effectiveness. However, area scan is the fastest-growing category over the forecast period due to the growing demand for area scan cameras among photographers.
Figure 1: Smart Cameras Market by Scanning type, 2021 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Smart Cameras Application Insights
Based on application, the global smart cameras industry has been segmented into surveillance & security, inspection and quality assurance, automated sorting, transportation & logistics, biometrics and access control, and guidance/machine vision. Surveillance & security held the largest segment share in 2021, owing to the growing penetration of the internet and optimized connectivity, manufacturing plants have shifted from analog to IP cameras. However, transportation & logistics is the fastest-growing category over the forecast period due to the growing demand for smart cameras in the automotive industry.
Smart Cameras Connectivity Insights
Based on connectivity, the global smart cameras industry has been segmented into Wi-Fi, Bluetooth, and wireless HART. Wireless HART held the largest segment share in 2021, owing to the significant advancements in home security solutions and IoT, with many homeowners preferring them for effective protection. However, Wi-Fi is the fastest-growing category due to the growing penetration of the internet over the forecast period.
Smart Cameras Regional Insights
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.
Smart Cameras Key Market Players & Competitive Insights
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.
Key Companies in the Smart Cameras market include
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Arlo (Sweden)
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Bosch Security Systems Inc. (Germany)
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Canon Inc.(Japan)
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Flir Systems Inc.(US.)
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Panasonic Corporation (Japan)
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Polaroid Corporation (Sweden)
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Raptor Photonics Ltd.(Ireland)
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Samsung Co. Ltd.(South Korea)
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Om Digital Solutions Corporations (UK.)
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Sony Corporation (Japan)
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Watec Co. Ltd.(US.)
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D-Link Corporation (Taiwan), among others
Smart Cameras Industry Developments
Anker Innovations’ smart home security brand, Eufy Security, in September 2023 unveiled a range of dual-camera products that thus formed the world’s first artificial intelligence-powered local mesh for home monitoring. The innovative series had cameras with both wide-angle and telephoto lenses, thereby enhancing the surveillance properties of the devices.
In June 2023, Xiaomi launched an intelligent security camera that has night vision and an intercom. According to the Xiaomi Outdoor Camera AW300 review, it is endowed with many security features. It has two bright white and infrared lights which support high quality full color night vision; this function is so innovative that it produces crystal clear and detailed images even when used in pitch darkness.
Google partnered with ADT in March 2023 to develop a DIY home security system called ADT Self-Setup. This package offers customers multiple Google smart home products they can use to enhance their residential safety measures. All the chosen devices are compatible with the ADT+ phone app, providing users with comprehensive assistance regarding their household protection needs.
Xiaomi Inc increased its range of residence defense systems by introducing the Home Security Camera 1080p 2i in July 2022 featuring a 360-degree field of vision. This advanced camera comes with many features that offer greater protection as well as improved surveillance.
In May 2023, ADT Inc included an outdoor Wi-Fi camera in its Smart Home product line incorporating advanced functions including two-way audio capacity allowing users to converse directly from within range of the device’s microphone/ speaker system through it. Additionally, this type of camcorder shoots high-definition video during nighttime due to its night sight mode displaying details under low light conditions.
The ultra-compact LuFact smart cameras were introduced into the market by Nikon Corporation in November 2022; they are driven by edge AI computing, which speeds up and improves object examination without the need for a computer.
Dahua Technology officially introduced its full-color smart dual illuminators smart cameras series at the 2022 full-color online launching event in June 2022. The latest range incorporates two illuminators, warm light and infrared light, with three supplementary light modes to guarantee clear and vivid full-color images while minimizing warm light usage that could leave some monitoring scenarios unmanned during night hours or low-lit places.
Vivint Smart Home, Inc. released a range of innovative products in May 2022 to boost its unique smart home experience and introduce intelligent solutions that define the standards for such homes. These include Doorbell Camera Pro, Outdoor Camera Pro, Spotlight Pro, and Indoor Camera Pro.
Microsoft launched its first AI-powered smart cameras for Surface Hub 2 in March 2022. Customers who have adopted Microsoft’s vision of future work completely through Surface Hub will now be able to update its camera capabilities. A new type of Smart Cameras called Surface Hub 2 supports automatic reframing feature, it has wide field view together with image correction attributes which makes meetings better.
In May 2021 Brinks Home Security entered into an exclusive agreement to deliver home security and automation services exclusively through the ShopHQ network. Under this arrangement, customers making purchases through ShopHQ gain access to exclusive product packages, professional installation services as well as a fixed monthly fee throughout their contract period.
Smart Cameras Market Segmentation:
Smart Cameras Type Outlook
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Stand-Alone
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Single-Chip
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Embedded
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PC
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Network-Based
Smart Cameras Sensor Type Outlook
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CMOS
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CCD
Smart Cameras Scanning Type Outlook
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Area Scan
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Line Scan
Smart Cameras Application Outlook
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Surveillance & Security
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Inspection and Quality Assurance
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Automated Sorting
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Transportation & Logistics
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Biometrics and Access Control
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Guidance/Machine Vision
Smart Cameras Connectivity Outlook
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Wi-Fi
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Bluetooth
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Wireless HART
Smart Cameras Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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