ID: MRFR/SEM/7077-HCR | February 2021 | Region: Global | 111 pages
The Global AI Camera Market was valued at USD 4.96 Billion in 2018; it is expected to reach USD 21.58 Billion by the end of the forecast period at a CAGR of 23.8%.
Artificial intelligence (AI) cameras are equipped with technologies such as computer vision, image recognition, speech/voice recognition, machine learning among others that form the umbrella for artificial intelligence technology. These cameras have a wide application in smartphones and surveillance cameras wherein the technology is used to detect the landscape, intensity of light, and white balance while capturing an image. China is one of the leading countries that is using AI cameras on a broader level. China has installed AI-enabled surveillance cameras at approximately 75% of the crowded locations across cities. The AI camera enables law enforcement agencies to identify any unwanted activity and stop any mishappening.
Artificial Intelligence is one of the major disrupting technologies being adopted across several businesses and enterprises. The major factors that drive the AI camera market are the advancement and development of big data and the integration of artificial intelligence technology in smart devices. Moreover, the businesses, device manufacturers, and consumers across developed and developing countries are realizing the benefits and importance of integrating artificial intelligence in existing systems. The technology aims at providing many industries with effective, low-cost operations and high productivity. Some other factors that fuel the growth of artificial intelligence camera market include growing need for surveillance and monitoring at commercial stores, improved user-experience, amended productivity, and higher return on investment (RoI). Apart from these, the further development of machine learning, deep learning, and natural language processing (NLP) technology are expected to create further opportunities for the smartphones and camera manufacturers to grow in this market.
The Global AI Camera Market has been segmented based on Type, Technology, and Region.
By type, the AI camera market has been segmented into smartphone cameras, surveillance cameras, DSLRs, and others.
By technology, the AI camera market has been segmented into image/face recognition, voice/speech recognition, computer vision, and others.
By region, the AI camera market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Globally, the AI camera market has been categorized into five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Among these regions, North America is leading the artificial intelligence camera market with the highest adoption rate. The major factors contributing to the growth of AI camera market in North America include integration of artificial intelligence technology in consumer electronic devices, surveillance systems, retail sector, and law enforcement. Following North America is Asia-Pacific, especially China and Japan. China has seen major developments in terms of surveillance, consumer electronics, and retail sector. China contributes nearly 40% of the production of CCTV cameras across the globe. With this, Asia-Pacific is expected to the fastest-growing regional market during the forecast period.
Global AI Camera Market, USD Billion
Source: MRFR Analysis
The Global AI Camera Market is characterized by the presence of several global smartphone and camera manufacturers. The competition among the existing players for shares in the market at present is low due to initial stages of artificial intelligence cameras. Cost, quality, accuracy, and reliability of products are some of the factors that help vendors to sustain in the competitive market. Furthermore, technological advancements for the adoption of AI cameras across security, consumer, and commercial sectors are expected to fuel the growth of the AI camera market during the forecast period.
The Key Players in the AI Camera Market are identified across all the major regions based on their country of origin, presence, recent key developments, product diversification, and industry expertise. Some of them are Samsung Electronics, Sony Corporation, Xiaomi Inc, Honeywell International, Canon Inc, Nikon Corporation, Huawei Technology Co Ltd, LG Electronics, Google LLC, HikVision, Apple Inc, Fujitsu Ltd, Huddly AS.
These players contribute significantly to market growth. Apart from the top key players, the other players contribute nearly 25–30% in the AI camera market.
Frequently Asked Questions (FAQ) :
North America, Europe, Asia-Pacific, Middle East & Africa and South America are the main markets for AI cameras.
AI cameras help law enforcement agencies in detecting any unwanted activities and prevent any mishaps.
By the end of the review period, the market value can be USD 21.58 Billion.
China is making the biggest splash in the AI camera market, having installed AI-backed surveillance cameras at roughly 75% of the most crowded venues across cities.
Development of deep learning, natural language processing (NLP) technology and machine learning are the growth opportunities for the market vendors.