Artificial Intelligence Camera Market Overview
The global market Artificial intelligence camera was valued at $4.96 billion in 2019. The value of the market is expected to reach $21.58 billion by the end of the year 2025. The CAGR is estimated to be 23.8% during the forecasted period.
Artificial intelligence cameras come with features and technologies such as image recognition, speech/voice recognition, computer vision, machine learning, etc. These features and technologies form the umbrella as well as support for artificial intelligence technology. The country of China has installed artificial intelligence cameras as surveillance cameras at approximately 75% of the crowded locations across cities. Artificial intelligence cameras are very important and are being obtained by many countries quite smoothly.
Covid-19 Analysis of Artificial Intelligence Camera Market
In 2019, the global market of Artificial intelligence cameras was valued at $4.96 billion, and it is expected to reach $21.58 billion by the end of 2025 while maintaining a CAGR of 23.8% during the forecasted period.
Due to the current situation of coronavirus the small, medium, and large businesses are affected. Due to the complete shutdown manufacturing units were adversely affected. Lack of workers and government policies dragged the market down during the year 2019.
The Major factors that contribute to the Artificial Intelligence cameras are the disrupting technologies that are being adopted across several businesses and enterprises. The major factors that drive the Artificial intelligence camera market are the advancement and development, and the integration of AI in smart devices. In addition to this, businesses, device manufacturers, and consumers across developed and developing countries are realizing the worth and importance of integrating artificial intelligence into existing systems. Other factors that result in the growth of the global AI camera market are the growing need for monitoring and surveillance at commercial stores, improved user experience, amended productivity, and higher return on investment (RoI). These are some of the factors favoring Artificial intelligence growth.
The opportunities that boost the market include the ease of availability of Artificial intelligence platforms that recently have introduced substantial potential opportunities for vendors. This boosts more advanced technologies to create tools for essential business needs. For Ex- China has witnessed significant developments in the fields of consumer electronics, surveillance, and the retail sector. With that being said, China contributes nearly 40% of the CCTV cameras production across the globe. In addition to this, Asia-Pacific is expected to grow as the fastest-growing regional market during the assessment period. These opportunities are important.
The factors that hamper the growth of the Artificial intelligence camera market include less availability of platforms and lack of knowledge about artificial intelligence. Other factors include the high cost of artificial intelligence cameras. Hence these cameras cannot be purchased by every consumer who wants them. This makes their Demand further lower down.
Value Chain Analysis
There are numerous benefits of Artificial Intelligence cameras due to their wide range of applications in the smartphones and surveillance cameras industry. AI cameras can also be used to detect the intensity of light, landscape, and white balance while capturing an image. The region of Asia Pacific, mainly China, is one of the leading countries that is using Artificial intelligence cameras on a broader level. The AI aims to provide several industries with low-cost operations, more efficiency, and high productivity.
Artificial Intelligence Camera Market Segmentation
The Global artificial camera market has been segmented based on the type, based on the technology, and based on the region into the following-
Based On The Type
Based on type, the AI camera market has been segmented into surveillance cameras, smartphone cameras, DSLRs, and many others.
Based On The Technology
The global artificial intelligence camera market is bifurcated based on Technology into image/face recognition, voice/speech recognition, computer vision, and others.
Based On The Region
Based on the region, the global market of AI cameras has been segmented into these regions- Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
Global AI Camera Market, USD Billion
Source: MRFR Analysis
Artificial Intelligence Camera Market Regional Analysis
The Artificial intelligence camera market is divided into the following regions- Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. North America is the largest artificial intelligence camera market shareholder, with the highest adoption rate. The major factors include the integration of artificial intelligence technology in consumer electronic devices, surveillance systems, the retail sector, and law enforcement. North America is followed by Asia-Pacific, especially China and Japan. China has witnessed various developments in terms of surveillance, consumer electronics, and the retail sector. Henceforth China contributes nearly 40% of the production of CCTV cameras across the globe. With this, Asia-Pacific is estimated to be the fastest-growing regional market during 2020-2028. Cost, accuracy, reliability, and quality of products are some of the factors that help vendors to sustain themselves in the market. Furthermore, technological advancements for the adoption of AI cameras for security in commercial and consumer sectors are expected to fuel the growth of the Artificial intelligence camera market during the forecast period.
The prominent key players of the Artificial intelligence camera market in the global market are mentioned down below based on their country of origin, presence, recent key developments, product diversification, and industry expertise-
- Samsung Electronics
- Sony Corporation
- Xiaomi Inc
- Honeywell International
- Canon Inc
- Nikon Corporation
- Huawei Technology Co Ltd
- LG Electronics
- Google LLC
- Apple Inc
- Fujitsu Ltd
- Huddly AS.
All these prominent key players play a major road in the dynamics and growth of the Artificial intelligence camera market. These major key players opt for many strategies and policies to widen their customer base. These players contribute significantly to market growth. Apart from the top key players, the other players contribute nearly 25–30% in the Artificial intelligence camera market.
These policies and strategies mainly include collaborations, mergers, acquisitions, extensions, joint ventures, establishments, new production processes, innovations, technology widening the existing products, partnerships, etc. All these important methods are opted to get the needs of customers and develop a strong potential growth base.
Given below are the recent developments seen in the Artificial intelligence camera market-
The recent developments that are made include, The further development of machine learning, deep learning, and natural language processing (NLP) technology. This is expected to create further opportunities for smartphone and camera manufacturers to grow in this market.
Developments are made in the artificial intelligence camera market with increased rates of surveillance and monitoring in commercial stores, enhanced user experience, increased productivity, and a higher return on investment.
The value of the global Artificial intelligence market is expected to grow from $21.58 billion to $ 21.58 billion by the year 2025. 23.8% CAGR is expected during the forecasted period.
The global Artificial intelligence camera market in the global market research report consists of the following elements which are mentioned down below-
- Market overview
- Covid 19 analysis
- Market dynamics
- Value chain analysis
- Market segmentation
- Regional analysis
- Competitive landscape
- Recent developments
- Intended audience
In the global Artificial intelligence camera market research report, there are major factors that drive the growth of the market. The report consists of opportunities that may further in the future and hands the global market of Artificial intelligence cameras. Various factors restrain the growth of sugar-free confectioneries and hamper the development of such a fine-based market. The research report also consists of various analyses based on Covid 19 impact market dynamics, different segmentations, regional analysis, etc. This research report also consists of various strategies and policies followed by the major key players that drive the Artificial intelligence camera market. The future growth rate is also discussed and mentioned in this research report.
The intended audience for the global market of Artificial intelligence cameras is as follows-
- System Integrators
- Electronic Component Manufacturers
- Resellers and Distributors
- Consultancy and advisory firms
- Consulting Firms
- Research Institutes and Organizations
- Technology Standards Organizations
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.