The Global Smart Cameras Market is estimated to register a CAGR of over 9.57% to reach USD 5,926.4 million by the end of 2027.
Globally, the size of smart cameras market is estimated to register a CAGR of over 9.57% to reach USD 5,926.4 million by 2027 driven by the widespread use of these cameras in various industries.A smart camera is a self-contained vision system with a built-in image sensor, computational hardware, and deciding algorithms. It can capture images and extract application-specific information from the images, thereby generating event descriptions and making decisions. These cameras work on Android operating systems and make use of a built-in Wi-Fi or LTE connection to share pictures online. Smart camera is a new trend in smart technology that allows users to share photographs and connect with the local media in real-time. These devices are trending due to their latest features like LTE, modern professional features with interchangeably affordable, flexible lenses, accessibility for consumers with an easy-to-operate Android operating system, and network services that are different from other telecommunication agencies.
The growth of the global smart cameras market is primarily driven by the widespread use of these cameras in various industries. It is widely used in surveillance & security, inspection and quality assurance, automated sorting, transportation & logistics, biometrics and access control, and guidance/machine vision.
With the emergence of several Industry 4.0 revolutions, the interest has been shifting towards factory automation that applies the use of smart and affordable technologies such as several smart cameras and thereby leads to the growth of the smart cameras market. In April 2018, YI launched a cloud security camera with motion detection, two-way audio, cloud storage, and night vision with 1080p full HD support. The camera is priced at USD 54 and provides excellent data protection while sending real-time activity alerts. Furthermore, Nest Cam also launched an update for its original Nest Cam Outdoor, a security camera bigger and more secure than its predecessors. These real-time smart video surveillance products are used in retail, educations, traffic monitoring, transportation monitoring, government hospitals, and all-size organization. With the growing demand for real-time smart video surveillance, smart devices are also integrated with security surveillance.
Another key driver for the global smart cameras market is real-time video access. Intelligent video surveillance is gaining demand in the market due to its sensors which are integrated into it. Smart video surveillance systems integrated with wireless sensor networks have become more popular. These sensors detect and track mobile objects and provide real-time information. The factors that contribute to the growth of the market for smart surveillance are digital technology, low-cost sensors, and wireless video cameras, which are cost-effective, flexible to use, and can access remotely.
However, the availability of alternatives to smart camera siding and high installation costs are the key factors negatively impacting the market growth.
Various components are essential in assembling semiconductor devices. However, the global pandemic has induced a steep decline in the demand for the components, especially in economies with complete lockdowns. Moreover, the ongoing trade war between the US and China has already disturbed the US tech industry, which has been further triggered by the novel coronavirus outbreak. All the smart camera manufacturers and other component providers are affected mainly by restrictions on the import and export of components.
The device manufacturers are dealing with declined demand from various end-use segments. China is one of the largest exporters of smart devices such as smartphones, smart cameras, USB flash drives, digital cameras, and media players. The country holds an almost 50% share in the exports of software and hardware devices.
While the IT industry might not see the direct and immediate impact of a novel coronavirus, the decline in production and supply of these devices can cause sales and financial tensions for key companies within the coming months. This is expected to affect the semiconductor industry, which is an integral part of the IT industry.
The shipping industry is responsible for nearly 90% of the freight carried worldwide. The pandemic has created severe disruptions in the supply of raw materials across countries. This has caused a sharp rise in the price of raw materials primarily due to short supply and opportunistic pricing. For instance, the prices of smart cameras have been increasing throughout the years 2020 and 2021.
The import and export of goods are primarily dependent on the shipping industry, which has been at a standstill globally. Global lockdowns have ceased the transportation of non-essential goods, which is disrupting the supply chain for smart camera components.
The global smart cameras market has been segmented on the basis of type, sensor type, scanning, type connectivity, application, and region.
Based on type, the global smart cameras market has been segmented into stand-alone, single-chip, embedded, PC, and network-based. The stand-alone segment accounted for the largest market share in 2020 and is estimated to register a CAGR of 9.51% during the review period.
Global Smart Cameras Market Revenue, by Type, 2020 (USD Million)Sources: MRFR Analysis
Based on the sensor type, the smart cameras market has been bifurcated into CMOS and CCD. The CMOS segment is expected to reach a valuation of USD 4,793.3 million by the end of 2027.
On the basis of scanning type, the smart cameras market is bifurcated into area scan and line scan. The area scan segment dominated the global smart cameras market in 2020, registering a CAGR of 9.75% during the forecast period.
Based on application, the smart cameras market is segmented into surveillance & security, inspection and quality assurance, automated sorting, transportation & logistics, biometrics and access control, and guidance/machine vision. The surveillance & security segment is dominating the market with a 10.33% CAGR during the forecast period.
On the basis of connectivity, the smart cameras market is divided into Bluetooth, Wi-Fi, and Wireless HART. The Bluetooth segment accounted for the largest market share with a market value of USD 1,406.6 million in 2020.
Global Smart Cameras Market Share, by Region, 2020Sources: MRFR Analysis
The global smart cameras market has been studied across North America, Asia-Pacific, Europe, and the Rest of the World. North America accounted for more than 30% of the global market in 2020. The growing technological advancements in the US, Canada, Mexico, and other countries have resulted in the high adoption of IoT, mobility, networking, and automation.
The market growth in Europe can be attributed to the government initiatives to deploy smart cameras in public spaces such as railway stations, bus stops, and airports and the increasing applications of smart cameras in automobile, medical, industrial, transportation, and other end-use industries.
Different manufacturing companies such as Sony Corporation, Canon Inc., Nikon Corporation, Panasonic Corporation, Olympus Corporation, Polaroid Corporation, Vision Components GmbH, Microscan Systems Inc., and XIMEA Gmb Hare working hard to develop innovative products suitable for multiple applications and meet the growing demand in the APAC region.
Key players operating in the global smart cameras market include Arlo (Sweden), Bosch Security Systems, Inc. (Germany), Canon Inc.(Japan), Flir Systems, Inc.(U.S.), Panasonic Corporation (Japan), Polaroid Corporation (Sweden), Raptor Photonics Ltd.(Ireland), Samsung Co., Ltd.(South Korea), Om Digital Solutions Corporations (U.K.), Sony Corporation (Japan), Watec Co., Ltd.(U.S.), D-Link Corporation (Taiwan), Honeywell International Inc. (U.S.), Wyze Labs, Inc.(U.S.), and Hanwha Techwin (South Korea).
Samsung Co., Ltd., Sony Corporation, Panasonic Corporation, Arlo, and Raptor Photonics Ltd. are the prominent players operating in the global smart cameras market. These players account for a major share of the global market due to their industry experience, broad product portfolio, global revenue base, and distribution network worldwide.
The vendors in this market compete in terms of cost, product quality, and brand identity. The players focus on offering cost-effective, environment-friendly, and high-quality products that adhere to the international quality standards of the industry as well as meet the environmental norms to compete in the market. To maintain and strengthen their position, the key players are adopting various strategies such as geographic expansions, acquisitions and mergers, partnerships with key stakeholders, and product developments.
Global Smart Cameras Market, by Type
Global Smart Cameras Market, by Sensor Type
Global Smart Cameras Market, by Scanning Type
Global Smart Cameras Market, by Application
Global Smart Cameras Market, by Connectivity
Global Smart Cameras Market, by Region
Available Additional Customizations
Smart cameras are device that allow the user to upload as well as share photos online with the use of built-in Wi-Fi or in some cases, LTE connection. Smart cameras are trending across the world owing to their built-in functionality including features with interchangeable lenses, LTE, and accessibility for users with an open-source Android operating system.
With respect to type, the market has been considered for single-chip smart cameras, stand-alone smart cameras, PC & network-based smart cameras and embedded systems smart cameras.
Given the rising acceptance of smart cameras in the military and defense sector, mainly for video surveillance, Asia Pacific is expected to lead the market during the conjectured timeline.
The smart cameras market can attain a decent growth rate of 8% during the evaluation period.
The Europe market for smart camera is growing backed by the soaring demand for security and surveillance at public venues.