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Smart Cameras Market Share

ID: MRFR//0818-CR | 147 Pages | Author: Aarti Dhapte| August 2021

In the serious scene of the smart cameras market, the share strategies assume a critical part in deciding the achievement and noticeable quality of organizations. Utilizing technological innovation to gain a competitive advantage is a common strategy. Organizations that put resources into innovative work, constantly upgrading the capacities of their smart cameras with highlights like high level man-made brainpower (simulated intelligence) calculations, further developed picture handling, and creative applications, can separate themselves and catch a bigger piece of the pie. Companies can meet changing customer demands and ensure that their products remain relevant in a market that is rapidly changing by remaining at the forefront of technological advancements.

Vital organizations and coordinated efforts likewise structure essential parts of piece of the pie situating procedures in the smart cameras market. By fashioning collusions with other innovation organizations, programming engineers, or industry-explicit accomplices, smart camera makers can widen their item contributions and tap into new business sectors. For instance, smart cameras' analytical capabilities can be enhanced through partnerships with analytics-focused software developers, making them more appealing to customers seeking comprehensive solutions. Joint efforts can likewise prompt the mix of brilliant cameras into bigger environments, for example, smart home stages or savvy city drives, further growing business sector reach.

One more key part of portion of the overall industry situating includes evaluating systems. Smart camera makers need to work out some kind of harmony between offering serious costs and keeping up with productivity. Valuing techniques can shift in view of elements, for example, the objective market, item highlights, and brand situating. A few organizations might choose serious estimating to acquire piece of the pie quickly, while others might situate their items as top notch contributions, underlining progressed highlights and quality. Understanding the estimating elements inside the market and adjusting evaluating techniques to saw item esteem are basic components in getting and developing piece of the pie.

Brand notoriety and client trust are fundamental parts of piece of the pie situating in the smart cameras market. Organizations that focus on item quality, dependability, and consumer loyalty construct a positive brand picture, cultivating trust among buyers. A solid brand notoriety helps in holding existing clients as well as draws in new ones. By establishing a brand as a trusted leader in the smart camera industry, positive reviews, word-of-mouth referrals, and a reputation for excellent customer service can significantly influence market share.

Market extension methodologies add to an organization's piece of the pie situating. This entails locating and entering new geographic markets or industry segments that have not been utilized before. Smart camera makers might fit their items to meet the particular requirements of various locales or ventures, permitting them to broaden their client base and relieve gambles related with reliance on a solitary market. Venturing into developing business sectors with developing interest for savvy camera arrangements presents open doors for organizations to catch critical piece of the pie and lay out serious areas of strength for a.

Also, successful showcasing and correspondence techniques are urgent for piece of the pie situating. Organizations that put resources into clear and convincing correspondence about the advantages and one-of-a-kind elements of their smart cameras can impact client discernments and inclinations. Advertising endeavors that feature genuine applications, easy to use interfaces, and the general incentive of brilliant cameras add to mark perceivability and client obtaining, eventually affecting piece of the pie.

Versatility and responsiveness to advertise patterns are essential in the unique smart cameras industry.
It is feasible for organizations to change their techniques in light of moving client necessities, mechanical headways, and administrative changes. This flexibility permits them to quickly jump all over chances, address difficulties, and keep an upper hand, which is fundamental for maintaining and developing piece of the pie in the smart cameras market.

Smart Cameras Market Highlights:

Smart Cameras Market Trends

Smart Cameras Market Analysis

Smart Cameras Market Share

Smart Cameras Companies

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.

Smart Cameras Market Overview

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

Smart Cameras Market Trends

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

Arlo (Sweden)

Bosch Security Systems Inc. (Germany)

Canon Inc.(Japan)

Flir Systems Inc.(US.)

Panasonic Corporation (Japan)

Polaroid Corporation (Sweden)

Raptor Photonics Ltd.(Ireland)

Samsung Co. Ltd.(South Korea)

Om Digital Solutions Corporations (UK.)

Sony Corporation (Japan)

Watec Co. Ltd.(US.)

D-Link Corporation (Taiwan), among others

Smart Cameras Industry Developments

June 2022: Dahua Technology officially launched the full-color smart dual illuminators smart cameras series at its 2022 full-color online launch. The latest series integrates two illuminators, warm light and infrared light, with three supplementary light modes to provide clear and vivid full-color images while avoiding continuous use of warm light, providing a flexible solution for various night and low-light monitoring scenarios.

Smart Cameras Market Segmentation:

Smart Cameras Type Outlook

Stand-Alone

Single-Chip

Embedded

Network-Based

Smart Cameras Sensor Type Outlook

CMOS

Smart Cameras Scanning Type Outlook

Area Scan

Line Scan

Smart Cameras Application Outlook

Surveillance & Security

Inspection and Quality Assurance

Automated Sorting

Transportation & Logistics

Biometrics and Access Control

Guidance/Machine Vision

Smart Cameras Connectivity Outlook

Wi-Fi

Bluetooth

Wireless HART

Smart Cameras Regional Outlook

North America
- US
- Canada

Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe

Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific

Rest of the World
- Middle East
- Africa
- Latin America

Smart Cameras Companies

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