The smart camera market is anticipated to grow at a sturdy CAGR of 26.1% during the forecast period. The market is anticipated to be valued at USD 1,93,496.8 million by 2033, while the valuation as of 2023 is USD 18,983.3 million.
Rising technological advancements in the camera industry, coupled with increased usage of this camera across sectors, increased focus on safety and security, and many other factors are anticipated to increase the sales of smart cameras.
| Attributes | Value |
|---|---|
| Smart Camera Market Valuation (2023) | USD 18,983.3 million |
| Smart Camera Market Projected Size (2033) | USD 1,93,496.8 million |
| Smart Camera Industry Anticipated CAGR (2023 to 2033) | 26.1% |
A smart camera is a smart device that is an individual image processing system that has been designed to automate decisions. The vision system deployed in a smart camera consists of the camera linked to an image sensor with a processing unit to determine the appropriate mechanical process.
The smart cameras not only allow users to capture images, but also assist them in extracting images, getting real-time views, and sharing those images, thus acting like surveillance systems as well. This is expected to increase the demand for smart cameras.
However, it is crucial to understand that the output associated with a smart camera is not an image, but a decision or information. The image is not passed directly to the system. Instead, it is sent to an operator or any other system. By processing the image using the set algorithm, the decision is made.
Thus, the image processing technique applied in a smart camera makes the entire process filled with precision. Based on the functions of a smart camera, it can be inferred that a smart camera is virtually a decision-maker. Moreover, based on our requirements, these cameras come with different processor speeds. This as well is expected to surge the sales of smart cameras.
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The market valuation of the smart cameras in 2018 was USD 64,390 million. In 2022, the market valuation grew to USD 15,247.6 million. The historical CAGR of the smart camera industry stands at nearly 24%. The anticipated CAGR during the forecast period is around 26.1%.
But, the point to be noted is that be it the historical CAGR or the anticipated CAGR, the growth rate has been solid throughout.
Moreover, if we compare the valuation of the smart camera market in 2018, which was USD 6,439 million, with the anticipated market size in 2033, which is expected to be USD 1,93,496.8 million, the figures speak volumes. This is mainly because of the increasing application of these cameras, mainly as security systems and surveillance cameras.
Increase in terrorism and criminal activities: The main market driver has to be an increase in criminal activities, which includes crime within a region, as well as cross-border terrorism. The usage of smart cameras helps us keep track of what is happening in the most sensitive locations. This is anticipated to surge the demand for the smart camera.
Because of this, the government and various authorities are investing heavily in smart cameras, as national security comes first when making any move about public welfare.
Technological advancements: In current times, technological advancements are seen on almost a daily basis. The effect of technological advancements is visible in the way various devices function. Likewise, owing to technological advancements, smart cameras start operating with higher precision.
Especially the way smart lighting and smart thermostats are employed in smart cameras gives us a glimpse of how rapid technological advancements have enabled the smart camera industry to scale new heights.
Occupying much lesser space: This is useful especially when employed in industries. Integrating many cameras with a PC consumes a lot of space. This setting becomes more complicated when operated amongst heavy machines and a large number of laborers.
Smart cameras enable decision-making, I/O part rejection, and network management capabilities. Therefore, it has led to small system footprints and the vision system getting further streamlined. This might very well fuel the sales of the smart camera during the forecast period.
Motion detection becomes a time savior: One of the most important benefits associated with the usage of smart cameras is their impeccable ability to track motion. By installing such cameras, we can limit the duration of unnecessary recordings, and focus on the relevant part.
Ability to access in a variety of ways: The usage of smart cameras also allows us to view videos/images in several ways. We can view the happenings from our laptops, tablet, TV, or smartphone. The ability to access this information, especially from our smartphones allows us to view all the developments on the go.
Moreover, the ability to receive notifications while recording a new clip is expected to surge the demand for the smart camera.
Ability to integrate with various forms of components: To obtain the best possible results the smart camera has an uncanny ability to work coherently with other components. This means that smart cameras can adjust their settings based on lighting devices, color devices, alarms, etc.
So, the smart cameras might send a signal to the alarm when they sense any unusual movement in restricted areas. Likewise, when these cameras sense any movement in the area of view, they can flood the area with lights. Thus, owing to so many benefits, the sales of smart camera might increase during the forecast period.
Rising concerns regarding food safety: A rising concern regarding food safety is something that has shaken up people throughout the world. For this, the food quality and safety regulations have set up certain criteria which have to be fulfilled by every manufacturer.
The smart cameras as used during the quality testing stage, i.e., to check if no foreign object is present in the product.
Increased investment in Research and Development: The manufacturers are investing more in Research and Development, to continuously upgrade the existing versions of smart cameras. This has paid off in the past, and looking at the way the advancements are made by the Research and Development team, it is anticipated that the demand for smart cameras might surge during the forecast period.
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High cost: Despite the number of benefits offered by smart cameras, one of the main drawbacks is their high cost. The manufacturing cost associated with smart cameras is quite high, especially single-chip smart cameras.
Limited software applications: There is only a limited number of software applications which are available in the market. This has also resulted in limited functionalities. This also restricts the usage of smart cameras across different verticals. This might challenge the anticipated surge in the sales of smart cameras.
Lack of standardization about parts used: This is something that has posed some serious questions about the usage of smart cameras. For example, a dome or a cooler sensor that is used by a brand is not compatible with other brands. This is because different brands utilize components that have different specifications.
Based on the research conducted by Future Market Insights, it was found that the lens that is used in smart cameras had the highest market share of 24.5% in 2022. The lens segment is anticipated to grow at a CAGR of 21.6%. The lens is used to describe the data on a real-time basis and also report the exact focal distance. However, being present on the external side of the camera, the lenses are prone to undesirable external pressure, because of which they get smashed quite easily.
The processors come after the lens in terms of market share, having a share of 24.3% in 2022. These are expected to grow at a CAGR of 20.7%. It is only because of the usage of these processors that the smart camera can operate at such high precision.
Moreover, continuous technological advancements being made in the semiconductor market are something that is pushing the manufacturers to upgrade smart cameras continuously. The image sensor comes after the processors and had a market share of 18.2%. Their demand is expected to grow at a CAGR of 22.7%.
If we talk about the core functioning of smart cameras, i.e., converting an image to an electrical signal, this is performed with the application of image sensors. It is no surprise that because of carrying out one of the most complex operations, these have one of the highest anticipated CAGR. The display had a market share of 11.9%, and these are anticipated to grow at the highest CAGR of 24.2%. The display is a visual output device that presents the image in front of us.
The communication interface had a share of 10.6% in 2022 and is anticipated to grow at a CAGR of 17.2%. Memory had a 9.6% share in 2022 and is anticipated to grow at a CAGR of 16.3%. The other components had a share of 2.8% in 2022, and are anticipated to grow at a CAGR of 18.7%.
| Category | Component |
|---|---|
| Segment | Processor |
| Market Share % (2022 | 24.3% |
| Category | Application |
|---|---|
| Segment | Commercial Area |
| Market Share % (2022 | 18.2% |
Based on the application, the consumer segment had the highest market share of 26.3% in 2022, and this segment is expected to grow at a CAGR of 22.3%. While talking about the consumer segment, mainly the demographic is taken into account. The demographics deal with the kind of people, and some places are meant for notorious elements.
Additionally, they also deal with the nation or state as a whole. The usage of smart cameras is anticipated to keep the concerned authorities or groups updated regarding any undesirable activity from the other side.
The commercial area had the next highest market share of 18.2% in 2022, and it is expected to grow at a CAGR of 25.1%, which is supposedly the highest CAGR based on the application. With more and more industries focusing on replacing their complex PCs integrated with conventional cameras with only smart cameras, the demand for smart cameras is anticipated to increase going further. This ensures that sufficient space is saved, and at the same time, unnecessary investment is drastically reduced.
Next in line is the transportation and automotive system, which had a market share of 18.1%, and is expected to grow at a CAGR of 24.7%. This can be attributed to the growth of ADAS technology, which works perfectly with smart cameras to upgrade the functioning of image sensors.
The military and defense segment had a share of 15.8% in 2022 and is expected to grow at a CAGR of 21.7%. Smart cameras as used in drones and other devices to capture the image and location of the required object and to take the necessary course of action.
The healthcare and pharmaceutical segment had a share of 11.7%, and it is anticipated to rise at a CAGR of 20.6%. Smart cameras in the healthcare and pharmaceutical industry provide advantages like low installation costs and are less complex to validate.
The food and beverages industry had a share of 7.4% in 2022 and is anticipated to grow at a CAGR of 18.7%. The other sectors had a share of 1.4%, and are expected to grow at a CAGR of 17.4%.
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| Country | Market Share % (2022) |
|---|---|
| North America | 24.3% |
North America is currently the largest smart camera industry, and during the forecast period, the market is expected to grow at a decent rate.
The wide presence of the semiconductor industry, coupled with booming IoT, and heavy investments being made in the defense sector is expected to drive the North American smart camera industry. Moreover, rapid advancements being made in technology coupled with increasing investments in Research and Development are anticipated to further drive the market. This is expected to have a positive influence on smart camera adoption trends. However, if we talk about the fastest-growing market, Asia Pacific is anticipated to be the fastest-growing smart camera industry.
Rapid urbanization and continuous upgradation of technological infrastructures are some of the reasons why Asia Pacific is expected to grow exponentially as a smart camera industry. Additionally, the existence of a volatile situation in the region both internally and externally is further expected to drive the market.
Moreover, being on a development spree, the industries are in complete overhaul mode. Because of this, the conventional surveillance system, which is anticipated to occupy lots of space is being replaced by compact smart cameras, which have a much higher efficiency than the conventional systems.
| Country | Market Share % (2022) |
|---|---|
| The United States | 19.5% |
The United States had a share of 19.5% in the North American smart camera industry in 2022, and it is expected to grow at a CAGR of 20.8%. The massive growth of the IoT and semiconductor industry in the region is anticipated to drive growth. Moreover, the growth of the food sector in the region is also anticipated to drive the smart camera industry.
Based on statistics, the United States had a military budget of USD 753.5 billion in 2021, which is the largest military budget in the world. Drones derive an essential investment from this budget, and these drones make use of smart cameras.
| Country | Market CAGR % (2023 to 2033) |
|---|---|
| The United Kingdom | 21.1% |
The United Kingdom had a share of 9.7% in the European smart camera market in 2022, and it is expected to grow at a CAGR of 21.1%. Apart from IoT and semiconductors, the region is meant for industrial plants. The has been an increase in the adoption of the smart camera in the UK because the industries are willing to upgrade themselves in every possible manner. By replacing the smart cameras with the conventional setup of PCs connected to traditional cameras, firstly a lot of space is available and at the same time, the activities are performed with higher precision because of all the advantages associated with smart cameras.
| Country | Market CAGR % (2023 to 2033) |
|---|---|
| China | 23.2% |
China was a significant smart camera market in the Asia Pacific in 2022, with a share of 12.8%, and the market is expected to grow at a CAGR of 23.2%.
Several factors support the smart camera market in China. The first one is the military and defense segment. The ruling authorities in China are spending a lot for advancing their military operations and the implementation of smart cameras is an important aspect.
Moreover, technological advancements are taking place at an exponential rate in the region. This is expected to have a positive impact on the smart camera market outlook.
| Country | Market CAGR % (2023 to 2033) |
|---|---|
| India | 26.5% |
India was one of the largest markets for the smart camera, having a share of 10.6% in 2022. The India smart camera market is expected to grow at a CAGR of 26.5%.
If we talk about a nation that is making technological advancements at a great pace, India is right there. Moreover, because of security issues within the nation as well as from outside, the adoption of the smart camera market is expected to surge.
Additionally, the expected investment of Taiwan Semiconductor Manufacturing Company in India is expected to bolster the smart camera market in the region. This move might very well increase the smart camera market share in India.
| Country | Market Share % (2022) |
|---|---|
| Japan | 5.4% |
Japan had a share of 5.4% in the global smart camera industry, and it is anticipated to grow at a CAGR of 22.6%.
Being known for technological advancements, and heavy investment in Research and Development, Japan is certainly a huge prospect for the market. Moreover, the growth in the adoption of CMOS and ADAS technology in the region is expected to drive the growth of the smart camera market. Apart from that, the external threats posed by a few neighboring countries are also anticipated to drive the smart camera market.
The start-ups operating in the smart camera market are looking at ways to make optimum utilization of power by focusing on smart low-power motion-sensing cameras. Apart from this, start-ups are working on several ideas.
Some of the start-ups are:
Ring Labs: Ring Labs was founded in 2012. It is best known for providing cloud-based integrated video surveillance systems. Through their smartphone, the user can receive notifications when motion is detected and conduct two-way communication.
Cloudastructure: Cloudastructure was founded in 2013. It provides a cloud and AI-based integrated video analytics system. It is also known for providing integrated building automated solutions for video monitoring and surveillance as a Service (VSaaS), door Access Controls as a Service (ACaaS), as well as integration with sensors to support IoT initiatives.
Verkada: Verkada was founded in 2016. The company focuses on developing enterprise video surveillance systems and platforms. They allow users to remotely monitor and watch real-time video feeds from the connected cameras.
Some of the other start-ups are ButterflyMX, Eagle Eye Networks, and QLess.
With a focus on improving the performance of the cameras, the key players are mainly focusing on sensors to improve the overall sensitivity of the device. The sensors are anticipated to be unveiled anytime after 2024. In the current times, mainly the 108 MP and 200 MP sensors are being made available. Going forward, the key players are focusing on developing 576 MP sensors.
Recent Developments
Samsung is a well-known brand in the electronic goods segment. Be it smartphones, television sets, refrigerators, or any other electronic device, Samsung has been covering all our needs about electronic devices.
In June 2022, Samsung launched a 200 MP camera sensor called ISOCELL HP3 is 1/1.4 -inch in size and delivers 0.56-micrometer pixels. With a 12% reduction in pixel size, Samsung has indeed made it clear that ‘big things come in small packages’. Additionally, the usage of this sensor is estimated to allow cameras to capture even 14-bit images and support up to 4 trillion colors, as claimed by the makers.
Panasonic is another company that has been delighting its customers with some of the finest electronic devices. Being founded in 1938, Panasonic has seen and been a part of the electronic revolution, and it is owing to its quality, that it remains a well-known brand to date.
In January 2022, Panasonic was in the news for launching a full-frame box-style digital single-lens mirrorless camera Lumix BS1H in India. Moreover, the camera is designed to fulfill the requirements of cinema, live streaming, and other multi-camera users. Moreover, the camera is Ethernet compatible. Undoubtedly, because of so much to offer, Panasonic Group has been a hub for innovators.
When it comes to quality, efficiency, and Return on Investment, there is hardly any player in the electronic segment which can equal Sony. Having served in this niche for more than seven decades, Sony has pioneered the art of developing top-drawer products.
In December 2021, Sony announced its latest flagship full-frame mirrorless camera, the Sony Alpha A7 IV. It was in the news for its specifications, which include a 33 MP full-frame Exmor R CMOS sensor, the Bionz XR processing engine, and advanced autofocus capabilities.
With this launch, it is anticipated that Sony is forecast to continue performing beyond expectations, and is expected to unfailingly thrill its customer baseline.
Heavy investment in research and development witnesses growth.
The market is estimated to secure a valuation of US$ 18,983.3 million in 2023.
The market is forecast to register a CAGR of 26.1% through 2033.
An increase in terrorism and criminal activities is one of the prominent drivers.
The commercial area segment holds the dominant share of the market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Components 5.1. Image Sensor 5.2. Memory 5.3. Processor 5.4. Communication Interface 5.5. Lens 5.6. Display 5.7. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Applications 6.1. Transportation and Automotive System 6.2. Healthcare & Pharmaceutical 6.3. Food & Beverages 6.4. Military & Defence 6.5. Commercial Area 6.6. Consumer Segment 6.7. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 17.1. Samsung Electronics Co., Ltd. 17.2. Canon Inc. 17.3. Nikon Corporation 17.4. Sony Corporation 17.5. Panasonic Corporation 17.6. Olympus Corporation 17.7. Polaroid Corporation 17.8. Microscan Systems, Inc. 17.9. Vision Components GmbH 17.10. Matrox Imaging 17.11. XIMEA GmbH 18. Assumptions & Acronyms Used 19. Research Methodology
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