Smart Cameras Market

Market Overview

The global smart cameras market size was valued at USD 3,480.30 million in 2022. It is projected to reach USD 8,007.12 million by 2031, growing at a CAGR of 9.70% during the forecast period (2023-2031). 

A smart camera is a stand-alone vision system with an image sensor, computing power, and decision-making algorithms. It is capable of image capture and image-based information extraction to produce event descriptions and decision-making. These cameras use an integrated Wi-Fi or LTE connection and Android operating systems to share photos online. With the help of a smart camera, users may exchange pictures and communicate in real time with the neighborhood media. These gadgets are popular due to their cutting-edge features like LTE, professional features with interchangeable inexpensive, flexible lenses, consumer accessibility with an easy-to-use Android operating system, and extensive network services unique from other telecommunications companies.

Highlights

• The stand-alone smart cameras segment is the highest contributor to the market by type.
• The security and surveillance examination segment is the highest contributor to the market by application. 
• The Bluetooth segment is the major contributor to the market by connectivity.
• North America is the major revenue contributor by region.

Market Dynamics

Global Smart Cameras Market Drivers

Raise Conscience About Security and Safety

Although smart cameras come in various sizes and picture quality levels, they aim to produce a video image of the area they monitor. The demand for linked safety and solutions has increased due to the expanding technology developments in public and private infrastructure. Smart cameras have many advantages, including surveillance, a full view of the user's property, a log of all visitors, evidence against theft, improved nighttime protection, and real-time property monitoring. This primarily aids in offering consumers security and safety solutions, raising awareness of the subject.

Major companies are investing in creating home security cameras, including Hikvision, Net Gear, and Nest Cam. A cloud security camera with motion detection, two-way audio, cloud storage, and night vision with 1080p full HD compatibility was released by YI in April 2018. The camera costs USD 54 and offers good data protection while giving activity alerts in real-time. Nest Cam, a larger and more safe security camera than its predecessors, also unveiled an update for the Nest Cam Outdoor. Installing smart technologies like smart cameras today is simple and affordable thanks to the growing number of businesses investing in the market and developing more inventive goods to meet consumer wants and demands. The companies want to make it simpler for customers to put an easy-to-use security solution on their property.

Global Smart Cameras Market Restraint

Mobile Devices with a Better Camera

The fact that smartphones have evolved into necessary everyday tools is the primary element contributing to their increased demand for smart cameras. The smart camera is seen as a cross between a smartphone and a digital camera based on its use and the applications it enables. In addition to taking images, smart cameras can extract information relevant to an application from the number of photos taken. However, modern smartphones have better quality and resolution cameras than smart cameras, which causes consumers to gravitate toward them.

It is no longer essential to manually upload images onto a computer; instead, photos may be shared immediately after being taken with the aid of cloud-connected cellphones and increasingly shrewd cloud photo-sharing platforms. Typically, pictures are taken with little to no preparation and with the camera app's default settings. The rapid growth of smartphone photography has increased people's interest in and expectations for taking high-quality pictures. Customers want a digital camera that also has smartphone-like functions. However, consumers can utilize smartphones to access all the parts of digital cameras and other programs like calling and surfing. As a result, they are moving away from smart cameras and toward smartphones.

Global Smart Cameras Market Opportunities

New Smart City Activities

Using cutting-edge security solutions is essential to expanding the market to satisfy security needs. Video analytics are widely employed in smart city initiatives to monitor homes, buildings, and the environment. With intelligent security cameras, high-quality video surveillance could assist in tracking and monitoring human behavior and traffic, and other activities. Additional video analytics applications include behavioral analytics and facial recognition, among others. Technology-advanced security cameras and video surveillance systems are needed for smart city projects to provide real-time information and monitor traffic and other functions. By enabling quick access to crises and suspicious situations, the smart city initiatives also give intelligent traffic and disaster warnings notifications.

The smart city projects also feature surveillance systems that monitor streets and public spaces, protect people, property, and equipment, and support criminal investigations. Additionally, it provides customers with future-proof integration, distributed intelligence, remote accessibility, dependability, and affordable solutions. The demand for smart cameras is rising for various security and surveillance purposes, including protection from terrorist attacks, in the home security market, in smart buildings, and for the growing demand for smart camera surveillance for smart city projects.

Regional Analysis

North America Dominates the Global Market

The global smart cameras market is divided into four regions: North America, Europe, Asia-Pacific, and LAMEA. 

North America is the major revenue contributor and is expected to grow at a CAGR of 9.20% during the forecast period. The U.S., Canada, and Mexico make up North America. It is anticipated that the market will experience growth due to the increasing demand for smart devices across this region from different industries. The aerospace, defense, electronics, and semiconductor industries for machine vision, bar code reading, product inspections, various fault detection, part sorting, and surface inspection are widely adopting these devices. IoT, mobility, networking, and automation have seen widespread adoption due to the expanding technical developments in the US, Canada, Mexico, and other nations. 

Asia-Pacific is expected to grow at a CAGR of 10.80% during the forecast period. China, Japan, India, and the rest of Asia-Pacific comprise Asia-Pacific. The demand for the market has been impacted by the growth of smart camera applications, increasing online high-tech security, and quick technological breakthroughs in this area. Numerous manufacturing firms, including Microscan Systems Inc., Sony Corporation, Canon Inc., Nikon Corporation, Panasonic Corporation, Olympus Corporation, Polaroid Corporation, Vision Components GmbH, and XIMEA GmbH, are working hard to create novel products that are appropriate for a variety of applications to satisfy the region's expanding demand.

The U.K., Germany, France, and the rest of Europe are among the nations that make up Europe. Government attempts to install smart cameras in public locations like airports, train stations, and bus stops, as well as applications of the technology in the automotive, medical, industrial, and other sectors, are the main drivers of the market's expansion. Furthermore, the region now has a vast supply chain thanks to distributors and resellers and the presence of major industrial players like Bosch Security Systems, Inc. With the advent of Industry 4.0, processes can now be automated. The smart camera has profited from this because it can perform better machine vision, product inspection, flaw detection, and surface inspection.

Saudi Arabia, Kuwait, Qatar, the United Arab Emirates, Bahrain, Egypt, South Africa, and the rest of the Middle East and Africa are among the nations that make up the Middle East and Africa. Due to the region's rapid technological development and rising use of smart security and surveillance, the Middle East and Africa are anticipated to dominate the global market for smart cameras. The Middle East and Africa have started implementing various infrastructure improvements and smart city ideas. They seriously consider facial recognition a crucial tool for ensuring security and safety. 

Segmental Analysis

The global smart camera market is segmented by technology, type, and application.

The global smart cameras market is bifurcated based on type into stand-alone smart cameras, single-chip smart cameras, and others.

The stand-alone smart cameras segment is the highest contributor to the market and is estimated to grow at a CAGR of 9.65% during the forecast period. Computer vision-based methods are beneficial for dynamic displacement measurement, damage identification, and structural health monitoring. These cameras allow for integrating the image sensor and the vision system into a single hardware component, an intelligent or smart image sensor. These cameras are employed in earthquake building safety assessments, and a novel stand-alone smart camera system for measuring inter-story drifts was developed. The suggested system comprises a single camera, a single-board computer, and two accelerometers, each equipped with a microcontroller. The device can compensate for the camera's rotating effects during an earthquake.

For colored jobs, single-chip cameras can be employed as an easy, affordable alternative. With 3 * 8 bits RGB, they can provide more information. Many color camera models on the market offer acceptable color quality. They are frequently comparable in price to their monochrome counterpart. Single-chip color cameras are used to solve many color applications. Companies in the semiconductor and machine-vision industries are employing CMOS technology to incorporate more than a sensor on a piece of silicon due to the market demand for a low-cost camera on a chip.

It is now possible to buy smart cameras that can carry out many of the image processing tasks that, in the past, could only be done by PC-based systems because of the demand for smaller, cheaper sensors, semiconductor memory, and embedded computers. Smart cameras with embedded systems could provide a range of functions, such as surveillance, motion analysis, animal and human detection, and facial recognition. Real-time performance is insatiably needed for video processing. This demand is satisfied by smart cameras using a low-cost, low-power device with a sizable amount of memory. VLSI systems perform a variety of algorithms to glean meaning from streaming video.

The global smart cameras market is bifurcated based on connectivity into Bluetooth, Wi-Fi, and others.

The Bluetooth segment is the major contributor to the market and is estimated to exhibit a CAGR of 9.90% during the forecast period. Mains outlet for continuous monitoring powers the Bluetooth Speaker Camera. Security cameras use the same level of security as sensors or lights. A Wi-Fi security camera that doubles as a practical Bluetooth speaker to adorn most indoor spaces. Push notifications can be delivered to a smartphone anytime movement is detected, and video footage can be automatically stored in the internal memory of the Bluetooth speakers for evidence collecting.

Smartphones can regulate the security of many homes and offices thanks to Wi-Fi-connected equipment. Smart homes use Wi-Fi-enabled goods, such as security equipment integrated with Amazon Alexa and Google Home and controlled by voice commands. Motion detection, wireless technology, planned recording, remote watching, and automatic cloud storage are all made possible by it. At the same time, a Wi-Fi network connection gives the camera a fantastic range of remote functions.

Based on application, the global smart cameras market is bifurcated into security and surveillance examination, access control, and guidance with machine vision, among others.

The security and surveillance examination segment is the highest contributor to the market and is estimated to grow at a CAGR of 10.40% during the forecast period. A smart video surveillance system has enormous advantages for financial businesses. Proactive security, centralized monitoring and control, and bandwidth and storage cost savings are a few of them. There are several security issues that government offices, buildings, and institutions must deal with. The security of employees, civilians, security officers, and military personnel is the government's responsibility, as is the defense of government operations, infrastructure, and facilities.

Automating the visual examination provides better precision, reproducibility, and, ultimately, better quality control. For a very long time, cameras have been incorporated into quality control automation. These automated control systems are extremely useful in the industrial sector due to the vision algorithms and AI with smart cameras' ability to examine images more thoroughly and quickly. USB cameras enable simple integration into the current systems for industrial computers and quality control.

Cameras are frequently employed in food sorting applications to separate vegetables and fruits, dried fruits and nuts, cereals, grains, and pulses. Camera-based optical sorters are favored in many applications because they are more precise and can find even the smallest product flaws. Flexible monochromatic, dichromatic, and trichromatic cameras are readily available on the market; these cameras can detect minute flaws in items inside and outside the visible light spectrum. Smart cameras are stand-alone solutions for traceability and inspection. 

The global expansion of goods transportation creates new difficulties and enormous opportunities for the logistics sector. While new technologies enable new ways to monitor and control the physical side of logistics, security and operations needs are evolving. Modern security technology is smart camera surveillance. Smart surveillance allows humans to monitor real-time security and operations along the supply chain. Whether commodities are delivered by truck, ship, train, or plane or are held in warehouses, global transportation of goods must be completely secure.

Smart camera systems are used to develop visitor identification, employee management, fast facial recognition, people tracking, and anti-spoofing applications. Smart cameras can collect data for customer analytics at establishments like casinos, banks, and retail stores. Additionally, with enhanced automated border control systems that utilize biometric facial IDs and advanced cameras that can quickly compare faces to passport photos.

Recent Developments

• July 2022- Nikon released the LuFact ultra-compact machine vision camera to accelerate digital transformation at manufacturing sites. The product name is derived from the phrase Luminous Factory Camera and refers to a camera that dramatically improves manufacturing capabilities by illuminating previously unseen objects.
• July 2022- Canon released its first intelligent camera, the Canon PowerShot Pick, a smart photography companion. It automatically captures priceless moments, allowing us to focus on experiencing them rather than attempting to capture them manually.