Smart Cameras Market Key Findings, Regional Analysis, Top Key Players, Profiles and Future Prospects

Market Highlights

The global smart cameras market is projected to be valued at USD 5,926.4 million by the end of 2027, registering a CAGR of more than 9.57% during the forecast period.

A smart camera is a specialized device that captures high-quality videos at high speed. These cameras are equipped with a high level of image stabilization and higher frame rates for capturing smoother pictures even at high speed, mostly used in industrial activities. There is a high demand for 4K and 8K resolution cameras in production, law enforcement and surveillance, military operations, and medical applications. Smart cameras are available in various specifications, sizes, and resolutions, but their prime function is to capture and store a video for inspection, sortation, and security purposes. Wireless smart cameras have become very popular owing to the hassle-free approach of installation and cost-efficiency.

The primary factor driving the global smart camera system market is emerging smart city initiatives. Smart cameras offer various benefits such as monitoring, a complete view of the user’s property, a log of all the visitors to the property, evidence against theft, increased protection at night, and real-time monitoring of the property. This mainly helps in providing security and safety solutions to the consumers, which in turn creates awareness regarding the same.

Furthermore, 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.Thus, real-time video can be accessed via a smart camera at any time.

COVID-19 Impact Analysis

Many countries were under lockdown in April 2020, which led to the shutdown of numerous semiconductor components manufacturing units. Only a few manufacturing units supply semiconductor components to healthcare sectors and other major end segments, which have remained operational during this period to supply essential commodities. 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. Hence, the IT sector is expected to witness severe disruptions in the coming few months due to the spread of COVID-19.

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Segment Analysis

The global smart cameras market has been classified on the basis of type, sensor type, scanning, type connectivity, application, and region.

On the basis of 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. Computer vision-based approaches are very useful in dynamic displacement measurement, damage detection, and structural health monitoring. Single-chip cameras can be used as a simple, cheap solution for colored tasks. They are capable of providing essentially more information with 3 * 8 bits RGB. A large number of color camera versions are available on the market, providing reasonable color quality.

By sensor type, the smart cameras market has been bifurcated into CMOS and CCD. A complementary metal-oxide-semiconductor (CMOS) image sensor has a photodiode and a CMOS transistor switch for each pixel, allowing the pixel signals to be amplified individually. A charge-coupled device (CCD) image sensor has an array of capacitors, each carrying an electric charge corresponding to the light intensity of a pixel.

By scanning type, the smart cameras market has been bifurcated into area scan, line scan. Area scan cameras are based on rectangular sensors. Their pixels are all exposed at the same time and then convert photons into electric signals. Line scan cameras record an endless image one line at a time, at frequencies of ten thousand pictures per second, which are put together by software.

By application, the global smart cameras market is segmented into surveillance & security, inspection and quality assurance, automated sorting, transportation & logistics, biometrics and access control, and guidance/machine vision. Smart camera surveillance system benefits banking enterprises on a vast scale some of them include proactive security, centralized monitoring and control, and cost-saving on bandwidth and storage. Cameras are widely used in food sorting applications to sort vegetables & fruits, dried fruits & nuts, cereals, grains, and pulses. Smart camera solutions are used to create facial recognition quickly, people tracking, employee management, and visitor identification applications that estimate emotions, behavior, and anti-spoofing.

Based on connectivity, the global market is segmented into Bluetooth, Wi-Fi, and Wireless HART. Wi-Fi-connected devices provide various benefits for controlling several homes and office security through smartphones. The Bluetooth speaker camera is powered from the mains for 24/7 around-the-clock surveillance. Security camera uses the same level of security as a bulb or a sensor.

Key Findings of the Study:

The global smart cameras market is predicted to reach a valuation of USD 5,926.4 million by 2027,with a CAGR of ~9.57%during the forecast period, 2021 to 2027.

North America accounted for the largest market share in 2020; this can be attributed to the growing technological advancements.

Asia-Pacific is expected to be the second-fastest-growing regional market registering a CAGR of over 10%.

Europe is likely to register significant growth due to 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 the automobile, medical, industrial, transportation, and other end-use industries.

Emerging smart city initiatives present lucrative growth opportunities for the players operating in this market.

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