The “Global Smart Camera Market, By Component (Image Sensor, Memory, Processor, Communication Interface, Lenses, Display, Others), By Application (Transportation & Automotive, Healthcare & Pharmaceutical, Food & Beverages, Military & Defense, Commercial Area, Consumer Segment and Others)and by Geography (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Global Forecast to 2027”, is expected to be valued at US$ 43,913.3 million by 2027, witnessing a CAGR of 23.3% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Overview
A smart camera is a self-contained vision system with built-in image sensor, which is capable of capturing images, generating event descriptions, extracting application-specific information from the images, and making decisions. It also offers real-time video analysis and is used in advanced monitoring, quality checking, robotic guidance system, and various machine vision applications. Smart cameras include different components including memory, image sensors, communication interface, lenses, processor, display, etc. Smart cameras offer numerous field applications including non-contact measurements, robot guidance, biometric recognition, part sorting and identification, code reading and verification, unattended surveillance, web inspection, detection of position and rotation of parts, etc.
The global Smart Camera market is estimated to account for US$ 8,203.1 Mn in 2019 and is expected to grow at a CAGR of 23.3% % over the forecasted period 2019-27.
Market Driver
Rising expenditure of governments on surveillance and security is expected to drive growth of the global smart camera market during the forecast period
Governments of various countries have started investing significantly in surveillance, in order to enhance the security measures. The governments are focused on increasing their expenditure on security and surveillance equipment. Smart camera offers enhanced monitoring and real-time video analysis, which enhances security. As a result of this, many countries are increasing expenditure on smart cameras for security and surveillance systems. Therefore, growing investment in surveillance and security systems is expected to boost the global smart camera market growth over the forecast period.
Market Opportunity
Rising demand for smart intelligent system in the MEA region can provide major growth opportunities
Smart cameras are being increasingly used in transportation systems since they facilitate better traffic movement and control. Moreover, these cameras help to ensure road safety by monitoring vehicles. For instance, in 2013, Abu- Dhabi government installed smart cameras for facilitating traffic monitoring. Furthermore, in 2014, Dubai Police Force deployed smart or intelligent cameras for monitoring road traffic and crimes. Major market players can focus on these regions by providing novel products and capitalize on untapped potential.
Market Restraint
Low acceptance in emerging economies is expected to restrain growth of the global smart camera market during the forecast period
Some emerging economies continue to lag behind in terms of technology adoption, including smart cameras adoption for various purposes and industries, as compared to developed economies. Moreover, low awareness and technological advancements are other factors hindering growth of the market. However, adoption of smart cameras in emerging economies for surveillance and security applications and in transportation systems as compared to other applications. Therefore, these factors are expected hinder the global smart camera market growth over the forecast period.