The smart camera market is gaining enormous popularity in machine vision and surveillance industries. These smart cameras have immense processing capabilities, and they boost the processing speed that is as fast as PC-based systems using a set of regular cameras. Owing to this, the smart camera market is gaining tremendous traction globally. The smart cameras are being used in the manufacturing industries as at the time of inspection, they act as integrated inspection tools in order to control the product quality and increasing productivity. The analyst from IndustryARC evaluates the global smart camera market size to be $7.41 billion in 2018. Moreover, the demand for smart cameras is poised to grow at a healthy CAGR of 11.28% during the forecast period 2019-2025.
IndustryARC’s report is titled “Smart Camera Market: By Integration (Integrated, Compact, Distributed) By Application (Robotics, Security, Traffic Surveillance, Others) By Industry (Defense, Aerospace, Automobile, Others) By Component (Sensors, LED, Storage Hardware, Others) – Forecast (2019 - 2025),” complies of an in-depth analysis of entropy, which includes mergers & acquisition, collaborations, joint ventures, and partnerships in the smart camera market. Furthermore, the report also provides a detailed analysis of the top 10 companies such as Panasonic Corporation, Nikon Corporation, Canon Inc., and a few other in the smart camera market.
Smart Camera Market: Leading Segments
North America is leading the global smart camera market with a regional share of 34.85% in 2018. Augmenting infrastructural activities and expanding manufacturing units in North America is supporting the growth of the smart camera market. Furthermore, North America is experiencing a high demand for the smart camera from the huge military and defense sector. Additionally, the enlarging construction activities and modernization are boosting the demand for the smart camera for home security. These internet-connected cameras offer a live view from remote locations, recognize friends from foe, and send alerts when detecting any unwanted activities. Thus, the smart camera market is expected to fuel up the growth in the upcoming years.
Consequently, the key segment cited by the analyst of IndustryARC is security. The smart cameras provide proactive security features in order to maintain home surveillance stress-free. Moreover, the key segment is poised to grow at a CAGR of 9.4% during the forecast period.
Smart Camera Market: Market Trends and Growth Drivers
- Ring Floodlight Camera: An Emerging Trend
Ring camera is one of the most-sought smart home applications. The device is embedded with the LED lights and HD video camera. Furthermore, ring floodlight camera is the best for weather-resistant outdoor cam. Hence, the emerging trend has increased the demand for smart camera globally.
- Nest Cam IQ: Smartest Camera
Nest cam IQ is considered to be one of the smartest cameras. The camera is designed in attractive lollipop-style, with Wi-Fi built in it. This is one smarter way to detect events, activities, and time lapse. Owing to these features, the nest cam’s demand has increased and simultaneously there is significant growth in the smart camera market.
- Arlo Pro: A Battery Powered Camera
Arla pro is a battery powered camera, that can be plugged in, and base station with a siren that can be easily connected to routers. This provides three activity zones capturing and sound detection. Hence, these cameras are compact and can be used in the house and garden, due to this the smart camera market is growing.
Smart Camera Market: Competitive Landscape
Innovation is paramount to survive in this marketplace. Consequently, companies are investing in R&D activities to carve a niche for themselves. The major companies that are investing in the global smart camera market are Raptor Photonics, Canon, Samsung, Basler, Nikon, Panasonic, Olympus, Ata-Vision, Polaroid, FLIR and Omron.
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About IndustryARC: IndustryARC is a research and consulting firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.