In recent times, smart cameras equipped with artificial intelligence (AI) technology is gaining huge traction worldwide. From self-driving to cashier-less retail applications, smart cameras are expected to power a new user experience. Digital assistance technologies such as Google Assistant, Amazon Alexa and Apple Siri act as a bridge between people and AI, further propelling the new user experience in recent years. To further enhance the new user experience, companies such as Boston Dynamics are working with robotics. In order to move with animal-like dexterity and sense the environment, these robots utilize high-resolution cameras. Additionally, Temi, a revolutionary mobile robot with in-built smart cameras, is emerging as the ultimate solution for businesses that are seeking to improve their interaction with customers. In addition to this, Temi is being used widely in office, gamer, education, remote care, insurance, hospitality, at the airports, retail stores, and smart home. Soon, people will experience practical robot solutions that will be capable of natural interaction with humans. Such revolutions are positively influencing demand for the smart camera market, which is poised to grow at a CAGR of 11.2% during the forecast period 2019-2025. In 2018, the global Smart Camera Market size was valued at $7.41 billion.
- Top 3 Impacted Application Industries
- · Construction Industry:According to the American Institute of Architects (AIA), the projected increase in the construction spending for nonresidential buildings is 4% and will continue to grow at the same growth rate through 2019. The Institution of Civil Engineers also estimates the volume of construction output to be $15.5 trillion by 2030. These factors are leading to growth of the smart camera market due to the growing need for video surveillance in residential and nonresidential buildings. Demand for smart cameras is expected to grow due to an increase in security-related concerns. Security is the fastest growing application segment of the smart camera market, growing at a CAGR of 9.4% through to 2025. Consumers are spending ample amount to increase the security of their premises. Increasing number of smart homes is simultaneously increasing demand for smart cameras such as Wyze Cam, Arlo, Nest, and D-Link. Launch of these products in the marketplace have increased the investments from the potential investor. One example that specifies the development in the construction industry is, in May 2019, Google launched its new unified smart home brand “Google Nest”. Google Nest is a wireless camera available in both outdoor and indoor variants. The Indoor Nest Cam is a lollipop-style camera with built-in Wi-Fi it that can be placed anywhere in the house. An outdoor version of the camera is shaped like a spotlight, can be screwed anywhere into the wall and rotate in all directions. These cameras provide three hours of image snapshots along with live-video feeds and face recognition. The camera is also embedded with Google Assistant providing virtual assistants. This technological advancement makes Google’s Nest Cam the smartest of all smart camera.
- · Manufacturing Industry:According to the World Bank, the manufacturing industry contributed 15.6% to the global GDP in 2017. An important aspect of the growing manufacturing industry is the increasing interest and investments on smart infrastructure, where smart cameras are becoming highly essential. The benefits of the smart camera make them an ideal fit for the industrial application, where they can be commonly used for monitoring and controlling quality and increasing productivity. For instance, for bottling inspection, the bottles are filled, closed and labeled at a high speed in the manufacturing unit, which requires machine vision sensor along with smart camera ensures that the bottles are packed properly. The smart camera with machine vision systems are the most suitable and commonly used for reading barcodes and checking the position of the label in the bottles. Thus, increasing demand for smart cameras in manufacturing units is influencing the smart camera market growth.
- · Automotive Industry:A variety of smart in-vision cameras are being used in automobiles to safeguard the driver and the other occupants. Some of the cars already in the market have 2D cameras and the ones that are newly being manufactured are embedded with 3D cameras. These smart cameras capture facial analysis and gesture interfaces that protect the car and avoid accidents. Smart cameras installed around the vehicle exterior offer a combination of benefits in terms of protection and convenience. A trend that struck in the automotive industry was in 2016, The Auto I, world’s smartest car security 360-degree dash camera was launched to maintain a record of the movement and impact of the vehicle via smartphone, where the vehicle’s owner receives notifications accompanied by a video of the event. In case of an accident between the vehicles, Auto I records the incident that becomes beneficial to be able to provide the law enforcement and insurance companies. According to the World Economic Forum, the total number of cars on the road are projected to be more than two billion by 2040. Growing technological advancements in the automotive industry are increasing demand for smart cameras and smart infrared cameras. For instance, in April 2019, a team from Cornell University developed a cost-effective stereo-camera that can detect objects for self-driving cars with LiDAR’s accuracy. LiDAR sensors use 3D maps to measure objects and follow maps. The demand for self-driving cars are continuously growing which is driving the growth of the smart camera market revenue.
- North America: Emerging Smart Camera MarketNorth America is leading the global smart camera market, and registered a share of 34.85% in 2018. Augmenting infrastructural activities and expanding manufacturing units in North America are supporting growth of the smart camera market. According to the World Bank, the manufacturing industry in the U.S. contributed 11% to the nation’s GDP. The region is experiencing high growth in the manufacturing industry, and this is expected to propel demand for smart cameras in coming years. Furthermore, the need for smart homes are rapidly growing and becoming a major trend for the citizens of the region. Consumers are aware of the utility of smart products such as smart locks and smart security cameras, which have become an integral part of smart homes. The acceptance and huge demand from the military and defense sectors for video surveillance is leading to growth of the smart camera market in North America. The market is lucrative and is expected to receive an influx of new entrants.
The Major Frontrunners of the Smart Camera Market
Innovation is paramount to survive in this marketplace, and companies are investing in R&D activities to carve a niche for themselves. Key players in the global smart camera market are Raptor Photonics, Canon Inc., Samsung, Basler AG, Nikon Corporation, Panasonic Corporation, Olympus Corporation, Ata-Vision, Polaroid Corporation, FLIR Systems, and Omron Corporation. Many companies are introducing new products in order to increase their market share, or entering into strategic joint ventures and partnerships. Mergers and acquisitions are also a common strategy followed by companies in the smart camera market.
- · Amazon Acquired Ring and Blink to Expand Product Portfolio
- · Motorola Signed Definitive Agreement to Acquire Avigilon In 2018, Motorola announced that it has signed a definitive agreement to acquire Avigilon, a Vancouver-based company for $1 billion. This acquisition will create opportunities for Motorola to expand its product portfolio coupled with Avigilon’s advanced video surveillance and analytics products for commercial customers.
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