Global Smart Camera Market Size 2022: Emerging Demands, Recent Trends, Explosive Factors Of Revenue By Progression Status, Futuristic Opportunity, Share And Forecast To 2031

Kenneth Research examined the statistical and analytical approach that is required for the growth of Global Smart Camera Market between the years 2022 and 2031. The key industrial insights provided in the report gives a better idea about the market overview to the readers regarding the existing scenario in the market. In addition, the report includes detailed discussion on current and future market trends that are associated with the growth of the market.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Smart Camera Market products.

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Smart Camera Market Overview

Smart camera is an image processing system. These cameras are flexible, reprogrammable and help in better communication which benefits machine vision system with easier integration of camera into the system. These smart cameras have the capability of interacting with smartphone and PC applications. Smart camera can directly share and upload pictures and videos on various social media platforms and photo-sharing portals.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Smart cameras are basically used for monitoring and surveillance purposes in home, industrial and others. There are various applications of smart cameras in real-world such as for video surveillance and industrial machine vision. The industrial machine vision is probably the most favorable application of smart camera.

Market Size and Forecast

The global smart camera market is expected to expand at a CAGR of 18.2% over the forecast period i.e. 2017-2024. Further, the smart camera market is anticipated to reach USD 6.2 Billion globally by 2024. Rising demand for smart camera in commercial, residential infrastructure, public places, military and others for security and surveillance is projected to foster the growth of smart camera market.

Geographically, Asia-Pacific region accounted for the highest market share in the revenue of smart camera followed by North America. The Asia-Pacific region is anticipated to grow at a CAGR of 21% over the forecast period. Rapid economic development in India, China and Japan is anticipated to propel the growth of smart camera market over the forecast period. Further, product innovation by manufacturers in China, Korea, and Singapore is fuelling the growth of smart camera in this region. Moreover, Asia-Pacific is witnessing rapid urbanization and modernization of structural developments such as integration of hi-tech security system in new building constructions. This factor is believed to positively impact the growth of smart camera market.

North America region holds the second largest market share in smart camera market across the globe. Further, evolution of user-friendly technologies is anticipated to foster the demand for smart camera in this region. U.S. is anticipated to account for the highest percentage of market share in this region over the forecast period. Apart from this, some of the developing regions such as Latin America are also anticipated to witness a robust growth owing to the adoption of advanced technologies. Furthermore, Latin America is expected to grow at a CAGR of 31% by the end of 2024.

Key players

The major key players for smart camera market are as follows

Samsung Electronics Co., Ltd.
Nikon Corp.
Canon Inc.
Datalogic S.P.A.
Panasonic Corp.
Sony Corp.
Polaroid Corporation
Microscan Systems Inc.
Nest Labs

Growth Drivers and Challenges

Growing concern for security and surveillance in public spaces such as railways stations, public squares and parks is envisioned to bolster the demand for smart camera. Further, global growth of smart camera can be attributed to technological advancements in improved quality imaging. In addition, modernization of complementary metal oxide semiconductors (CMOS) image sensors, smart lenses, embedded system designs and chip manufacturing are also believed to flourish the growth of smart cameras market over the period 2017-2024.

Moreover, governmental norms for strengthening the surveillance and security of public spaces are fuelling the growth of the global smart camera market. Further, the rising investments in infrastructural facilities would lead to the installation of the smart cameras for monitoring and security in the residential apartments and industries.

However, lack of standardization for the installation of smart cameras is projected to dampen the growth of smart camera market. Further, high cost associated with smart cameras is anticipated to hinder the growth of smart camera market in the near future.

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Market Segmentation

Our in-depth analysis segmented the global smart camera market in the following segments:

By Application

Public Spaces
Military & Defense
Transit Facilities
Commercial Facilities
Enterprise & Government Infrastructure
Residential Infrastructure
By Vision System

Embedded Vision System
PC based Vision System
Network based Vision System
Others Vision Systems
By Sensor Type

CMOS Sensor
CCD Sensor
By Distribution Channel

Offline Stores
Online Stores
By Price Range

Premium Price
Mid Price
Low Price
By Region

Global smart camera market is further classified on the basis of region as follows:

North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

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About Kenneth Research

Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.

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