AI Camera Market To Surge To USD 70.89 Billion By 2032, Driven By Technological Innovations And Growing Security Needs

Pune, Sept. 18, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that, “ The AI Camera Market size was valued at USD 11.32 billion in 2023 and is expected to grow to USD 70.89 billion by 2032 and grow at a CAGR of 22.61% over the forecast period of 2024-2032. ”

AI cameras are transforming various industries with their revolutionary capabilities, expanding the horizons of possibilities.

The quick expansion of the AI camera industry is fueled by progress in AI and machine learning, allowing cameras to exceed traditional imaging capabilities. AI cameras, powered by intelligent algorithms, are able to recognize a wide range of items, individuals, movements, and feelings, making them crucial in various scenarios. In monitoring, they improve safety using immediate facial recognition and analysis of behavior. In the automotive industry, they enhance safety in ADAS and self-driving technology. Smartphones utilize improved photography capabilities, while AI cameras are employed in healthcare for patient monitoring and diagnostics. Retailers are using AI cameras to analyze consumer behavior and optimize stores due to the growth of smart cities and higher levels of automation.

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Key Players in the AI Camera Market are:

• AV Costar (Costar VMS)
• Axis Communications AB (Axis Q1656-D AI Camera)
• Bosch Sicherheitssysteme GmbH (Bosch AUTODOME IP starlight 7000i)
• Canon Inc. (Canon VB-H43 AI Camera)
• Hangzhou Hikvision Digital Technology Co., Ltd. (Hikvision DS-2CD7A26G0/P-IZHS)
• Honeywell International Inc. (Honeywell Pro-Watch® Integrated Security Suite)
• Huawei Technologies Co., Ltd. (Huawei OceanStor Dorado AI Camera)
• Johnson Controls (Tyco Illustra Pro Gen 3 AI Camera)
• LG Electronics (LG AI Video Surveillance Solutions)
• Nikon Corporation (Nikon DS-Fi3 AI Camera)
• Panasonic Holdings Corporation (Panasonic i-PRO Extreme AI Camera)
• Samsung Electronics Co., Ltd. (Samsung Wisenet P Series AI Cameras)
• Sony Corporation (Sony SNC-VB770 AI Camera)
• Teledyne FLIR LLC (FLIR A500/A700 AI Thermal Cameras)
• Others

AI Camera Market Report Scope:

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AI cameras are transforming the driving market and enhancing road safety.

The AI camera industry is growing rapidly, fueled by improvements in traffic control and highway security. AI cameras in Devon and Cornwall, UK are used to spot seat belt offenses and unsafe driving actions by examining large amounts of data accurately. Significantly, more than 2,200 violations for not wearing seat belts were documented, with 109 of them related to children, showcasing the impact of AI on improving safety on the roads. This technology helps police by detecting specific infractions such as unrestrained children, even in fast-paced situations. The growing need for intelligent monitoring in transportation and public safety industries is driving the AI camera market, with more funding anticipated as governments acknowledge AI's effectiveness in decreasing traffic accidents and enhancing law enforcement productivity.

AI cameras are transforming the state of security by revolutionizing surveillance and facial recognition technologies.

In 2023, surveillance cameras dominated the AI camera market, accounting for 38% of revenue. AI-driven surveillance cameras enhance security with features like instant object identification, motion tracking, and automated notifications. Notable advancements include Hikvision's DS-2CD7A26G0/P-IZHS with facial recognition and Axis Communications' Axis Q1656-D for advanced imaging. These developments underscore the growing need for sophisticated AI surveillance systems and predict further innovations in monitoring solutions.

In 2023, image and facial recognition technology led the AI camera market, capturing 38% of revenue, reflecting a growing reliance on AI for security and identification. This technology enhances surveillance with accurate identification and authentication, essential for access control and public safety. Key developments include Dahua Technology's DH-IPC-HF81230F and NEC's NeoFace X series, both advancing face recognition capabilities. Globally, countries like the UAE are investing in AI-driven security, underscoring the vital role of image and facial recognition in enhancing global safety.

North America Dominates AI Camera Market as Asia-Pacific Accelerates Growth.

In 2023, North America led the AI camera market with a 37% revenue share. The region's dominance is attributed to stringent regulatory frameworks and advanced technological infrastructure. U.S. legislation like the Foreign Intelligence Surveillance Act (FISA) has driven the demand for AI-powered surveillance tools. Companies such as Cisco Systems and Motorola Solutions have introduced innovative products like the Cisco Meraki MV93 and WatchGuard V300, respectively, catering to stringent regulatory standards and enhancing security measures.

Asia-Pacific emerged as the second fastest-growing region, characterized by its significant population and rapid economic growth. The region's expansion is supported by investments in advanced technology and government initiatives, such as the Delhi government's launch of AI-powered traffic control cameras. The region's dynamic growth reflects its commitment to leveraging AI for enhanced safety and efficiency.

Recent Development

• On June 23, 2024, Nikon announced it is developing new technology to authenticate images and differentiate them from AI-generated fakes. This innovation aims to combat the growing issue of AI-created disinformation, a challenge that highlights the increasing importance of reliable imaging technologies in the AI camera market.
• In February 2024, NWSL and Google Pixel revealed the introduction of the Program for Pitchside Content featuring AI Cameras. Through the long-term collaboration, Google Pixel is now the official sponsor of the NWSL Championship and Playoffs, in addition to introducing the Pixel program to enhance fan engagement with the sport.
• In October 2023, Panasonic incorporated AI-driven automatic tracking into its PTZ cameras. The system is ideal for news studios, enabling users to capture all necessary content with only one operator needed to handle cameras.
• In October 2023, Teledyne FLIR announced the launch of Visible Security Cameras integrated with artificial intelligence at ISC West 2023, enhancing its product range. The FLIR Quasar Premium Mini-Dome AI comes in three versions: 4K Wide, 5 MP, and 4K Narrow. Each option includes 12 analytics for detecting individuals, items, cars, occurrences, and characteristics.

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Key Takeaways

• Obtain knowledge on the fast growth of the Asia-Pacific region, focusing on the impact of investments in advanced technology and government projects such as traffic control cameras powered by artificial intelligence.
• Find possible investment sectors and chances in developing markets with substantial growth prospects, influenced by current trends and technological progress.
• Examine the competitive landscape, including key competitors and their impact on the market, in order to position your business effectively and plan for expansion.
• To improve your business strategy, adjust to market shifts, and utilize technological advancements to gain a competitive advantage.

Table of Contents – Major Key Points

1. Introduction

1.1 Market Definition

1.2 Scope (Inclusion and Exclusions)

1.3 Research Assumptions

2. Executive Summary

2.1 Market Overview

2.2 Regional Synopsis

2.3 Competitive Summary

3. Research Methodology

3.1 Top-Down Approach

3.2 Bottom-up Approach

3.3. Data Validation

3.4 Primary Interviews

4. Market Dynamics Impact Analysis

4.1 Market Driving Factors Analysis

4.1.2 Drivers

4.1.2 Restraints

4.1.3 Opportunities

4.1.4 Challenges

4.2 PESTLE Analysis

4.3 Porter's Five Forces Model

5. Statistical Insights and Trends Reporting

5.1 Key Vendors and Feature Analysis, 2023

5.2 Performance Benchmarks, 2023

5.3 Integration Capabilities, by Software

5.4 Usage Statistics, 2023

6. Competitive Landscape

6.1 List of Major Companies, By Region

6.2 Market Share Analysis, By Region

6.3 Product Benchmarking

6.3.1 Product specifications and features

6.3.2 Pricing

6.4 Strategic Initiatives

6.4.1 Marketing and promotional activities

6.4.2 Distribution and supply chain strategies

6.4.3 Expansion plans and new product launches

6.4.4 Strategic partnerships and collaborations

6.5 Technological Advancements

6.6 Market Positioning and Branding

7. AI Camera Market Segmentation, by Type

7.1 Chapter Overview

7.2 Smartphone Cameras

7.3 Surveillance Cameras

7.4 DSLRs

8. AI Camera Market Segmentation, by Technology

8.1 Chapter Overview

8.2 Image/Face Recognition

8.3 Speech/Voice Recognition

8.4 Computer Vision

9. Regional Analysis

10. Company Profiles

11. Use Cases and Best Practices

12. Conclusion

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