Pune, India, Jan. 09, 2023 (GLOBE NEWSWIRE) — The global AI Camera Market Size was valued at USD 7.52 billion in 2021 and USD 8.26 billion in 2022. The market is expected to reach USD 20.91 billion by 2029 with a CAGR of 14.2% during the forecast period. Rise in demand for technically advanced surveillance systems is predicted to boost the demand for artificial intelligence cameras. Growing interest in higher-quality smartphone surveillance cameras is set to drive market growth. Integration of advanced digital technologies, such as AI, IoT, and others, is anticipated to offer market with various opportunities for growth. Fortune Business Insights™ shares this information in its report titled “Artificial Intelligence Camera Market, 2022-2029.”
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Key Industry Development
July 2022- Hikvision launched AI-based Deepin View bullet networking cameras with TandemVu AI technologies. TandemVu AI is an AI-based bullet camera, which can simultaneously monitor small and large scene details.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 14.2% |
| 2029 Value Projection | USD 20.91 Billion |
| Base Year | 2021 |
| AI Camera Market Size in 2021 | USD 7.52 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 158 |
| Segments covered | Technology; End-User; |
| AI Camera Market Growth Drivers | Rising Adoption of Artificial Intelligence Cameras in Consumer Electronics to Drive Market Growth |
| Increasing Privacy Concerns and High Costs Associated with AI Camera to Hinder Market Growth |
COVID-19 Impact:
Halt on the Electronics and Semiconductor Industry Declined Market Growth
The COVID-19 pandemic affected the electronics and semiconductor industry. Businesses and manufacturing units in various countries, such as India, China, Italy, and Japan, were closed due to the increased number of COVID-19 cases. Though the revenues of various companies declined in 2020, the market players developed advanced technologies, deep learning, and AI-based cameras. In October 2020, Axis Communications Inc. introduced advanced deep-learning and AI-based Mk III AXIS Q1615 network cameras. The camera has capabilities that are based on AI accelerator and deep learning technology allowing to capture image recognition functions.
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Drivers and Restraints
Increasing Adoption of AI Technology-based Cameras to Fuel Market Development
Increasing adoption of AI technology-based cameras in smartphones and tablets is anticipated to drive the artificial intelligence camera market growth. Rising sale of smartphones that have advanced technologies is expected to drive the market growth for such cameras. Market trends for monitoring and surveillance at commercial retail stores, consumer electronics, and the banking sector are set to drive market growth. China has experienced significant demand for manufacturing companies for surveillance cameras, consumer electronics, and retail. Growing interest in higher quality smartphone is expected to push market growth.
However, increasing privacy concerns and high costs associated with such cameras are anticipated to hamper market growth.
Regional Insights
Asia Pacific to Lead Market Share Owing to Increasing Investments
Asia Pacific is anticipated to head the artificial intelligence camera market share due to increasing number of investments in advanced technology-based electronic devices. The market reached a valuation of USD 4.23 billion in 2021 owing to faster adoption rate of smart cameras in India. According to the Semiconductor Association, China is one of the largest manufacturing hubs that produces around 36.0% of the global consumer electronics such as computers, cloud servers, smartphones, and telecom infrastructures.
North America is expected to grow at a moderate CAGR due to rise of electronic surveillance cameras for monitoring public places and civil activists.
Europe is projected to increase at a moderate pace during the forecast period due to less raw material costs and require high human resources costs for manufacturing artificial intelligence cameras in this region.
Competitive Landscape
New Product Launches by Market Players to Set Growth Pathway
In September 2022, Hikvision launched its MinMoe Iris Recognition Terminal, which provides a higher-level security solution for the access control market. The terminal was formed in an early stage of human development, the pattern of each iris is unique and remains remarkably stable over the rest of a person’s life. It an ideal biometric character for approved access control for the identification and distinguishing various people accurately. Key players in the market such as Bosch Security Systems Inc., Canon Inc., Samsung Electronics, Axis Communications AB, and Huawei technology have been focusing on developing advanced digital technologies-based cameras. Market players have been focusing on new product launches, which is expected to propel market growth.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Segments
DSLR Cameras to Lead Due to Rising Demand for Photography
Based on technology, the market is divided into image/face recognition, computer vision, emotion recognition, DSLR cameras, network cameras, security cameras, and others (Wi-Fi camera). DSLR cameras segment is set to lead the market due to the growing demand for photography and the penetration of AI-based camera technology for capturing images. Image/face recognition segment is expected to have the highest CAGR due to rising adoption and development of AI-based cameras with face and image recognition features.
Consumer Electronics to Govern Owing to Demand for Technology-based Smartphones
Based on end-user, the market is categorized into BFSI, healthcare, automotive, consumer electronics, retail, government, logistics & transportation, military and defense, commercial spaces, media and entertainment, and others (residential and oil & gas). Consumer electronics segment is expected to have a major part owing due to the surge in demand for advanced technology-based smartphones and connected devices.
List of Key Players Mentioned in the Report:
- Axis Communications AB (Sweden)
- Bosch Security Systems Inc. (U.S.)
- Canon Inc. (Japan)
- Panasonic System Networks Co., Ltd. (Japan)
- FLIR Systems Inc. (U.S.)
- Hangzhou Hikvision Digital Technology Co., Ltd. (China)
- Honeywell Security Group (U.S.)
- Sony electronics Ltd. (Japan)
- Zhejiang Dahua Technology Co., Ltd. (China)
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro & Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Artificial Intelligence Camera Key Players Market Share Insights and Analysis, 2021
- Global Artificial Intelligence Camera Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Technology (USD)
- Image/Face Recognition
- Computer Vision
- Emotion Recognition
- DSLR Cameras
- Network Cameras
- Security Cameras
- Others (Wi-Fi Camera)
- By End-user (USD)
- BFSI
- Healthcare
- Automotive
- Consumer Electronics
- Smartphones & Tablets
- CCTV Camera
- Digital Camera
- Others
- Retail
- Government
- Logistics & Transportation
- Military and Defense
- Commercial Spaces
- Media and Entertainment
- Others (Residential, Oil & Gas)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
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Read More:AI Camera Market Size worth USD 20.91 Billion by 2029 |
2023-01-09 10:24:37
