Technological advancements in machine and camera industry has led to evolution in smart camera technology. Attributed to features such as getting real time view, extracting and sharing images, smart camera market offer various consumer and industrial applications, which fuels demand for smart camera market. The global smart camera market is expected to grow at 23.84% CAGR over the forecast period, 2020.
Market Dynamics: Smart cameras are used for a host of applications, depending upon specific industry in industrial automation, and monitoring and surveillance purposes in home automation. It is expected that surge in demand from these sectors will fuel smart camera market in the span of next five years.
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In addition, with technological advancements such as innovative CMOS image sensors, chip manufacturing, embedded system designs, chip manufacturing and smart lenses has further expanded the scope of smart camera in terms of applications.
Global Smart Camera Market to Grow at a Stellar CAGR of 23.84%
Moreover, growth in semiconductor and electronics industry will create new opportunities for the global smart camera market in the coming years. Additionally, reduction in prices of PC-based smart camera and focus of government to strengthen security and surveillance system will further drive growth of the global smart camera market in the coming years.
However, imposition on government regulations regarding limited application of smart cameras for surveillance at public place is a significant factor that will inhibit growth of the market. In addition, use of smart cameras in developing countries is limited to transportation, security and surveillance sectors, which can create challenges for market expansion in the span of next five years.
In 2014, lens and processors accounted for 48% of the market share in the global smart camera market among various components. Moreover, this will amplify to 50% in the span of five years. Collectively, these two segments will grow at a CAGR of 20% in the coming years.
Among various customers, evolution of user-friendly technologies will fuel demand for the smart cameras. The consumer segment will grow at a CAGR of over 18% in the span of next five years. Surging demand for smart cameras from automotive and transportation industry will provide growth opportunities, growing at CAGR of 24.5% by the end of 2020.
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Among various regions, Asia Pacific is the most lucrative market for smart camera market globally. In addition, product innovation by various manufacturers in India, China, Taiwan, Singapore and Korea, which is further fuelling growth of the market in the span of next five years. Moreover, the Asia Pacific market will grow at a CAGR of 21.7% in the coming years. Smart camera market in Latin America is at its initial stage, however it will grow at a relatively fast CAGR of 31.7%.
Brand reinforcement, innovation and mergers & acquisition remain the key trends for leading players in the smart camera market. Canon Inc., Samsung Electronics Co., Ltd., Sony Corporation and Panasonic Corporation, Nikon Corporation, Microscan System, Inc., Polaroid Corporation, XIMEA GmbH, Matrox Imaging and Vision Components GmbH are mainly focussing on offering innovative products in order to maintain the market position.