Pleasanton CA, Feb. 01, 2022 (GLOBE NEWSWIRE) -- The Global AI Based Camera Market is expected to grow from USD 7.2 Bn in 2020 to USD 16.1 Bn by 2027, at a CAGR of 12.2%.
The AI based camera is used in a wide range of applications like facial recognition, vehicle number identification, traffic monitoring, law enforcement, and others. For instance, according to secondary sources, the public & social sector holds approximately 40% share in the AI based camera market, followed by retail, automotive, healthcare, and BFSI. Smart cities are a major application area for AI based camera market ecosystem. They are mainly used for surveillance and traffic monitoring. In New York, around 998 people were arrested through facial recognition technology in 2018. Further, in Australia, AI based cameras are used to monitor drivers who use cell phones illegally while driving and to send a warning notification. However, repeated offenders are fined heavily. Since most of the developed and developing economies are moving towards the adoption of smart city projects, the AI based cameras market ecosystem will witness higher demand in the future.
The increasing demand for AI based camera in the end-use industry such as retail, automotive, and others are expected to propel the market growth. Moreover, the growing need for monitoring and surveillance at commercial stores, improved user experience, amended productivity, and higher return on investment (RoI) are other important factors that drive the growth of AI based camera market.
The COVID-19 pandemic impacted diverse industries which include manufacturing, construction, retail, oil & gas, and others due to the strict lockdown imposed by the government to scale down the spread of the virus. The supply chain of services and products became disrupted owing to the production halt from the different industries. However, the AI based camera market is less impacted by the COVID-19 pandemic due to increasing demand for these cameras for analytics purposes. But at some point of view, the shortage in the semiconductor materials due to a halt in production during the COVID-19 era impacted the market growth.
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The key players operating in the AI Based Camera market are:
Google Inc, Intel Corporation, Koninklijke Philips N.V., General Electric, IBM Corporation, Microsoft Corporation , Honeywell International Inc., Hangzhou Hikvision Digital Technology Co., Ltd., SAMSUNG, Lenovo, Sony Corporation, Canon Inc., Nikon Corporation, Huawei Technologies Co., Ltd., FUJITSU and Among Others
Global AI Based Camera Market by Region Outlook (Revenue, USD Million, 2021-2027):
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
In terms of geography, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The growth in the region is attributed to the major availability of cost-competitive workforces and raw material advantages. Moreover, China and Japan lead the regional market, leading with major developments in surveillance, consumer electronics, and the retail sector. China accounts for nearly 40% of CCTV camera production across the globe. Thus, APAC is expected to grow at the highest CAGR during the forecast period.
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Global AI Based Camera Industry Segmentation:
Global AI Based Camera Market by Type Industry Outlook (Revenue, USD Million, 2021-2027):
- Smartphones Camera
- Surveillance Camera
- DSLR Camera
- Others
Global AI Based Camera Market by Technology Industry Outlook (Revenue, USD Million, 2021-2027):
- Image/Face Recognition
- Voice/Speech Recognition
- Computer Vision
- Others
Global AI Based Camera Market by End User Industry Outlook (Revenue, USD Million, 2021-2027):
- Logistics & Transportation
- Healthcare
- Automotive
- Retail
- BFSI
- Telecom & Consumer Electronics
- Oil & Gas
- Others
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Key Findings:
- Based on the type, the smartphone camera segment of the AI based camera industry is expected to grow at the highest CAGR during the forecast period
- Based on the technology, the computer vision segment is expected to hold a significant market share during the forecast period
- Based on region, the Asia Pacific is expected to grow at the highest CAGR during the forecast period
Recent News:
- In September 2021, Eagle Eye Networks (US), the global leader in cloud video surveillance, announced the acquisition of artificial intelligence leader Uncanny Vision (India), accelerating the company’s leadership in providing AI and analytics to make customers’ businesses more efficient and the world a safer place. The acquisition also includes research and development capabilities and a new regional office in Bangalore, India.
- In July 2020, Qualcomm Technologies, Inc. (US), a subsidiary of Qualcomm Incorporated, launched the Qualcomm® QCS610 and Qualcomm® QCS410 system-on-chips (SoCs) to the Qualcomm® Vision Intelligence Platform. The QCS610 and QCS410 are designed to deliver premium camera technology, which includes powerful artificial intelligence and machine learning capabilities previously only available to high-end devices, into mid-tier camera segments. This comes at a time when intelligence at the wireless edge and strong connectivity are increasingly turning into the bar to overcome for smart camera applications in smart cities, commercial and enterprise, homes, and vehicles.
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