New York, US, Aug. 12, 2021 (GLOBE NEWSWIRE) --
Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global AI Camera Market information by Type, Technology and Region – forecast to 2027” the Market was valued at USD 4.96 Billion in 2018; it is expected to reach USD 21.58 Billion at a CAGR of 23.8% by 2025.
AI Camera Market Scope:
The global AI Camera Market is growing rapidly, witnessing the rising demand from all major industries. Besides, the growing uptake of AI cameras in industries such as government, aerospace & defense, BFSI, aviation, and retails boosts the market share. Advances in analytics have enabled the development of intelligent surveillance tools attainable for the masses.
Dominant Key Players on AI Camera Market Covered Are:
- Sony Corporation
- Samsung Electronics
- Xiaomi Inc, Canon Inc
- Honeywell International
- Nikon Corporation
- LG Electronics
- Google LLC.
- Huawei Technology Co Ltd.
- HikVision, Huddly AS
- Apple Inc
- Fujitsu Ltd
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Market Drivers:
AI is already making highly customized video monitoring services much more affordable, allowing single operators to oversee more sites than ever. Advanced remote video monitoring systems are transpiring in mid-sized and smaller customers due to rapidly advancing AI analytics transforming the quality of service.
The COVID 19 negligibly affected the AI camera industry. However, the lockdown imposed to control the coronavirus spread affected the ability of AI camera equipment manufacturers to obtain components required to develop AI cameras and the production to deliver end products. Industry players also faced an acute shortage of workforces and issues attracting workers from quarantine to deliver their services.
However, the AI camera market is witnessing a constant uptick over the past few months and would continue to do so during the assessment period. The demand for camera systems that detect employees not wearing masks or notifies managers to run through obligatory safety checks in office premises is projected to grow further hugely during the next few years. Also, the rising uptake of AI cameras that can warn growers if their plants are drooping and plant managers, if there is a production line problem, would contribute to the market growth.
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Regional Analysis
North America dominates the global AI camera market, heading with the strong presence of established players, such as Honeywell, Google, and Apple. Besides, the largest market share attributes to the integration of artificial intelligence technology in consumer electronic devices, surveillance systems, and retail & law enforcement sectors.
Vast developments in AI technology and its integration in cameras boost the AI camera software market in the region. The North American AI camera market is expected to retain its dominance throughout the review period.
The Asia Pacific region holds the second spot globally in terms of the AI camera market value. The region accounts for a sizable market share in the global AI camera security market due to the ample availability of cost-competitive workforces and raw material advantages.
China and Japan lead the regional market, heading with major developments in surveillance, consumer electronics, and retail sector. China accounts for nearly 40% of CCTV camera production across the globe. The APAC AI camera market is predicted to grow at the fastest pace over the forecast period.
The AI camera market in Europe is growing rapidly, witnessing the vast adoption among top security service providers, end-users, installers, integrators and consultants. The region is estimated to grow at the fastest CAGR during the forecast period. Rising demand for AI-based camera solutions for smart motion detection, the TIoC range, and the latest technology influences market growth. The European AI camera market is estimated to create a sizable revenue pocket, registering a significant CAGR during the forecast period.
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Segmentation of Market Covered in the Research:
The AI camera market forecast is segmented into type, technology, and regions. The type segment is sub-segmented into smartphone cameras, surveillance cameras, DSLRs, and others. The technology segment is sub-segmented into image/face recognition, voice/speech recognition, computer vision, and others. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Industry Trends
Advances in audio-video recording technologies and the rising demand for quality high-definition surveillance devices drive the growth of the market. Artificial Intelligence is one of the vastly trending technologies being adopted across several businesses and enterprises, providing effective, low-cost operations and high productivity. Besides, advancements and developments of big data and the integration of artificial intelligence technology in smart devices boost the AI camera market size.
There is a wide awareness of the benefits and importance of integrating artificial intelligence in existing systems among businesses, device manufacturers, and consumers across developed and developing countries. Furthermore, the growing need for surveillance and monitoring systems at commercial stores, improved user experience, amended productivity, and higher return on investment (RoI) are major factors fostering the market share.
Further developments and advances in machine learning, deep learning, and natural language processing (NLP) technology create vast market opportunities, driving smartphones and camera manufacturers in this market. AI cameras can enhance on-premise monitoring, which is another key trend observed in the market.
AI Cameras are ideal for a wide range of mission and time-critical industries, including electric utilities, O&G, medical, military & defense, and transportation. Increasing developments of augmented video analytics and AI-based surveillance systems offering personalized services to its users through an app impact the market share positively.
Furthermore, rising uses of AI cameras in smart parking solutions for reservation of parking spots, real-time occupancy tracking, and parking insights substantiate the size of the market. Increasing demand for AI-enabled solutions in airports, stadiums, malls, and office spaces leveraging to provide intelligent real-time parking insights to the operators would influence the market growth.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
