New York, US, May 03, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Smart Camera Market” information by Type, by Sensor Type, by Scanning Type, by Application and Region – Forecast to 2027” market size to reach USD 5,926.4 Million, growing at a compound annual growth rate of 9.57% by 2027.
Market Scope:
Because manufacturing businesses are increasingly adopting smart cameras, the smart camera industry is gaining traction. The fact that smart cameras are employed in many production processes such as bar code scanning, machine vision, fault detection, product inspection, parts counting, & surface inspection is driving up demand for smart cameras in the industrial sector. Furthermore, with the advent of the Industry 4.0 revolution, there is a paradigm shift toward factory automation that employs smart technologies such as smart cameras, thus fueling market growth.
Dominant Key Players on Smart Camera Market Covered are:
- Arlo (Sweden)
- Bosch Security Systems Inc. (Germany)
- Canon Inc. (Japan)
- Flir Systems Inc. (U.S.)
- Panasonic Corporation (Japan)
- Polaroid Corporation (Sweden)
- Raptor Photonics Ltd. (Ireland)
- Samsung Co. Ltd. (South Korea)
- Om Digital Solutions Corporations (U.K.)
- Sony Corporation (Japan)
- Watec Co. Ltd. (U.S.)
- D-Link Corporation (Taiwan)
- Honeywell International Inc. (U.S.)
- Wyze Labs Inc. (U.S.)
- Hanwha Techwin (South Korea)
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Market USP Exclusively Encompassed:
Market Drivers
Increasing Use in Different Applications to Boost Market Growth
The increasing use of smart camera for surveillance and security needs in different applications like residential infrastructure, enterprise and government infrastructure, commercial facilities, transit facilities, military and defense, and public spaces will boost market growth over the forecast period.
Availability of Alternatives to act as Market Restraint
The availability of alternatives to smart camera coupled with high installation costs may act as market restraints over the forecast period.
Lack of Technical Knowledge to act as Market Challenge
The lack of technical knowledge regarding operating such camera may act as a market challenge over the forecast period.
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Segmentation of Market Covered in the Research:
The global smart camera market is bifurcated based on type, sensor type, scanning type, application, and connectivity.
By type, stand-alone will lead the market over the forecast period.
By sensor type, CMOS will dominate the market over the forecast period.
By scanning type, area scan will spearhead the market over the forecast period.
By application, surveillance and security will have the largest share in the market over the forecast period.
By connectivity, Bluetooth will command the market over the forecast period.
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Regional Analysis
APAC to Dominate Smart Camera Market
With the greatest market share in the region, Asia Pacific is likely to dominate the global smart camera market. This is due to the fact that a significant number of electronic component & semiconductor manufacturers and suppliers are promoting smart camera products to achieve the necessary results. Furthermore, in the Asia Pacific region, China, the Republic of Korea, Taiwan, and Japan are the most prominent countries. The Asia-Pacific smart camera for security and surveillance market is growing due to technological advancements in the region. Aside from that, the region is establishing itself as a smart camera manufacturing powerhouse. The application segmentation of the Asia-Pacific smart camera for security & surveillance market that are predicted to grow the most during the forecast period are public places, military & defense, and transit facilities. Various countries in the Asia-Pacific region, such as Japan, China, and South Korea, are pushing the market for smart cameras for security and surveillance. The Asia-Pacific region now dominates the smart camera market and will continue to do so over the forecast period. This is due to the security and military industries' increasing deployment of smart cameras. Because of the increased penetration of electronics & the steady growth of the security and surveillance industry, the Asia-Pacific region is likely to experience significant growth during the forecast period. Product innovation in China, Korea, and Singapore is driving this region's market growth. Furthermore, during the projected period, rapid economic development in China, Japan, and India is expected to fuel the expansion of the smart camera market. The quickest-growing economies in the world, India, China, and Japan, as well as the world's largest market for smart cameras, make it beneficial for a manufacturer in investing in this region. The key markets for security and surveillance cameras in freshly constructed infrastructure are Korea, China, and Singapore. The need for security and surveillance cameras & systems has risen dramatically as a result of rapid urbanization & contemporary building infrastructure.
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North America to Have Favorable Growth in Smart Camera Market
Because of the presence of sophisticated technology, the North American region is predicted to increase significantly over the forecast period. In North America, the United States & Canada are the most powerful countries. In 2018, North America dominated the worldwide smart camera market, accounting for 35% of the market. This is due to the growing use of smart cameras in industries such as aerospace, electronics, defense, and semiconductors in this region. The vast range of applications for smart cameras, such as quality assurance, verification, part sorting, intruder detection, reading codes, surveillance, photo taking, traffic monitoring, and video recording, has resulted in unprecedented support from the aforementioned industries.
COVID-19 Impact on the Global Smart Camera Market
Disruptions in supply chain, fluctuations in demand share, economic situations, along with immediate & with long term impact of the novel coronavirus possessed a negative impact on the smart camera market growth. Such outbreak has put the economic activity at a halt, thus pushing the worldwide economy in a very steep recession. Besides, with the roots originating in China, supply chains across the globe are facing shutdown and unprecedented disruption. Following the relaxation of lockdowns and restrictions across the globe, the market is likely to get back to usual in the days to come.
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