In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Smart camera is an image processing system. These cameras are flexible, reprogrammable and help in better communication which benefits machine vision system with easier integration of camera into the system. These smart cameras have the capability of interacting with smartphone and PC applications. Smart camera can directly share and upload pictures and videos on various social media platforms and photo-sharing portals.
Smart cameras are basically used for monitoring and surveillance purposes in home, industrial and others. There are various applications of smart cameras in real-world such as for video surveillance and industrial machine vision. The industrial machine vision is probably the most favorable application of smart camera.
The global smart camera market is expected to expand at a CAGR of 18.2% over the forecast period i.e. 2017-2024. Further, the smart camera market is anticipated to reach USD 6.2 Billion globally by 2024. Rising demand for smart camera in commercial, residential infrastructure, public places, military and others for security and surveillance is projected to foster the growth of smart camera market.
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Geographically, Asia-Pacific region accounted for the highest market share in the revenue of smart camera followed by North America. The Asia-Pacific region is anticipated to grow at a CAGR of 21% over the forecast period. Rapid economic development in India, China and Japan is anticipated to propel the growth of smart camera market over the forecast period. Further, product innovation by manufacturers in China, Korea, and Singapore is fuelling the growth of smart camera in this region. Moreover, Asia-Pacific is witnessing rapid urbanization and modernization of structural developments such as integration of hi-tech security system in new building constructions. This factor is believed to positively impact the growth of smart camera market.
North America region holds the second largest market share in smart camera market across the globe. Further, evolution of user-friendly technologies is anticipated to foster the demand for smart camera in this region. U.S. is anticipated to account for the highest percentage of market share in this region over the forecast period. Apart from this, some of the developing regions such as Latin America are also anticipated to witness a robust growth owing to the adoption of advanced technologies. Furthermore, Latin America is expected to grow at a CAGR of 31% by the end of 2024.
Our in-depth analysis segmented the global smart camera market in the following segments:
Global smart camera market is further classified on the basis of region as follows:
Growing concern for security and surveillance in public spaces such as railways stations, public squares and parks is envisioned to bolster the demand for smart camera. Further, global growth of smart camera can be attributed to technological advancements in improved quality imaging. In addition, modernization of complementary metal oxide semiconductors (CMOS) image sensors, smart lenses, embedded system designs and chip manufacturing are also believed to flourish the growth of smart cameras market over the period 2017-2024.
Moreover, governmental norms for strengthening the surveillance and security of public spaces are fuelling the growth of the global smart camera market. Further, the rising investments in infrastructural facilities would lead to the installation of the smart cameras for monitoring and security in the residential apartments and industries.
However, lack of standardization for the installation of smart cameras is projected to dampen the growth of smart camera market. Further, high cost associated with smart cameras is anticipated to hinder the growth of smart camera market in the near future.