Smart Camera Market to Witness Striking 26.1% CAGR, Reaching US$ 193,496.8 Million by 2033

The United States held a 19.5% stake in the North American smart camera market. Anticipated growth at 20.8% CAGR signals a promising future for the industry.

NEWARK, DELAWARE, UNITED STATES OF AMERICA, December 19, 2023 /EINPresswire.com/ — The smart camera market is poised for remarkable growth, projected to witness a striking 26.1% (CAGR) by the year 2033, ultimately reaching a substantial value of US$ 193,496.8 million. This significant surge in market expansion is attributed to the escalating demand for advanced surveillance and monitoring solutions across various sectors, including residential, commercial, and industrial applications.

Governments across the world are tightening their security measures by heavily investing in surveillance and security equipment. The smart camera offers government authorities advantages like real-time video analysis and elevated monitoring, thereby appreciating the security levels in the respective country. Consequently, an upsurge in investment in security and surveillance systems is anticipated to propel market growth.

Smart cameras can further be seen increasingly adopted in transportation systems to better maneuver and control traffic movement. In addition to this, cameras facilitate road safety by regulating vehicles. In the historical period, within the Middle East region, instances of smart camera installation have been high, which has helped lower road traffic and crimes. Top players in the market can consider these regions to market their novel products and capitalize on their untouched potential.

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Some underdeveloped countries are quite behind concerning technology adoption, such as smart cameras for different purposes and in diverse industries. On top of this, low levels of awareness and technical upgradation are some other factors that might strangle the sales chart of smart cameras.

Region-wise, North America is anticipated to lead the market with high demand observed for smart cameras outfitted with advanced settings and features. Presently, cameras allow advanced options like assisting a user to manage and share images with other networking sites and devices. The growing demand for connectivity is another reason fueling the market growth in North America.

Key Takeaways from the Smart Camera Market Report:

The North American smart camera industry is projected to obtain a share of more than 24.3% in the forecast period.

The European smart camera industry is anticipated to acquire a market share of more than 18.7% over the estimated period.

The United States smart camera industry attained a market share of 19.5% in 2022.

The German smart camera industry achieved a market share of 10.4% in 2022.

The Japan smart camera industry bagged a value share of 5.4% in 2022.

The Australian smart camera industry procured a market share of 2.9% in 2022.

The India smart camera industry is projected to attain a CAGR of 26.5% over the assessment period.

The China smart camera industry is estimated to record a CAGR of 23.2% in the forecast period.

The United Kingdom’s smart camera industry is anticipated to register a CAGR of 21.1% over the upcoming years.

In 2022, the processor component gained a share of 24.3% in the overall market.

Based on application, the commercial area is estimated to share more than 18.2% share in the global market.

“The smart camera market continues to exhibit robust growth, driven by advancements in artificial intelligence and the increasing integration of smart technologies. Our findings underscore a rising demand for intelligent surveillance solutions across various industries, propelling the smart camera market to new heights. We anticipate sustained momentum in the market, fueled by innovations in image processing, edge computing, and the burgeoning adoption of IoT in the realm of visual intelligence.” – says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.

Leading Key Players:

Samsung Electronics Co., Ltd.

Canon Inc.

Nikon Corporation

Sony Corporation

Panasonic Corporation

Olympus Corporation

Polaroid Corporation

Microscan Systems, Inc.

Vision Components GmbH

Matrox Imaging

XIMEA GmbH

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Key Developments in the Market:

Key rivals in the market are concentrating their efforts on launching new products to widen their product portfolio. Take, for instance, the release of LUMIX S1H by Panasonic Corporation in August 2019. The product is the latest digital single-lens mirrorless camera. The camera is outfitted with a full-range image sensor and video quality of professional level.

Smart Camera Market Segmentation:

By Components:

Image Sensor

Memory

Processor

Communication Interface

Lens

Display

Others

By Applications:

Transportation and Automotive System

Healthcare & Pharmaceutical

Food & Beverages

Military & Defense

Commercial Area

Consumer Segment

Others

By Region:

North America

Latin America

Europe

Asia Pacific

Middle East & Africa (MEA)

Authored By:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

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About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Ankush Nikam
Future Market Insights, Inc.
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