AI Camera Market Analysis
Market Research Future (MRFR) presumes The global Artificial
intelligence camera market was valued at $4.96 billion in 2022. The value
of the market is expected to reach $61.2 Billion by the end of the year 2030.
The CAGR is estimated to be 15.20% during the forecasted period. Artificial
intelligence (AI) cameras include technologies such as computer vision, image
recognition, machine learning, and speech/voice recognition, among others that
form the umbrella for artificial intelligence technology. These cameras are
widely used in smartphones and surveillance cameras to identify the landscape,
intensity of light, and white balance while capturing an image. China is one of
the leading nations in the use of AI cameras on a larger scale. China has
installed AI-enabled surveillance cameras in around 75% of the city's crowded
areas. The AI camera allows law enforcement agencies to identify any unwanted
activity and stop any mishappening.
Artificial intelligence is one of the key disrupting
technologies that is being utilized by a variety of businesses and industries.
The advancement and growth of big data, as well as the integration of
artificial intelligence technology in smart devices, are the primary reasons
driving the AI camera market. Furthermore, businesses, device manufacturers,
and consumers in both developed and developing countries are recognizing the
benefits and significance of incorporating artificial intelligence into
existing systems. The technology intends to provide numerous industries with
efficient, low-cost operations and high productivity. Other reasons driving the
growth of the artificial intelligence camera market include increased need for
surveillance and monitoring in commercial stores, enhanced user experience,
increased productivity, and a higher return on investment (RoI). Aside from
these, the further advancement of machine learning, deep learning, and natural
language processing (NLP) technology is likely to open up new avenues for
smartphone and camera manufacturers to flourish in this industry.
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Key Players
The key players in the global AI camera market are
recognized across all the main regions based on their country of origin,
presence, recent main developments, product diversification, and industry
expertise. Some of them are Samsung Electronics, Sony Corporation, Xiaomi Inc,
Honeywell International, Canon Inc, Nikon Corporation, Huawei Technology Co
Ltd, LG Electronics, Google LLC, HikVision, Apple Inc, Fujitsu Ltd, Huddly AS.
COVID-19 Impact on the Global AI Camera Market
The implementation of a variety of regulations by
governments worldwide to deal with the COVID-19 disease is anticipated to have
an effect on the growth of the global AI camera industry.
Market Segmentation
The global AI camera industry has been segmented based
on type and technology.
By type, the global AI camera market has been
segmented into smartphone cameras, surveillance cameras, DSLRs, and others.
By technology, the global AI camera market has been
segmented into image/face recognition, voice/speech recognition, computer
vision, and others.
Regional Analysis
Region-wise, the global AI camera market has been
categorized into North America, Europe, Asia Pacific, the Middle East &
Africa, and South America.
North America is leading the artificial intelligence
camera market with the highest adoption rate. The integration of artificial
intelligence technology in consumer electronic devices, surveillance systems,
the retail sector, and law enforcement are the primary reasons driving the
growth of the AI camera market in North America. Asia Pacific, particularly
China and Japan, follows North America. China has experienced significant
advancements in the surveillance, consumer electronics, and retail sectors.
China accounts for roughly 40% of the global production of CCTV cameras. As a
result, the Asia Pacific region is likely to be the fastest-growing regional
market throughout the projection period.
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Summary
The global AI camera market is set to reach USD 21.58
billion at a CAGR of 23.8% from 2019 to 2025 (forecast period). The use of
artificial intelligence technology in smart devices, as well as the advancement
and development of big data, are some of the major reasons driving the growth of
the AI camera market. Furthermore, device manufacturers, businesses, and
consumers in developed and developing nations are discovering the benefits and
relevance of incorporating artificial intelligence into existing systems, which
is expected to drive the growth of the AI camera market.
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