Global AI Camera Market size- Industry Trends & Forecast Report 2026.
The global AI Camera market is growing at a potential growth rate Year-over-Year (YoY) and has reached USD 7.3 billion in 2020. The market is further expected to touch USD 15.0 billion by 2026, growing at a CAGR of 11.8% during 2021-2026 (forecast period). The AI Camera market is likely to grow in the forecast timeframe Artificial Intelligence is one of the major disrupting technologies being adopted across several businesses and enterprises. The major factors that drive the AI camera market are the advancement and development of big data and the integration of artificial intelligence technology in smart devices. Moreover, the businesses, device manufacturers, and consumers across developed and developing countries are realizing the benefits and importance of integrating artificial intelligence in existing systems.
Source: BlueWeave Consulting
Global AI Camera Market Overview:
The Artificial intelligence (AI) cameras are equipped with technologies such as computer vision, image recognition, speech/voice recognition, machine learning among others that form the umbrella for artificial intelligence technology. These cameras have a wide application in smartphones and surveillance cameras wherein the technology is used to detect the landscape, intensity of light, and white balance while capturing an image. China is one of the leading countries that is using AI cameras on a broader level. China has installed AI-enabled surveillance cameras at approximately 75% of the crowded locations across cities. The AI camera enables law enforcement agencies to identify any unwanted activity and stop any mishappening.
AI Camera Market Forecast and Trends
Increase in focus of Smartphone and camera manufacture to provide a camera with better quality
Smartphones enabled with AI technology can recognise images. When taking a picture, the phone identifies the object being photographed. It also applies the correction filter which results in better quality images. The AI also compensates for low-resolution images. If the picture being viewed on the device is of a lower resolution, the AI-vision engine predicts the pixels which are missing. This allows a better quality full-display image. Due to these features, smartphone manufactures are focusing to offer AI-based smartphones. The companies are including AI features such as user authentication, emotion recognition, and device management. These AI features helps to understand user behaviors. The top smartphone providers such as Apple, Samsung, and Huawei have introduced smartphones with powerful AI chips that can perform up to 5 trillion operations per second and use significantly less power to complete tasks. In addition, AI featured phones provides to improve photo quality by using AI recognition feature.
High cost of AI Camera
Artificial intelligence encompasses several different approaches to solving problems. It includes computer vision, object detection, natural language processing, and other types of artificial intelligence help businesses and individuals automate processes, improve accuracy, and work more efficiently. Artificial intelligence In this Era of technologies AI is one of the fastest-growing technology. AI is artificial intelligence in a camera which is software used in smartphones or cameras for scene recognition. The cost of an AI camera includes the cost to require an AI platform, AI integration into the camera, and services required to support an AI platform. In addition, for AI platform development, a skilled workforce is required. This increases the cost of an AI camera.
Impact of COVID-19 in industry
The global economy and humanity have been pushed into a crisis due to the COVID-19 pandemic. Due to the high infection rate and adverse impact on public health systems, various governments have enforced nationwide lockdowns significantly impacting manufacturing supply chains, trade, and related services. Players are currently considering digital solutions that would enable them to serve the community and provide new opportunities to do business. The manufacturing, supply chain, and other operations have slowed down globally aimed to limit the spread of corona virus,
The global impact of the coronavirus disease 2019 (COVID-19) is likely only beginning and would significantly affect the AI Camera market in 2020. The outbreak of COVID-19 has brought with it travel bans and quarantines; massive slowing of the supply chain; uncertainty in the stock market; falling business confidence, and growing panic among the population. Despite the growing uncertainty and panic, technology suppliers must continue to focus on their long-term investments, maintain engagement with partners and prospects, and look to specific markets for stability.
AI Camera Market: By Type
Based on the type, the AI Camera market is segmented into smart phones, cameras, surveillance cameras, DSLRs, others. The further development of machine learning, deep learning, and natural language processing (NLP) technology is expected to create further opportunities for smartphones and camera manufacturers to grow in this market. Smartphones enabled with AI technology can recognize images. When taking a picture, the phone identifies the object being photographed. It also applies the correction filter which results in better quality images.
Source: BlueWeave Consulting
AI Camera Market: Regional Insight
North America region is likely to dominate in the AI Camera market, followed by the Asia Pacific, and others. The developing countries like the US and Canada have major opportunities for industrial type, retail sales, and fixed-asset investment for AI Camera. Several other economies such as Indonesia, the Philippines, and Singapore in the Asia Pacific region are also forecast to grow at modest rates. North America is a prominent country due to the high investment of consumer goods companies in artificial technologies. However, APAC is the fastest-growing country due to the presence of Chinese vendors such as Huwai, Hikvision. Also, smartphone penetration is the highest in this region. This creates new opportunities for smartphone manufacturers to offer AI-enabled smartphones.
· On 19 Oct 2020, Samsung Introduces Interactive e-catalog for an Enhanced Consumer experience; Takes One More Step Towards a Sustainable Environment
· On 25 Sept 2020, Samsung Brings New Range of AI Washing Machines with Q-Rator Technology launches 2020 Washer Dryer Range.
· In September 2019, Samsung Electronics has introduced three new advanced home appliances including the POWERstick Jet vacuum cleaner, AirDresser, & the Cube air purifier.
The AI Camera market is fragmented owing to the presence of several companies that provides varied AI Camera Types. However, the companies that hold the majority share of the AI Camera market are Samsung Electronics, Honeywell International, LG Electronics, Huawei Technology, HuddleCamHD, HikVision Sony Corporation, Xiaomi Inc, Google LLC, Apple Inc, Nikon Corporation Fujitsu Ltd, and other prominent players.
In the AI Camera market, prominent market participants compete based on price and Type quality. Small and medium-sized market players are expected to show considerable improvements in the foreseeable future, given the moderate level of capital expenditure needed to set up a business. The large-sized companies, however, are likely to aim for global expansion, in a bid to gain a more considerable brand reputation.