Double Digit Growth Awaits the Global AI Camera Market: Projected to Grow at a CAGR of 24.0% by 2027
Published | 27 October 2021
Globally, the artificial intelligence (AI) camera market is booming, driven by a rise in demand from all major industries. With the advancement of big data and the integration of AI technology into smart devices, the AI camera market is expanding at a high CAGR globally…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global AI camera market was worth USD 7.4 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 24.0%, earning revenue of around USD 33.3 billion by the end of 2027. The use of Artificial Intelligence is rapidly spreading across several business and enterprise sectors. Among the major factors driving the AI camera market are the advancement and development of big data and the integration of artificial intelligence technology into smart devices. The benefits of AI are also increasingly recognized by businesses, device manufacturers, and consumers throughout developed and developing countries. For instance, as smartphones become more and more popular, people are now taking pictures and are eager to have better image quality with AI. This is prompting manufacturers to launch Next-Gen cameras with AI technology. 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 using significantly less power to complete tasks. In addition, these AI-activated smartphones improve picture quality through AI recognition features.
Growing Adoption of AI Camera in Security Systems Is Anticipated to Drive the Global AI Camera Market Growth
The increasing adoption of AI cameras in security systems is one of the major factors driving the global market for AI cameras. AI security cameras record and analyze audio and images from video surveillance cameras to identify people, vehicles, and objects. The AI cameras can also detect abnormalities such as strangers or other objects entering unrestricted areas and report them to the system. Due to these factors, the demand for AI cameras is growing rapidly, especially in countries like the US and China.
Technological Advancements in AI Camera Market is Projected to Boost the Market during the Forecast Period
AI is a fresh technology and the market is inclined towards brands who can and are willing to offer continuous developments. Therefore, AI camera manufacturers invest heavily in introducing technological advancements into their products. For instance, TECNO Labs is focusing on advancing their AI camera technology that can cater to the various perceptions of beauty across different regions and civilizations, blending the finest of the past and the present. The TECNO TAIVOS-certified cameras could reach a remarkable 4,500 fine-tuning settings with the help of the 3A algorithm and ISP module. Such developments are anticipated to drive market growth during the forecast period.
Global AI Camera Market - By Type
Based on types, the global AI camera market is segmented into a smartphone camera, surveillance camera, DSLR camera, and others. Among these, the surveillance camera segment accounts for the largest market share. However, the smartphone’s camera segment is anticipated to grow at the highest CAGR during the forecast period. Smartphone and camera manufacturers will have lucrative growth opportunities with the further development of machine learning, deep learning, and natural language processing (NLP). Mobile devices powered by artificial intelligence can recognize images with ease. When taking a picture, the phone identifies the object being photographed. It also applies the correction filter, which results in better-quality images. Such benefits are prompting the smartphone manufacturers to equip AI cameras into their products, which is prompting its market growth.
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Global AI Camera Market - Regional Insights
Geographically, the global AI camera market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. Among these regions, North America dominates the global AI camera market. However, the Asia-Pacific region is projected to witness the highest growth rate during the forecast period. China is one of the leading countries that is using AI cameras on a broader level. The country has installed AI-enabled surveillance cameras at approximately 75% of the crowded locations across cities. About 75% of crowded locations across the country have AI-enabled surveillance cameras. In addition, AI cameras are also gaining popularity in developing countries like India, Japan, South Korea, etc.
Impact of COVID-19 on Global AI Camera Market
The sudden outbreak of the COVID-19 pandemic significantly disrupted the growth of the global AI camera market. The manufacturing and supply chains of AI cameras were completely disrupted due to the social distancing protocols and lockdown imposed by the government to mitigate the spread of the virus. AI cameras are mainly used in smartphones and DSLR cameras. However, production activities of these devices were obstructed due to the shortage of semiconductors in the market. These factors negatively affected the market growth, incurring huge losses to the manufacturers. However, the AI camera market is projected to gain traction in the post-COVID-19 period as the demand for smartphones is anticipated to surge due to remote working and online schooling.
Global AI Camera Market - Competitive Landscape
The leading players in the global 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, Bosch Security Systems, Hanwha Techwin America, Panasonic Corporation, Swann, FLIR Systems, Inc., VIVOTEK Inc., IBM Corporation, and other prominent players.
The market is highly concentrated, with players such as Samsung, Xiaomi Inc, Google LLC, etc., which have a competitive edge due to their brand value and technological advances. The companies significantly focus on launching a wide range of products to increase their product penetration. Given the moderate capital investment required to set up a business, small and medium-sized market players are expected to show considerable growth in the foreseeable future. Also prominent in this market are competitive strategies such as partnerships, mergers, acquisitions, and joint ventures.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global AI camera market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global AI camera market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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