AI Camera Market is Projected to Reach USD 15.0 Billion by 2026, Growing at a CAGR of 11.8% During 2021-2026
Published | 06 January 2021
According to Blueweave consulting, the global AI Camera market worth USD 7.3 billion in 2020, and is further projected to reach USD 15.0 billion by 2026, growing at a CAGR of 11.8% during 2021-2026 (forecast period). The growing adoption of IP cameras, as well as the rising demand for wireless and spy cameras, is driving the growth of the video surveillance industry and affecting the global AI Camera market. Also, other factors such as escalating government and stakeholder funding for smart cities and employing city surveillance solutions, the progress of technological advancements in Big Data, rising demand for VSaaS services, cloud-based services, IoT, and prevalent trends of artificial intelligence will provide opportunities to the giant players to invest hugely in the market during the forecast period.
AI camera for security application in the retail sector creates new opportunities in the AI Camera market
The retail companies are focusing to enhance their operation by speeding up the in-store shopping experience. The AI-based camera provides detailed video detection of the customer. Retailers can AI-powered cameras to identify the targeted behavior of customers to help improve store operations. Data can identify shoplifters based on previous in-store behavior and flag them to store managers during subsequent trips. This helps retailers to enhance their operations. Also, an AI camera has shoplifting detection which can spot shoplifters even before they steal. For instance, Deep North, Analytics and AI provider headquartered in Foster City, the U.S., has built an analytics platform based on AI technology that provides better insights for retailers based on the videos from the CCTV and other cameras.
Low adoption of AI camera in an undeveloped market
Adoption of AI cameras in any country is highly dependent on the eco-system of AI cameras across the country and the adoption of consumer electronic products. The adoption varies from country to country and region to region. The ecosystem of AI cameras includes AI hardware manufacturers, AI platform developers, AI service providers, AI technology integrators, and camera manufacturers. Distribution service providers and online market space providers are also an integral part of the AI camera system. It is difficult for AI camera manufacturers to provide AI cameras at an economical price in the undeveloped market. Adoption of smartphones and cameras is also low in the undeveloped market.
Smart Phones Segment occupy the largest share of the AI Camera market
Based on type, smartphone cameras are expected to gain significant importance over the forecast period. The price of a smartphone camera is low compared to DSLRs. Also, Chinese vendors have started to offer a smartphone with a very reasonable rate. Surveillance Cameras is growing with a rapid rate as retail companies or commercial buildings are deploying AI-enabled Camera for better security purpose. For instance, 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. Smartphones enabled with AI technology can recognize images. When taking a picture, the phone identifies the object being photographed.
Global AI Camera Market: Regional insights
North America catering the largest share and expected to witness significant growth in the AI Camera market during the forecast period. The high industry growth rate, with the emergence of new technology, is the major reason. The key providers are continuously upgrading their offerings to differentiate them from other competitors. This is achieved by various organic and inorganic strategies. Suppliers operating in the industry are continuously working on new development, technical expertise, and in-house capabilities. High opportunity makes the AI Camera market more competitive and suppliers are trying hard to capture the clients. The market is highly acceptable to innovative products, however, considering the risks involved in business continuity implementers are still considering brand over new offerings in the market.
Global AI Camera Product Market: Competitive Landscape
The leading players in the global AI Camera product market include, Samsung Electronics, Honeywell International, LG Electronics, Huawei Technology, HuddleCamHD, HikVision Sony Corporation, Xiaomi Inc, Google LLC, Apple Inc, Nikon Corporation Fujitsu Ltd, and others, are expanding their presence in the market by implementing various business strategies. Major players are engaged in mergers and acquisitions, expansion of their manufacturing facilities, infrastructural growth, investment in R&D facilities, and the quest for opportunities to expand vertically through the value chain.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global AI Camera market size & forecast. The report promises to provide recent technology trends of the AI Camera market and industry insights that help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides all kinds of Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer comprehensive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions company providing agile assistance to make your business endeavors successful.
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