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Global Smart Camera Market Projected for Vigorous Growth Driven by Widening Application Base; Revenue to Exceed 28 Bn by 2027 End

Press release Description

Albany, New York, April 24, 2018: Market Research Reports Search Engine (MRRSE) has incorporated a new research report, titled “Smart Camera Market: Global Industry Analysis (2012 – 2016) & Opportunity Assessment (2017 – 2027)” to its repository. The report is based on the global market for smart camera and predicts that the market will expand 5.5X in terms of revenue, during the next nine years.

Over the forecast period 2017-2027, the global smart camera market is expected to witness stellar growth at a CAGR of 18.7% and the revenue will possibly take a huge leap from US$ 5 Bn (observed in 2017) to US$ 28 Bn by 2027 end. Besides these projections, the report offers in-depth information about all the facets of the global smart camera market and forecasts all the factors that most likely to impact positively or negatively, the performance of the market in near future. One of the key factors driving growth of global smart camera market includes flourishing machine vision industry, and reduced size and costs of semiconductor chips. The research tracks the correlation between semiconductor chips and computer hardware with PC-based smart cameras, to discover that decreasing prices of semiconductor chips and computer hardware will eventually reduce the prices of smart cameras and thereby, encourage the growth of the global smart camera market during 2017-2027. Moreover, growth of industries such as automotive, automation, networking, mobility, and smart projects is also anticipated to benefit the growth of smart camera market.

Furthermore, governments across the world are prioritizing security and surveillance since the recent past, which is fueling the demand for security and surveillance systems worldwide. Also, advantageous offerings of smart camera such as runtime video analysis and enhanced monitoring, are foreseen to escalate its application areas in the global market. However, the top market players are observed to lack the standardization process, in addition to the already persisting low acceptance among developing economies. These two factors will continue to collectively limit the market growth in upcoming years. Increasing productive research interest are presumed to push the applications of smart camera in various other sectors, including education, healthcare, and media & entertainment.

In the component category, lens and processor segments are expected to witness similar valuations throughout the forecast period. However, the latter will be a slightly better performing one than the former. On the flipside, the image sensor segment is set to witness the fastest growth during the assessment period, at an estimated CAGR of over 25% over 2017-2027.

It has been identified that the leading industry players are focusing more on brand reinforcement as their key competitive strategy. Some of the leading companies include Sony, Samsung, and Nikon, which have already adopted the aforementioned strategy for smart camera promotion and mass advertisements. An important, impactful trend driving the global smart camera market is integration of all component segments on a single chip with different application domains. Currently, SoC (smart camera stem on chip) architecture is being widely used in real-time interactive, brush-based painting system, which is another factor accelerating the growth of smart camera market.

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