Global smart camera market to witness a 5.5x increase in revenue during the period 2017-2027
Future Market Insights has published a new market research report on smart cameras at a global level. The research study covers various facets of the market that have an influence on the growth of the global market. According to insights covered in this research report, the global market for smart cameras is expected to grow at an exponential rate and is projected to register a CAGR of 18.7% throughout the period of forecast. The global smart camera market was estimated at around US$ 5 Bn in 2017 and is anticipated to reach a valuation of above US$ 28 Bn by the end of the assessment year.
Growth in machine vision industry and reduction in cost and size of chips are major factors driving the growth of global smart camera market. Cost and Size of semiconductor chips and computer hardware are continuously decreasing, because of which prises of cameras especially PC based smart cameras are also decreasing, which is encouraging the growth of Smart Camera market
However lack of standardization and low acceptance in emerging economies are restraining the market growth of smart camera market. The Electronics and Semiconductor industry is growing due to continuous adoption of Automation, mobility, networking and smart projects initiatives all around the world. Growth of this parent industry also benefited the growth of smart camera market. Demand of Security and surveillance system is increasing worldwide. Government around the world increasing their expenditure on security and surveillance equipment. Smart camera offers enhanced monitoring and runtime video analysis, which is the main reason for increasing application of smart cameras into security and surveillance system.
Brand reinforcement is the competitive strategy used by top players such as Samsung, Sony and Nikon for promotion and mass advertising. Application-specific use of smart cameras in sectors such as healthcare, education and entertainment is increasing due to factors such as improving global economic growth, increasing social acceptability and productive research interest. The trend to integrate all component segments on a single chip along with various application domains is increasing in the smart camera market. Smart camera System on Chip (SoC) architecture is used in real time brush-based interactive painting system.
Tough call between processor and lens segment from a market valuation standpoint
The processor and lens segments in the component category are estimated to reflect similar market valuations by the end of the forecast period. However, the processor segment is a shade better than lens segment and is expected to showcase a bit higher valuation thus leading the market segment. The processor segment is estimated to reach a value more than US$ 5765 Mn by the end of 2027 from an estimate of about US$ 1.3 Bn in 2017. The lens segment is poised to grow at a CAGR of 16.1% and is anticipated to reflect value of US$ 5761.5 Mn by the end of the year of assessment (2027).
Image sensor segment is projected to grow at the fastest rate to register a CAGR of more than 25% throughout the period of forecast. This segment was estimated at around US$ 267 Mn in 2017 and is predicted to touch a market value of around US$ 2600 Mn by 2027 end.
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