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The SNS Insider report estimates the AI Camera Market size to be valued at USD 7.71 Billion in 2023. It is projected to reach a staggering USD 41.8 Billion by 2031, exhibiting a healthy CAGR of 23.5% over the forecast period.
Growing Demand for AI-powered Security
The AI camera market is Driving due to the rising concerns regarding public safety and security. Governments and businesses are increasingly investing in AI-powered surveillance systems to deter crime, monitor critical infrastructure, and enhance overall security. These cameras provide real-time insights and automate tasks like facial recognition, object detection, and anomaly detection, leading to more efficient security measures.
Consumers are increasingly drawn to devices equipped with Advanced technologies Such as AI and ML. AI cameras cater to this demand by offering features Such as scene recognition, object recognition, and automatic image enhancement, making them popular choices for both professional and personal use. AI cameras are finding applications in various industries beyond security and surveillance. These include government and law enforcement, consumer electronics, sports, agriculture, automotive, healthcare, and manufacturing. The increasing demand for AI cameras across diverse industries, manufacturers are constantly innovating and developing new features. This continuous product development cycle is further propelling market growth. In August 2023, Google LLC announced the launch of Pixel 8 and Pixel 8 Pro smartphones equipped with AI cameras that boast superior low-light video recording and unwanted audio removal capabilities.
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Top Companies Featured in AI Camera Market Report:
- Samsung Electronics
- Sony Corporation
- Xiaomi Inc
- Honewwell International
- Canon Inc
- Nikon Corporation
- Huawei Technology Co Ltd
- LG Electronics
- HikVision
- Apple Inc
- Fuitsu Ltd
- Huddly AS
Recent Developments in the AI Camera Market
- March 2023: Sony introduced the Alpha 7R V camera, featuring a high-resolution image sensor and a dedicated AI processing unit for advanced image recognition.
- February 2023: Panasonic launched the Lumix S5II, a full-frame mirrorless camera with a new autofocus system and built-in image stabilization for capturing high-resolution images and videos.
- February 2023: Dahua, a leading provider of AIoT solutions, released the IPC WizMind S series, offering enhanced image performance, intelligent functions, and flexible environmental support.
- March 2023: Teledyne FLIR LLC expanded its product portfolio with the Quasar Premium Mini-Dome AI camera series, equipped with 12 unique analytics for detecting various objects, events, and attributes.
AI Camera Industry Segmentation as Follows:
By Type
- Smartphone Cameras
- Surveillance Cameras
- DSLRs
by type, Surveillance Cameras Lead by Demand for Enhanced Security: The surveillance cameras segment holds the largest revenue share of more than 31.0% in 2023. This dominance is driven by the growing urban population and the rising need for continuous surveillance to ensure public safety. Businesses are also heavily investing in AI-based surveillance for 24/7 security of their infrastructure and premises.
By Technology
- Image/Face Recognition
- Speech/Voice Recognition
- Computer Vision
by technology, the image/face recognition segment captured a significant revenue share of More than 30% in 2023. This technology allows cameras to prioritize faces, leading to improved photo quality. It also facilitates features such as portrait mode and face unlocking on smartphones.
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Impact of Global Events
The war has disrupted supply shortages of critical components required for AI camera manufacturing. This can impact production volumes and potentially cause price fluctuations. The shortage of essential components, integrates with potential disruptions in transportation and logistics, result to increase Price for AI cameras.
A global economic slowdown could lead to reduced investments in new technologies Such as AI cameras. Businesses and governments might prioritize essential expenditures, Businesses might delaying, or reducing investments in new technologies such as AI-powered security systems. This can particularly impact sectors such as retail and hospitality that might prioritize cost-cutting measures.
Key Regional Developments
North America dominates the AI camera market, capturing over 35% of the revenue share in 2023. This dominance can be attributed the North American consumers are known for their early adoption of new technologies. The growing demand for smart devices and technologically advanced solutions fuels the market for AI cameras, which offer features Such as facial recognition and object detection. North America is home to several leading technology companies and AI camera manufacturers. This concentration of expertise and innovation drives the development and production of Advanced AI camera solutions. Governments in North America are increasingly adopting AI technologies for various purposes, including law enforcement and border security. This creates a favourable environment for the growth of the AI camera market, with initiatives such as the U.S. government’s plans to integrate facial recognition systems across federal agencies.
Key Takeaways of the AI Camera Market Report
- The report highlights the significant growth potential of the AI camera market driven by factors like rising security concerns, increasing demand for advanced features, and expansion across various industries.
- The report also identifies key challenges like supply chain disruptions and economic slowdowns that can hinder market growth. However, it also explores potential opportunities presented by advancements in AI technology and the integration of AI cameras into new applications.
- By understanding the market landscape, trends, and challenges, stakeholders can make informed decisions.
- While the report doesn’t explicitly outline the competitive landscape, it can be inferred that information on major players, partnerships, and product developments might be included. This information helps businesses understand the competitive environment and identify potential opportunities.
Major Key Points from Table of Content
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. AI Camera Market Segmentation, By Type
9. AI Camera Market Segmentation, By Technology
10. Regional Analysis
11. Company Profile
12. Competitive Landscape
13. USE Cases and Best Practices
14. Conclusion
Continued….
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