AI Camera Market Analysis
AI Camera Market Size was valued at USD 20.1 Billion in 2022. The AI camera market industry is projected to grow from USD 23.1 Billion in 2023 to USD 71.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.20% during the forecast period (2023 - 2032).
Artificial intelligence (AI) cameras include technologies such as computer vision, image recognition, machine learning, and speech/voice recognition, among others that form the umbrella for artificial intelligence technology. These cameras are widely used in smartphones and surveillance cameras to identify the landscape, intensity of light, and white balance while capturing an image. China is one of the leading nations in the use of AI cameras on a larger scale. China has installed AI-enabled surveillance cameras in around 75% of the city's crowded areas. The AI camera allows law enforcement agencies to identify any unwanted activity and stop any mishappening.
Artificial intelligence is one of the key disrupting technologies that is being utilized by a variety of businesses and industries. The advancement and growth of big data, as well as the integration of artificial intelligence technology in smart devices, are the primary reasons driving the AI camera market. Furthermore, businesses, device manufacturers, and consumers in both developed and developing countries are recognizing the benefits and significance of incorporating artificial intelligence into existing systems. The technology intends to provide numerous industries with efficient, low-cost operations and high productivity. Other reasons driving the growth of the artificial intelligence camera market include increased need for surveillance and monitoring in commercial stores, enhanced user experience, increased productivity, and a higher return on investment (RoI). Aside from these, the further advancement of machine learning, deep learning, and natural language processing (NLP) technology is likely to open up new avenues for smartphone and camera manufacturers to flourish in this industry.
AI Camera Market Key Players
The key players in the global AI camera market are recognized across all the main regions based on their country of origin, presence, recent main developments, product diversification, and industry expertise. Some of them are Samsung Electronics, Sony Corporation, Xiaomi Inc, Honeywell International, Canon Inc, Nikon Corporation, Huawei Technology Co Ltd, LG Electronics, Google LLC, HikVision, Apple Inc, Fujitsu Ltd, Huddly AS.
COVID-19 Impact on the Global AI Camera Market
The implementation of a variety of regulations by governments worldwide to deal with the COVID-19 disease is anticipated to have an effect on the growth of the global AI camera industry.
AI Camera Market Segmentation
The global AI camera industry has been segmented based on type and technology.
By type, the global AI camera market has been segmented into smartphone cameras, surveillance cameras, DSLRs, and others.
By technology, the global AI camera market has been segmented into image/face recognition, voice/speech recognition, computer vision, and others.
AI Camera Market Regional Analysis
Region-wise, the global AI camera market has been categorized into North America, Europe, Asia Pacific, the Middle East Africa, and South America.
North America is leading the artificial intelligence camera market with the highest adoption rate. The integration of artificial intelligence technology in consumer electronic devices, surveillance systems, the retail sector, and law enforcement are the primary reasons driving the growth of the AI camera market in North America. Asia Pacific, particularly China and Japan, follows North America. China has experienced significant advancements in the surveillance, consumer electronics, and retail sectors. China accounts for roughly 40% of the global production of CCTV cameras. As a result, the Asia Pacific region is likely to be the fastest-growing regional market throughout the projection period.
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Summary
The global AI camera market is set to reach USD 21.58 billion at a CAGR of 23.8% from 2019 to 2025 (forecast period). The use of artificial intelligence technology in smart devices, as well as the advancement and development of big data, are some of the major reasons driving the growth of the AI camera market. Furthermore, device manufacturers, businesses, and consumers in developed and developing nations are discovering the benefits and relevance of incorporating artificial intelligence into existing systems, which is expected to drive the growth of the AI camera market.
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