Market Research Future (MRFR) presumes the global AI camera market to reach USD 21.58 billion at a CAGR of 23.8% from 2019 to 2025 (forecast period).
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.
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.
Top Market Players
The top-grossing players in the AI Camera Market are identified across all the significant regions are Sony Corporation, Samsung Electronics, Honeywell International, Xiaomi Inc, Apple Inc, Nikon Corporation, Canon Inc, LG Electronics, Huawei Technology Co Ltd, HikVision, Google LLC, Fujitsu Ltd, and Huddly AS. These market participants contribute extensively to market growth. Apart from the top key players, the other players add nearly 25–30% investments in the AI camera market.
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The global AI camera market has been segmented based on type and technology. On the basis of technology, the market for AI camera is segmented based on speech/voice recognition, image/face recognition, computer vision, and others. Additionally, the market on the basis of type, is segmented into surveillance cameras, smartphone cameras, DSLRs, and others.
Factors like growing need for surveillance as well as demand for consistent monitoring at commercial stores support the AI camera market growth. The performance of the AI camera market has also been studied for the past and current years. Additionally, the AI camera market report provides analysis of these segments. The AI camera market segmental analysis provided in the report offers major details about the AI camera market performance and future.
AI solutions have been gaining prominence persistently in the Asia-Pacific region, predominantly to cater to the growing need for security solutions owing to the advent of the smart homes and smart city initiatives in the developing countries.
AI vendors in China prefer Tensor Flow or Caffe, whereas companies in Singapore prefer Microsoft CNTK, and companies in Japan prefer Chainer Software to support AI technologies. The ease of availability of such platforms has introduced substantial potential opportunities for vendors to leverage more advanced technologies to develop tools for critical business needs. China has witnessed significant developments in terms of consumer electronics, surveillance, and the retail sector and contributed nearly 40% of the production of CCTV cameras across the globe. With this, Asia-Pacific is expected to the fastest-growing regional market during the assessment period.
North America region is also leading the artificial intelligence camera market with the highest adoption rate. The prime factors causative to the growth of the AI camera market in North America include surveillance systems, retail sector, integration of artificial intelligence technology in consumer electronic devices, and law enforcement.
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