Smart camera also known as intelligent camera, is an image processing system for monitoring industrial automation. These cameras consist of two essential components: standalone vision system and inbuilt image sensor. Smart cameras are reprogrammable and help in improved communication which benefits machine vision systems. They epitomize trends in latest camera technology and not only capture large number of pictures, but are also capable of extracting application specific information. These smart cameras have the capability to be integrated with personal computers and smartphone applications. Smart camera can directly share the pictures and videos on various photo-sharing portals and social media platforms.
The smart camera market deals with the various smart cameras that include smart vision, surveillance systems, intelligent and smart video cameras. Building smart cameras involves applying technologies from machine vision, computer vision, and embedded systems. These cameras are basically used for monitoring and surveillance purposes in industries, home, and other verticals. In the real world, there are various applications of smart cameras such as for industrial machine vision and video surveillance. Industrial machine vision is possibly the most favored application of smart cameras.
Smart cameras have enormous hardware power for speedy processing which has been successfully integrated into various manufacturing segments. Various industrial processes like verification, part sorting, quality assurance, visual sensor networks, reading codes, detection of intruders, and traffic monitoring are currently undertaken with the help of smart vision cameras.
Based on visual information gathered by smart cameras, an intelligent surveillance system monitors the traffic and can emphasis more on traffic events that causes accidents.
Diverse application of smart cameras for security & surveillance and tremendous technological advancement in improved quality imaging are major factors driving the global smart phone market. Consumer demand for digital cameras with extra features that resembles smartphones is expected to increase the demand of smart cameras. Additionally, transformation of embedded system designs, smart lenses, and image sensors are also expected to drive the growth of the market. Governmental norms to set up security and surveillance systems in public spaces are also fuelling the growth of the global smart camera market.
However, smartphones with better camera quality can hinder the growth of the smart camera market during the forecast period. Lack of standardization for the installation of smart cameras is further expected to dampen the market growth. Further, high cost of smart cameras is anticipated to hinder the market growth in the near future.
The global smart camera market is segmented on the basis of application and sensors type. On the basis of application, the market can be segmented into public spaces, military & defense, transit facilities, commercial facilities, enterprise & government infrastructure, and residential infrastructure. Based on sensors type, the market can be segmented into CMOS sensors and CCD sensors.
Geographically, Asia Pacific region is expected to witness high growth in the smart camera market. Product innovation in Korea, China, and Singapore is propelling the growth of the market in this region. Further, rapid economic development in Japan, China, and India, is also anticipated to drive the growth of the smart camera market during the forecast period. North America and Europe are expected to contribute to the growth of this market as well. Adoption of advanced technologies is also anticipated to foster the demand for smart cameras in this region over the forecast period.
Growing consumer demand for smartphones that resemble cameras is encouraging various software companies to invest in smart camera manufacturing. Some of the key players in the global smart camera market are Nikon Corp., Panasonic Corp., Samsung Group, Sony Corp., Olympus Corporation, Polaroid Corporation, Ata-Vision, Bosch Security Systems, Basler Vision Technologies, Raptor Photonics, and Canon Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.