Smart Camera System Market
Smart Camera System Market (Component: Hardware [Camera and Video Management System], Software, and Services [Professional and Managed]; Application: License Plate Recognition, Surveillance, Advanced Driver Assistance System [ADAS], and Facial Recognition [Identity Access Management]; and Industry: Government, Transportation, Commercial, Residential, and Smart Cities) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
Focus on Leveraging Big Data and IoT for Smart Traffic Systems
Smart lights, sensors and detectors in the embedded infrastructure are no longer futuristic ideas. Companies in the smart camera system market are exploring opportunities in traffic surveillance to solve issues related to traffic management. As such, traffic surveillance comes under the government domain, which is anticipated to account for the second-highest revenue in the smart camera system market. Hence, manufacturers are experimenting with Big Data and IoT to make traffic management smarter.
One of the key areas to start with for smarter traffic management is to develop smart traffic lights. With increased government initiatives toward the development of smart cities, greater focus of governments toward leveraging big data and IoT is acting as an advantage for manufacturers in the market of smart camera system. Growing prevalence of connected devices like sensors and vehicle-mounted information systems are generating increased revenue for companies in the market of smart camera system.
Request a sample to get extensive insights into the Smart Camera System Market
Multi-camera IVS in Systems Enable Companies to Comply with Strict Privacy Laws
Computer vision, signal processing, and machine leaning algorithms are steering innovations in intelligent video surveillance (IVS) applications. As such, the surveillance application segment of the smart camera system market is anticipated for exponential growth during the forecast period. Hence, companies are increasing research in hardware and algorithmic processes to introduce IVS in turnkey smart camera systems.
To understand how our report can bring difference to your business strategy, Ask for a brochure
Companies in the smart camera system market are increasing research on multi-camera IVS. Due to advancements made in electronics, companies are able to offer smart camera systems at affordable prices to end users. These end users are increasingly benefitting, due to the advantages of multi-camera IVS to carry out data processing, storage, and integrate communication modules in the systems. Due to the availability of advanced software in multi camera IVS, companies are able to comply with stringent privacy laws laid down by government organizations.
Edge Intelligence Takes Over Smart Camera Systems to Facilitate Seamless Data Transfer
The smart camera system market is largely fragmented since leading players account to only 35-45% of the total market share. This indicates that leading players are facing a tough competition from emerging and prominent players in the global market. On the other hand, companies in the market for smart camera systems are tapping opportunities to make smart homes truly intelligent.
Moreover, proliferation of IoT in smart homes is one of the key drivers contributing to market growth. The application of IoT is expanding at a rapid pace, giving rise to the concept of connected devices such as smart appliances, smart camera systems, and home entertainment systems. However, latency issues and delays caused during the transfer of heavy data from connected devices to remote servers poses as a barrier for companies in the smart camera system market. Hence, companies are increasing R&D in edge analytics and fog computing to make smart systems more intelligent. Edge intelligence is helping users to bring data processing from cloud to the field of smart homes where sensors and devices are being deployed.
Full-feature Software Solutions to Offer Precision in Image Capturing and Data Processing
Apart from innovation in the hardware, advancements in software are transforming the smart camera system market. There is a growing need for real-time adaptation in smart camera systems that overcome limitations of traditional camera systems. Companies are innovating in full-feature solutions that offer precision in data and image capture. For instance, in March 2019, leading telecommunications equipment company Huawei won the Frost & Sullivan 2019 Global Video Surveillance Camera New Product Innovation Award for its innovation in software-defined camera system.
The software component segment is expected to grow aggressively in the smart camera system market. Thus, technology in smart camera systems is evolving from single-feature to full-feature solutions that reduce inaccuracies and offer precision in image capturing and data processing. Companies are increasing efforts to carry out joint data analysis between multiple cameras and the cloud to support practical applications. They are developing systems that are more self-aware, and can easily adapt to changing environmental conditions and gestures.
To understand how our report can bring difference to your business strategy, Ask for a brochure
Analysts of Transparency Market Research opine that the smart camera system market is projected to expand at a CAGR of ~15% during the forecast period. Companies are developing systems with embedded long-range wireless charging capabilities to overcome limitations of battery-powered devices.
IoT is playing a crucial role in powering smart homes. However, privacy concerns of information getting stored in distant servers of external users pose as a limitation in IoT-based applications. Hence, companies should innovate in edge intelligence for errorless storage of data. Moreover, they should increase availability of AI-driven software in smart traffic systems to help end users analyze footages better in order to manage traffic-related congestion.
Smart Camera System Market: Overview
- The smart camera system market is expected to register a CAGR of ~15% between 2019 and 2027. The market is projected to be driven by increasing focus on public safety and major initiatives taken by governments to manage surveillance through smart camera systems.
- The global smart camera system market is expected to reach ~US$ 29.5 Bn by 2027 from ~US$ 9.7 Bn in 2019. Rising adoption of smart and digital devices is expected to boost the growth of the market.
- The global smart camera system market is expected to reach 78.4 million units by 2027 from 21.9 million units in 2019. Increasing need for public surveillance to minimize crime is expected to boost the growth of the market.
- The smart camera system market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, followed by South America
- North America remains the dominant leader in the global smart camera system market, valued at ~US$ 3.6 Bn in year 2019, primarily due to strong network infrastructure within the region as well as increasing expenditure for public safety in the fiscal budget.
- North America is projected to see significant growth of 14.8% in the global smart camera system market during the forecast period. Increasing government focus on national and internal security through surveillance is driving the growth of the market in North America.
Smart Camera System Market: Definition
- The smart camera system market report provides analysis of the global smart camera system market for the period 2017 – 2027, wherein 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- The report studies the smart camera system market from the perspective of different wireless technologies, artificial intelligence, and end-devices in which these technologies are enabled. While evaluating smart camera system shipment volumes, total shipment volume of all electronic devices as per the scope has been analyzed. Furthermore, shipment volume of these devices with wireless technologies has been tracked.
- The report analyzes the shipment data for these smart camera systems only for the United States as a geographic region. The study provides estimates in terms of shipment volume. The size (volume) of the smart camera systems market is estimated after analyzing adoption rate of different wireless technologies across the electronic devices market.
North America Smart Camera System Market: Snapshot
- North America is seen as a growth hub for new technology driven enterprise business models, for its start-up ecosystem, and quick adoption of technology solutions by enterprises in the region. For the same reason, North America is expected to see highest opportunity addition for the smart camera system market globally, with Asia Pacific being the next closest region.
Key Growth Drivers of the Smart Camera System Market
- Increasing Focus on Public Safety - Massive increase in crimes and illegal activities globally is hampering the overall economic and social infrastructure of different countries. The homicide rate is very high in regions such as Africa and South America which is resulting in poor social structure of the countries within these regions. According to data published by the United Nations Office on Drugs and Crime, in year 2017, El Salvador (South America) had homicide rate of 61.8%. The homicide rate in South Arica is 35.9%. This has resulted in increasing concerns about public safety & security. Demand for smart camera systems is increasing at an exponential rate with the increased focus by governments for the deployment of smart camera systems specifically for crime surveillance.
- Increasing Government Focus on Development of Smart Cities - Initiatives by governments to develop smart cities is increasing due to their multiple advantages such as reduced environmental footprint, efficient public utilities, enhanced citizen and government engagement, and traffic management. Development of smart cities is driving the demand for smart camera systems as smart cameras are a crucial component in smart cities with respect to efficient connected transportation systems (rail, subway, air).
Key Challenges Faced by Smart Camera System Market Players
- Smart camera systems have multiple advantages with their deployment; however, they also lead to rising privacy concerns. A smart camera system is an open-ended platform, which can be used for multiple purposes and it has the ability to adapt and function according to the environment. Moreover, the major reason for the deployment of smart camera systems is monitoring and surveillance, which can directly impact the privacy of people.
- The deployment cost as well as the maintenance cost of smart camera systems is comparatively high compared to normal surveillance camera systems or CCTV cameras. Smart camera systems cost hundreds, even thousands of dollars depending on the features and the number of cameras and monitoring systems.
Smart Camera System Market
- In April 2018, Hangzhou Hikvision Digital Technology Co., Ltd. launched a series of new cameras to meet the need for clear imaging in all-weather conditions through innovative design of camera image processing technology and image sensor architecture
- In August 2017, Dahua Technology announced the establishment of its subsidiary in Moscow, Russia. Dahua Technology Russia is the first Dahua subsidiary company in the CIS market and all future activities regarding sales, marketing, and other services within the region will be managed from there.
Smart Camera System Market - Company Snapshot
- Hangzhou Hikvision Digital Technology Co., Ltd.: Founded in 2001, Hangzhou Hikvision Digital Technology Co., Ltd. designs, develops, produces, and sells security and video surveillance products and solutions worldwide. The company offers front end-products such as smart IP cameras, HD analog cameras, speed domes, access control, all-purpose cards, video intercom, and burglary alarm products, and multi-series industrial camera products.
- Bosch Security Systems Inc.: Founded in 1968, Bosch Security Systems delivers wide-ranging security & other industrial products & systems for customized or standard applications and projects worldwide. The company mainly designs & supplies security devices or equipment for communication, video surveillance, access control, and intrusion and fire detection applications across the world. The company also provides access control & systems such as IP cameras, analog cameras, monitors, digital video recorders, accessories, and video software.
- Axis Communications AB: Founded in 1984, Axis Communications AB is engaged in providing video surveillance and access control solutions worldwide. The company offers a wide range of products, which include network cameras, video encoders, and audio systems. The company’s products can be easily integrated with its video management software, or with a partner product, in order to build a complete security or surveillance solution.
- Other major players operating in the global smart camera system market and profiled in the report include
- SimpliSafe, Inc.
- Samsung Electronics Co., Ltd.
- Huawei Technologies Co., Ltd.
- FLIR Systems, Inc.
- Zhejiang Dahua Technology Co.,Ltd.
- Canon Inc.
- Raptor Photonics Ltd
- Vivint, Inc.
- Sony Corporation, and Watec Co., Ltd .
- Companies are shifting toward advanced technology to gain competitive advantage in the smart camera system market apart from maintaining their position in the market.
Smart Camera System Market - Scope of the Report
A new study on the global smart camera system market was published by Transparency Market Research (TMR). It presents a wealth of information on the key market dynamics including the drivers, market trends, and challenges, as well as the structure of the smart camera system market. TMR’s study offers valuable information about the smart camera system market, to illustrate how growth will discern during the forecast period 2019–2027.
Key indicators of market growth, which include value chain as well as supply chain analysis, and Compound Annual Growth Rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret the quantitative growth aspects of the smart camera system market during the forecast period.
An extensive analysis on leading market players’ business strategies has been featured in TMR’s study on the smart camera system market. This can help readers understand principal factors to foresee growth in the smart camera system market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the smart camera system market, which will guide market players in making apt decisions in the future.
Key Questions Answered in TMR’s Smart Camera System Market Study
- What is the scope of growth of smart camera system companies in offline business sales?
- What will be the Y-o-Y growth of the smart camera system market between 2019 and 2027?
- What is the influence of the changing trends in technologies on the smart camera system market?
- Will North America continue to dominate the market for smart camera systems?
- Which factors will impede the growth of the smart camera system market during the forecast period?
- Which are the leading companies in the smart camera system market?
A unique research methodology is utilized by TMR to conduct comprehensive research on the growth of the smart camera system market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the production of the smart camera system market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the smart camera system market, as a primary resource.
These primary and secondary resources provided exclusive information during the interviews, which serves as a validation from smart camera system industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the smart camera system market with accuracy. The study also uses a top-down approach to assess the numbers for each segment, and a bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on the future prospects of the smart camera system market more reliable and accurate.
Smart Camera System Market – Segmentation
TMR’s study on the smart camera system market includes information divided into four sections - component, application, industry, and region. Changing industry trends and other crucial market dynamics associated with these sections of the smart camera system market have been discussed in detail.
Advanced Driver Assistance System (ADAS)
Facial Recognition (Identity Access Management)
Middle East & Africa