ALBANY, New York, Feb. 13, 2020 /PRNewswire/ -- Owing to numerous factors, driving growth in the global smart camera system market, the growth curve would be both steep and upward facing over the forecast period of 2019 to 2027. As per Transparency Market Research, the CAGR would be an impressive ~15%, helping the market to reach USD 29.5 bn. in 2027 from USD 9.7 bn. in 2019.
Transparency Market Research opines, "Players would do well to innovate in edge intelligence to ensure data storage is free from errors. This would allay fears regarding storage of data in servers of external users, removing a major restraint of growth for the smart camera system market from the forecast period."
Key Findings of the Smart Camera System Market Study
- Software Component to see aggressive growth as a segment in the global smart camera system market
- Technology to be cornerstone of growth in the market from 2019 to 2027; Cloud Support and Internet of Things (IoT) to play significant role in the upward growth of global smart camera system market
- Need for seamless data transfer to help Edge Intelligence dominate smart camera systems
Explore 167 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on Smart Camera System market by 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
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Smart Camera System Market: Key Driving Factors
As per Transparency Market Research, the extensive market study undertaken shows that increasing focus on public safety, and development of smart cities will be key factors of growth over the forecast period. The factors are elaborated upon below:
- As public safety gains prominence, more and more countries are investing in improving social infrastructure by installing smart camera systems for surveillance and monitoring purposes
- In 2017, United Nations Office on Drugs and Crime reported that homicide rate in South Africa, and El Salvador is 35.9% and 61.8%, respectively; this paves way for need to improve crime surveillance in the regions
- Need to improve living spaces and create new ones for the rapidly increasing population is leading to building of smart cities; some of the benefits include low carbon footprint, and better technological integration -latter to drive demand for smart camera system market worldwide
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Key Impediments for Smart Camera System Market Players
The market is on a steep rise. However, certain challenges present themselves. One of the most critical ones is concern around privacy. Often deployed for surveillance, and monitoring, the adaptable cameras that can function as per environmental requirement can seem intrusive in personal space of people and this is causing resistance in certain quarters. Besides, as maintenance costs are high, adoption is not so high as potential. But, as technology advances, and players try to work with prudent business economics, the issue is set to be fixed in the future.
Smart Camera System Market: Region-wise Analysis
- North America is marked by high adoption rate of advanced technology across business verticals and this reason underlies its dominance in the global smart camera system market; the region is set to witness growth at 14.8% over the assessment period
- Asia Pacific to chart a very high CAGR over the forecast period owing to efforts towards bolstering security and surveillance in the region by governments and commercial players; the region to be a smart camera system manufacturing hotspot over the forecast period
Analyze Smart Camera System market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
An analysis of global smart camera system market's vendor landscape shows that market players would direct efforts towards improving technology in order to ensure products hitting the market are innovative, gaining players an edge over competitors. This can be noted in recent product launches of Hangzhou Hikivision Digital Technology's series of cameras that give high quality images in all weather conditions. Another critical strategy that players often deploy include mergers and acquisitions, partnerships and collaborations, and expansion into untapped markets.
The global smart camera system market is fragmented in nature and key players that mark the vendor landscape 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., among others.
Transparency Market Research has segmented the Smart Camera System market based on component, application, industry, and region
Smart Camera System Market, by Component
- Box Camera
- Dome Camera
- Bullet Camera
- Video Management System
Smart Camera System Market, by Application
- License Plate Recognition
- Advanced Driver Assistance System (ADAS)
- Facial Recognition (Identity Access Management)
Smart Camera System Market, by Industry
- Traffic Surveillance
- Toll Road Cameras
- Railway Stations
- Others (Healthcare and Hospitality)
- Smart Cities
Smart Camera System Market, by Region
- North America
- Asia Pacific
- Middle East & Africa
- South America
Explore Transparency Market Research's award-winning coverage of the global Electronics & Semiconductors Industry:
- Smart Camera Market - Diverse application of smart cameras for security & surveillance and tremendous technological advancement in improved quality imaging are major factors driving the global smart camera market.
- Camera Motion Recording System Market - The global camera motion recording system market is expanding at a rapid pace. Rise in security concerns in developing countries, ease of installation, and increase in awareness about security are expected to drive the camera motion recording system market during the forecast period.
- Distributed Antenna System (DAS) Market - The public safety DAS segment of the distributed antenna system (DAS) market is estimated to reach a value of ~US$ 6.6 Bn by 2027.
- Identity-as-a-Service Market - Increased adoption of IoT has caused a stir in the technical and business approach of end users, and the explosion in the number of IoT-connected devices has triggered serious concerns about identity and access management.
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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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