Market Research Future reports portray that the Global AI Camera Market 2020 would reach USD 21.58 Billion of its expected related valuation by 2025, above its former valuation of USD 4.96 Billion. The expected rate of growth for the market is calculated to be 23.8% CAGR during the years from 2018 to 2025.
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Market’s Key Driver & Challenges
The story for Artificial intelligence (AI) cameras market past years from now might be about its shift into something exceptional as the trading is a big thing for it. The growth of the market is attributing to rising technologies such as computer vision, image recognition, speech/voice recognition, machine learning. These factors have been influential to the market’s growth since past years, which is still going on keeping the market on the right track of development.
At the same time, the wide application of AI cameras is mostly seen in smartphones and surveillance cameras wherein the technology is used to detect the space, intensity of light, and white balance. It is the country of China that is one of the leading in using AI cameras on a significant level. It has installed AI-enabled surveillance cameras at approximately 75% of the crowded locations across its cities. These factors have also been influential to the growth of the market in the forecast period.
Other significant factors that drive the AI camera market are directed towards the advancement, development of big data, and the integration of artificial intelligence technology in smart devices. At present, the businesses, device manufacturers, and consumers, mainly in developed and developing countries, are appreciating the benefits and prominence of artificial intelligence.
Furthermore, the technology of AI aims at providing several industries with low-cost as well as effective operations and high productivity. Therefore, the growing need for surveillance and monitoring at essential places such as retail stores with the help of improved user-experience and higher functionality are yet other factors fueling the growth of the artificial intelligence camera market.
In fact, the development of machine learning, deep learning, and natural language processing (NLP) technology are also probable to create more lucrative opportunities for the smartphones and camera manufacturers to grow in this market and help the global AI camera market to reach its high valuation.
Segmentation of Market:
Concerning the study by MRFR, the global AI camera market is further being segmented based on type and technology.
In terms of type: Smartphone cameras, surveillance cameras, DSLRs, and others are the segments.
In terms of technology: Image/face recognition, computer vision, and voice/speech recognition are the segments.
Regionally, AI Camera System Market has further been studied among the critical regions of the Middle East & Africa, North America, Asia-Pacific, Europe, and South America.
Among these regions, the region of North America is leading the artificial intelligence camera market with the highest adoption rate. The essential factors influencing the growth of the AI camera market in North America are directed towards the incorporation of artificial intelligence technology in the consumer retail sector, electronic devices, surveillance systems, and law enforcement.
After the North America region, the next is the Asia-Pacific region, which sees a significant development of the market’s status in the present years. The market in especially China and Japan countries have a considerable market share for AI camera. China has seen significant developments in AI cameras in terms of surveillance, consumer electronics, and the retail sector. Thus, China contributes approximately 40% of the production of CCTV cameras across the globe.
With this, Asia-Pacific is also probable to become the fastest-growing regional market during the forecast period.
Market Key Players
The Global AI Camera Market includes the popular contributors, and they are Apple Inc, Sony Corporation, Xiaomi Inc, Samsung Electronics, Canon Inc, Nikon Corporation, Honeywell International, LG Electronics, Huawei Technology Co Ltd, HikVision, Google LLC, Fujitsu Ltd, Huddly AS.
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