AI Camera Market Size, Share, Growth, And Industry Analysis By Type (Smartphone Cameras and Surveillance Cameras) By Application (Retail, Medical, Automotive, Education, and Industrial Manufacture), Regional Forecast To 2031

Updated On: 15 April 2024

AI Camera Market Report Overview

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The global AI camera market size is expanded rapidly in 2021 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2021 to 2031.

The market has grown steadily in recent years as they have achieved substantial acceptance. To create an automated and intelligent video surveillance system, these cameras have been built employing cutting-edge technology, including machine learning, computer vision, and deep learning algorithms. High-quality videos are recorded by AI cameras, which also analyze them in real time for any threats or anomalies. With various cameras accessible for diverse purposes, the market has grown. The two most common types of AI cameras are. The first kind is an edge-based camera, incorporating an AI chip into its physical construction.

This particular camera type can analyze recorded footage in real-time, obviating the requirement for a fast internet connection. The second kind is a cloud-based camera, which processes video data on a distant server. For seamless video analysis, this type of camera needs a strong, fast internet connection. They have become a crucial component of the security sector, with their real-time ability to identify and react to threats. They have also been used in other industries like retail, transportation, and healthcare. As the market is expected to develop rapidly over the next several years, it is clear that these cameras will continue to transform how we approach security and surveillance.

COVID-19 Impact: Lockdown and Social Distancing Measures Accelerated the Market Growth

The COVID-19 epidemic has significantly impacted the world economy, which is true of the AI cameras market. The demand for AI-enabled cameras across many industries has increased due to the epidemic, even though the market grew before the pandemic. Businesses increasingly depend on AI-powered surveillance technologies to check compliance and guarantee the safety of their personnel and clients due to social distance norms. Also, the healthcare industry uses AI cameras to keep tabs on patients and enforce social distance rules. Manufacturers of these cameras now have new chances to develop and meet evolving consumer demands due to the epidemic. The market is anticipated to develop steadily over the next several years as the globe struggles to deal with the epidemic.

Latest Trends

"Integration of AI Technology Into Camera Systems Boosts the Market Expansion"

The adoption of AI technology in camera systems is the most recent development driving the present boom in the market. This technology makes advanced features like facial recognition, object tracking, and even emotion detection possible. They are also useful for monitoring since they can spot and warn people about possible risks. The capacity of these cameras to offer improved security and convenience has raised the demand for them. It's fascinating to see what new capabilities may be added shortly as AI camera technology advances. As it expands and changes, the market is one to watch.

AI Camera Market Segmentation

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• By Type Analysis

The AI camera market can be segmented into smartphone cameras and surveillance cameras. Among these, smartphone cameras are projected to experience rapid growth through 2031.

• By Application Analysis

The market can be divided based on application into retail, medical, automotive, education, and industrial manufacture. Retail is expected to hold the most significant AI camera market share in the upcoming years.

Driving Factors

"Increasing Demand for Advanced Security Systems Propels the Market Expansion"

The market is growing quickly, and several important factors fuel this expansion. The need for sophisticated security systems is one of the main reasons propelling the expansion of this market, first and foremost. A crucial tool for surveillance and security, cameras with machine learning skills can now reliably detect and identify possible threats thanks to improvements in AI technology. The increased adoption of smart city projects is another important market-driving element for AI cameras. Governments all around the globe are making significant investments in the infrastructure for smart cities, and AI cameras are an essential part of these programmes. These cameras are crucial for city planners and law enforcement organizations since they can monitor traffic, spot accidents, and even spot criminal activities.

"Rise of E-Commerce and the Need for Efficient Warehouse Management Fuel the Market Growth"

Also, the expansion of e-commerce and the demand for effective warehouse management have fueled the market. AI-enabled cameras may help warehouses operate more efficiently, manage inventory more effectively, and spend less money on maintenance. In conclusion, several reasons drive the market, such as the demand for sophisticated security systems, the expanding acceptance of smart city projects, and the expansion of e-commerce. We may anticipate even more cutting-edge uses for cameras with machine learning capabilities as AI technology progresses.

Restraining Factors

"High Cost and Lack of Standardization Hinders the Market Growth"

Although the market has been expanding quickly in recent years, several restrictions still prevent it from reaching its full potential. The high implementation costs are one of the main obstacles in the market. The expensive cost of this technology continues to deter many companies and people from making investments, which has slowed the market's expansion. Privacy concerns, a key barrier, also hinder the deployment of AI cameras. Individuals are less inclined to utilize these technologies due to growing public awareness of the dangers. Another obstacle is the absence of industry standards, making it challenging for businesses to create and market interoperable AI cameras with various platforms. Despite these obstacles, the market is anticipated to expand over the next few years as more companies and people come to appreciate their advantages.

AI Camera Market Regional Insights

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"North America to Dominate Market Due to Increasing Demand for Advanced Security Systems"

Between 2022 and 2031, the AI camera market will be dominated by North America. Factors driving the market growth in this region include increasing demand for advanced security systems.

Additionally, the market is anticipated to experience the fastest growth in European and Asian countries (India, China, Japan, and South East Asia). The rise of e-commerce and the need for efficient warehouse management fuels market expansion.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Axis Communications AB (Sweden)
• Bosch Security Systems (U.S.)
• D-Link Corporation (Taiwan)
• Eagle Eye Networks (U.S.)
• Hangzhou Hikvision Digital Technology Co., Ltd. (China)
• Hanwha Techwin America (U.S.)
• Panasonic (Japan)
• Swann (Australia)
• Canon (Japan)
• Samsung Electronics (South Korea)
• Xiaomi (China)
• Huddly AS (Norway)
• LG Electronics (South Korea)
• Sony (Japan)
• Honeywell (U.S.)
• FLIR Systems. (U.S.)
• VIVOTEK (Taiwan)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.