The global smart camera market is segmented into sensor type such as CMOS (Complementary Metal Oxide Semiconductor) sensor and CCD (Charged Couple Device) sensor. Among these segments, CMOS sensor segment is expected to occupy the largest market of overall smart camera market. Further, the rise of the CMOS sensor segment is driving on the back of growing usage of CMOS sensor smart camera for surveillance purposes due to smaller size, low power consumption, faster frame rate and others. Moreover, easy installation and advanced monitoring features is also expanding the market of global CMOS sensor.
Global smart camera market is expected to register a CAGR of 18.2% over the forecast period. Moreover, the global smart camera market is projected to expand at USD 6,200 Million by the end of 2024. Apart from this, the market of smart camera is expanding on the back of rising personal disposable income coupled with growing adoption of smart gadgets.
The public spaces segment by application is projected to mask the highest CAGR during the forecast period i.e. 2017-2024. Further, growing implementation of smart camera in public places such as railway station, public squares and parks for surveillance purposes is believed to be dynamic factor behind the rapid growth of smart camera market across the globe. In terms of regional platform, Asia-Pacific region grabbed the largest market of smart camera in 2016 due to emerging economies such as China and India. Additionally, product innovation by manufacturing companies in South Korea, China and others is also positively impacting the growth of smart camera market in Asia-Pacific region.
Advancement in imaging quality
Technological advancement in camera to improve the imaging quality coupled with growing demand for surveillance across the city due to increasing prevalence of robbery, accidents and others is one of the major factor boosting the demand for smart camera. Further, integration of internet of things (IoT) into camera has improved the sharing of photos which is likely to boost the demand for smart camera. These factors are further propelling the growth of smart camera market.
Favorable government initiatives
Rapid urbanization coupled with positive GDP figures of the developed and developing nations and increasing government regulations for improving the security and surveillance are envisioned to intensify the growth of smart camera market by the end of 2024.
On the contrary, lack of standardization regarding the installation of smart camera is projected to hinder the growth of smart camera market over the forecast period.