High Use of AI-Enabled Mobile Devices in COVID 19 to Boost Growth of AI Camera Market

MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global AI Camera Market.

AI Camera Market Industry Insight

Market Research Future has been monitoring the Global AI Camera Market, and it is poised to grow by USD 32.0 Billion during 2024-2032, progressing at a CAGR of over 15.0%. The report offers an up-to-date COVID-19 analysis regarding the current market scenario, drivers, and the overall market environment.

Top Grossing Drivers

MRFR’s study has included the latest coverage of the impact of COVID-19 on the AI camera industry. It has been seen that in a crucial time of COVID 19 spread, there has been an increase in the concerns about public safety and security, which has led to high usage of AI camera. The growing adoption of IP cameras, as well as the rising demand for wireless and spy cameras, is driving the growth of the video surveillance industry and affecting the AI Camera market.

Also, other factors such as escalating government and stakeholder funding for smart cities and employing city surveillance solutions, the progress of technological advancements in Big Data, rising demand for VSaaS services, cloud-based services, IoT, and prevalent trends of artificial intelligence will provide opportunities to the giant players to invest hugely in the market during the forecast period.

With AI becoming the nucleus of many technology-based applications, the funds in the sector are rising. Image recognition faces as one of the standard features for many AI-connected applications. Therefore, the market is likely to influence the fast-growing technology and expand in the coming years.

Furthermore, the market of AI camera is concentrated, and the degree of concentration will decelerate growth prospects during the forecast period. Some of the renowned market participants such as IBM, Autodesk, Oracle, Microsoft, and SAP have been actively making investments. Therefore, the demand for data integration will offer immense growth opportunities in the market over the estimated period.

Segmentation of Market

The global AI camera market has further been studied on parameters of segmentation based on type and technology.

In terms of type segment, the AI camera market has included surveillance cameras, Smartphone cameras, DSLRs, and others.

In terms of the technology segment, the AI camera market has included voice/speech recognition, image/face recognition, computer vision, and others.

Regional Framework

AI solutions have been gaining prominence persistently in the Asia-Pacific region, predominantly to cater to the growing need for security solutions owing to the advent of the smart homes and smart city initiatives in the developing countries.

AI vendors in China prefer Tensor Flow or Caffe, whereas companies in Singapore prefer Microsoft CNTK, and companies in Japan prefer Chainer Software to support AI technologies. The ease of availability of such platforms has introduced substantial potential opportunities for vendors to leverage more advanced technologies to develop tools for critical business needs. China has witnessed significant developments in terms of consumer electronics, surveillance, and the retail sector and contributed nearly 40% of the production of CCTV cameras across the globe. With this, Asia-Pacific is expected to the fastest-growing regional market during the assessment period.

North America region is also leading the artificial intelligence camera market with the highest adoption rate. The prime factors causative to the growth of the AI camera market in North America include surveillance systems, retail sector, integration of artificial intelligence technology in consumer electronic devices, and law enforcement.

Top Market Players

The top-grossing players in the AI Camera Market are identified across all the significant regions are Sony Corporation, Samsung Electronics, Honeywell International, Xiaomi Inc, Apple Inc, Nikon Corporation, Canon Inc, LG Electronics, Huawei Technology Co Ltd, HikVision, Google LLC, Fujitsu Ltd, and Huddly AS. These market participants contribute extensively to market growth. Apart from the top key players, the other players add nearly 25–30% investments in the AI camera market.