AI-Powered Cameras: Market to Expand Rapidly Over the Next Decade
The Global Artificial Intelligence (AI) Camera Market, valued at USD 7.8 billion in 2023, is projected to experience remarkable growth, reaching an estimated USD 33.5 billion by 2034. This represents a compound annual growth rate (CAGR) of 14.1% from 2024 to 2034, driven by advancements in imaging technology, increasing adoption of smartphones, and a rise in AI-powered surveillance devices.
Market Drivers
1. Rise in Adoption of Smartphones and Surveillance Devices: The integration of AI in mobile cameras is revolutionizing photography and videography. AI-powered cameras can automatically adjust settings, identify objects and locations, and perform advanced editing, ensuring users capture high-quality images effortlessly. Major smartphone manufacturers like Samsung are at the forefront of this innovation. In March 2023, Samsung Electronics Co., Ltd. launched the Galaxy A55 5G and Galaxy A35 5G in India, featuring AI-enhanced camera capabilities, contributing significantly to the market's growth.
2. Enhanced Surveillance Capabilities: AI in surveillance devices is enhancing security and operational efficiency. These cameras can conduct in-depth profiling and real-time monitoring, reducing the need for constant human oversight. Notable implementations include Hong Kong's deployment of AI-enabled thermal cameras for precise assessments of urban rodent problems and Bengaluru's Transport Department utilizing AI-enabled cameras to enhance road safety.
3. R&D in Imaging Technologies: Continuous research and development in imaging technologies are augmenting the AI camera market. AI-powered thermal cameras, which provide high-performance imaging and temperature detection, are increasingly used in industrial settings. In February 2024, Norden Communication partnered with the Center for Development and Advanced Computing (C-DAC) to develop AI-based thermal cameras, expanding their application in security and industrial monitoring.
Regional Insights
Asia Pacific: Asia Pacific dominated the AI camera market in 2023, with significant contributions from smartphone adoption and AI-powered surveillance systems in the public sector. India is projected to account for 20% of global shipments by 2032. The region's rapid technological advancements and urbanization are key factors driving market growth.
North America: The demand for AI-powered monitoring systems is propelling market growth in North America. In 2023, California's fire department implemented ALERTCalifornia, an AI system analyzing live camera feeds to prevent wildfires, showcasing the region's commitment to leveraging AI for disaster management.
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Key Industry Players
Leading companies in the AI camera market, including AV Costar, Axis Communications AB, Bosch Sicherheitssysteme GmbH, Canon Inc., and Hangzhou Hikvision Digital Technology Co., Ltd., are investing heavily in R&D to enhance their market presence. Recent developments include Hanwha Vision's launch of advanced AI-powered radiometric thermal cameras and Crestron's introduction of the 1 Beyond PTZ camera series, highlighting the industry's focus on innovation.
Market Segmentation
The AI camera market is segmented by offering (hardware, software, services), technology (image/face recognition, computer vision, motion detection, night vision), product type (compact cameras, DSLR cameras, CCTV cameras, dome cameras, bullet cameras, turret cameras, fisheye cameras, PTZ cameras, others), deployment (indoor, outdoor), application (intrusion detection, smart farming, automated sports broadcasting, traffic management, people counting, others), and end-user (residential, commercial, industrial, automotive).
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