ALBANY. new York, January 24, 2022 /PRNewswire/ — The deployment of smart cameras has increased dramatically due to the varied benefits they provide to end users. Furthermore, the integration of connected technologies such as Internet of Things (IoT) and others is likely to provide profitable growth prospects for the smart camera system market players during the forecast period 2019-2027 .

According to analysts at Transparency Market Research (TMR), the global smart camera system market is expected to grow at a CAGR of 14.9% during the forecast period. The market for smart camera systems amounted to US$9.7 billion in 2019 and is expected to reach $29.5 billion by 2027.

The popularity of smart camera systems has grown tremendously over the years. The growing demand is mainly due to the transformation of smart camera systems from “reactive” to “proactive”. Standard cameras only give a clear picture to an individual or a department of a certain event or incident in progress or which has already caused damage. On the other hand, smart camera systems are proactive and alert the relevant person or department to the incident so that necessary action can be taken to prevent or minimize damage. Thus, the “proactive” quotient will play a major role in the growth of the smart camera system market.

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Main findings of the report

Intelligent traffic systems are gaining momentum and driving demand for smart camera systems

The increasing rural exodus in metropolitan cities leads to increased pressure on the traffic service. Traffic jams are a common phenomenon, especially in metropolitan areas. Many steps are taken by the government authorities of many countries. This is one of the important steps is the adoption of intelligent traffic systems.

The adoption of AI-enabled smart traffic lights in populated metropolitan cities is gaining momentum. Smart signal cameras monitor vehicle traffic and regulate waiting time accordingly. The cameras also have the ability to read license plates. Thus, such developments help bolster the growth trajectory of the smart camera system market.

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Rising crime rate pushes for better surveillance

The crime rate in the world is increasing at a rapid rate. Illegal activities are on the rise in various regions. In order to reduce these incidents, government agencies are paying particular attention to strengthening surveillance systems. These systems have the potential to easily detect such incidents and allow the authorities concerned to take the necessary measures in time. From trespassing to public intoxication, artificial intelligence (AI) can be used to detect such crimes.

Hanam, a city of South Korea recently announced plans to install 68 AI-based cameras in high-crime areas. These devices have the ability to recognize objects and can also compare the collected image information with existing data. Hence, similar developments present growth prospects for the smart camera system market.

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Software segment to witness exponential demand

The software segment is expected to grow at an accelerated rate from 2019 to 2027. The evolution of technology from single-feature to full-featured solutions helps eliminate inaccuracies and provide precision in data processing and image capture . Manufacturers in the smart camera system market are stepping up efforts to support joint data analysis between cloud and cameras. All these factors signal a positive growth of the smart camera system market.

Some well-established players in the smart camera system market are Zhejiang Dahua Technology Co., Ltd., Raptor Photonics Ltd, Huawei Technologies Co., Ltd. and FLIR Systems, Inc.

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Smart Camera Systems Market: Segmentation

Smart Camera Systems Market, By Component

  • Equipment
    • Camera
      • box camera
      • Dome camera
      • bullet camera
    • Video management system
  • Software
  • Services

Smart Camera Systems Market, By Application

  • license plate recognition
  • Monitoring
  • Advanced Driver Assistance System (ADAS)
  • Face Recognition (Identity Access Management)

Smart Camera Systems Market, By Industry

  • Government
    • Traffic monitoring
    • Toll Road Cameras
  • Transport
    • Railway stations
    • Airports
    • Marine
  • Commercial
    • Retail
    • BFSI
    • Education
    • OEM
    • Others (Health and Hospitality)
  • Residential
  • Smart cities

Smart Camera Systems Market, By Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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About Transparency Market Research

Transparency Market Research is a global market intelligence company, providing global market intelligence reports and services. Our proprietary blend of quantitative forecasting and trend analysis provides forward-looking insights to thousands of decision makers. Our experienced team of analysts, researchers and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

Our data repository is continually updated and reviewed by a team of research experts, so that it always reflects the latest trends and information. With broad research and analytical capability, Transparency Market Research uses rigorous primary and secondary research techniques to develop distinctive datasets and research material for trade reports.

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SOURCE Transparency Market Research

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