Selbyville, Delaware, Oct. 10, 2024 (GLOBE NEWSWIRE) — AI Camera Market was valued at USD 7.55 billion in 2023 and is projected to be worth USD 34 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
Thanks to advancements in AI and machine learning, AI cameras have gained enhanced capabilities, allowing them to execute complex tasks like object detection, facial recognition, and behavior analysis with heightened accuracy and efficiency. These advancements enable AI cameras to process data in real-time, making them vital in sectors where precision and swift decision-making are paramount. For instance, in security, AI cameras swiftly identify potential threats, while in retail, they analyze customer behavior to refine store layouts and marketing strategies. As AI and machine learning algorithms evolve, the functionalities of AI cameras are set to expand, propelling their adoption across diverse industries.
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The overall AI camera industry is classified based on type, component, technology, industry vertical, and region.
The AI camera market is segmented by components into hardware, software, and services, with the hardware segment projected to exceed USD 14.5 billion by 2032. The hardware segment encompasses cameras, sensors, processors, and storage components vital for visual data capture and processing. Key advancements in sensor technology and processing power are pivotal for boosting image quality and AI functionalities. The rise of high-resolution, compact cameras with built-in AI processors is a primary growth driver for this segment.
The AI camera market is categorized by industry verticals, including consumer electronics, manufacturing & retail, sports, agriculture, healthcare, automotive & transportation, government & law enforcement, and more. The manufacturing & retail segment is emerging as the fastest growing, with a projected CAGR of over 19.5% from 2024 to 2032. In consumer electronics, the market thrives on the demand for sophisticated features in devices like smartphones, home security cameras, and smart home systems. AI cameras in this domain provide functionalities such as facial recognition, gesture control, and real-time object detection.
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In 2023, North America led the global AI camera market, holding a share exceeding 38%. The region’s robust technological infrastructure and swift AI adoption are driving this growth. The U.S. spearheads this momentum, backed by significant AI R&D investments and a stronghold of major tech firms. AI cameras find diverse applications in North America, from enhancing surveillance in smart cities and security sectors to bolstering advanced driver-assistance systems in automotive. The rising integration of AI cameras in smart home devices further underscores the region’s dedication to innovation and automation.
AI Camera Market Players
Companies including AV Costar, Axis Communications AB, Bosch Sicherheitssysteme GmbH, Canon Inc., Hangzhou Hikvision Digital Technology Co., Ltd., Honeywell International Inc., Huawei Technologies Co., Ltd. are some firms working in AI camera industry.
The AI camera market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD million & Units) from 2021 to 2032, for the following segments:
Market, By Type
- Surveillance Cameras
- Smartphone Cameras
- Digital Cameras
- Industrial Cameras
- Others
Market, By Component
- Hardware
- Software
- Services
Market, By Technology
- Surveillance Cameras
- Smartphone Cameras
- Digital Cameras
- Industrial Cameras
- Others
Market, By Industry Vertical
- Consumer Electronics
- Manufacturing & Retail
- Sports
- Agriculture
- Healthcare
- Automotive & Transportation
- Government & Law Enforcement
- Others
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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