Global smart camera shipments are expected to reach 38.5 million units by the end of 2016, up from 21 million units in 2014. Wide ranging applications in home and industry automation, strong demand from consumer electronics industry, and increase in government spending on surveillance and security are expected to fuel demand, propelling the global valuation to US$ 4.4 billion by 2016.
Smart cameras find their applications in a host of sectors, including transportation and automotive, consumer electronics, healthcare and pharmaceutical, food and beverage, military and defence, and commercial area. Among these, demand from the consumer electronics is the highest, totalling US$ 649 million in 2014. The consumer electronics segment of the global smart camera market is expected to expand at a compound annual growth rate (CAGR) of over 18% through 2020.
Consumer Electronics Industry Accounts for the Bulk of the Demand for Smart Cameras
Increase in smartphone ownership, coupled with popularity of social sharing apps is fuelling the adoption of smart cameras in the consumer electronics segment. Demand for smart cameras from the consumer electronics industry is expected to reach US$ 1,072 million by the end of 2016.
Leading consumer electronics companies, such as Samsung Electronics, Sony Corporation, and Canon Inc. are investing heavily on research and development (R&D) to develop innovative models and consolidate their position in the market.
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Smart camera shipments to the consumer electronics industry are expected to reach 9.3 million units in 2016, up from 5.5 million units in 2014. FMI expects the total shipments to consumer electronics industry to reach 17.4 million units by 2020.
Adoption of Smart Cameras in Healthcare and Pharmaceutical Growing
Healthcare and pharmaceutical sector is the second largest application segment for smart cameras. Automation and machine vision are sweeping the healthcare and pharmaceutical sector, fuelling the adoption of smart cameras.
Demand for smart cameras from the healthcare and pharmaceutical sector was worth US$ 426 million in 2014. FMI expects it to reach US$ 767 million by the end of 2016. In terms of volume, nearly 6.7 million smart cameras are expected to be shipped in 2016 for use in the healthcare and pharmaceutical sector.
Asia Pacific Most Lucrative Market for Smart Cameras
Asia Pacific is the largest market for smart cameras in terms of value. The Asia Pacific smart camera market was valued at US$ 807 million in 2014; FMI expects it to amplify at a CAGR of nearly 22% through 2020. China, India, Taiwan, and Singapore are key regions where smart cameras will gain traction in the future.
Smart camera shipments in Asia Pacific are expected to reach 12.1 million units by the end of 2016, up from 6.9 million in 2014. According to FMI, the total shipments to Asia Pacific will be to the tune of 25.4 million units by 2020.
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Asia Pacific is the most populous region in the world, and robust demand from burgeoning middle class segment in China and India is expected to fuel the demand for consumer electronics that have smart cameras. Further, use of smart cameras in transportation sector in cities is also expected to provide a boost to the market.
North America and Western Europe are the other lucrative regions for smart cameras globally. Demand for smart cameras from these two regions is expected to reach US$ 1,577 million by the end of 2016.
Canon Inc., Sony Corporation, Microscan Systems, Inc., Vision Components GmbH, Nikon Corporation, Samsung Electronics Co., Ltd., Panasonic Corporation, Olympus Corporation, Polaroid Corporation, Matrox Imaging, and XIMEA GmbH are the key players identified by FMI.
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