The smart camera market has been segmented by applications into public spaces, military & defense, transit facilities, commercial facilities, enterprise & government infrastructure and residential infrastructure, all of which have a huge demand for smart cameras to monitor the activities happening around. Rise in criminal activities have raised the demand for smart surveillance systems which is anticipated to drive the growth of smart camera market over the forecast period.
The global market for smart cameras is estimated to reach USD 6.2 Billion globally by 2024 by expanding at a compound annual growth rate of 18.2% over the period 2017-2024. Rising demand for surveillance systems in both residential and commercial sectors is anticipated to propel the growth of smart camera market by noteworthy revenue by the end of 2024.
In the regional segment, Asia Pacific market for smart camera represented the highest market share in terms of revenue in previous years and is anticipated to drive the smart camera market with significant pace by expanding at a compound annual growth rate of 21% over the forecast period. Factors such as product innovation by manufacturers in China, Korea, and Singapore combined with rapid economic development in India, China and Japan are estimated to propel the growth of smart camera market in Asia Pacific region. Further, evolution of user-friendly technologies are anticipated to drive the growth of North America region by making it the second largest market to hold highest market share in overall smart camera market. Additionally, Latin America is expected to grow at a compound annual growth rate of 31% by the end of 2024.
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Wide Scale Applications along with Rising Security Concerns to Boom the Market
Rising cases of theft and public violence has raised the demand for smart cameras in public spaces such as shopping malls, railways stations and parks etc. which is estimated to benefit the expansion of smart camera market over the forecast period. Further, initiatives taken by government to strengthen the surveillance and security of public spaces are believed to supplement the growth of the smart camera market globally.
However,high cost and lack of standardization for the installation of smart cameras is likely to inhibit the growth of the smart camera market in the near future.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the smart cameramarket which includes company profiling ofSamsung Electronics Co. Ltd., Nikon, Canon Inc., Datalogic S.P.A, Panasonic Corp., Sony, Polaroid Corporation, Microscan Systems Inc. and Nest Labs.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the smart camera market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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