Artificial Intelligence (AI) Camera Market Share
The Business Research Company recently released a comprehensive report on the Global Artificial Intelligence (AI) Camera Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The artificial intelligence (ai) camera market size has grown exponentially in recent years. It will grow from $14.43 billion in 2023 to $18.01 billion in 2024 at a compound annual growth rate (CAGR) of 24.9%. The growth in the historic period can be attributed to evolution of computer vision technology, increased demand for video analytics, growth in surveillance and security applications, expansion of smart home devices, rise in industrial automation.
The artificial intelligence (ai) camera market size is expected to see exponential growth in the next few years. It will grow to $43.89 billion in 2028 at a compound annual growth rate (CAGR) of 24.9%. The growth in the forecast period can be attributed to adoption of ai-powered facial recognition, improved processing power and speed, integration of ai cameras in automotive systems, customization and personalization in ai camera features, emphasis on privacy and ethical use of ai cameras. Major trends in the forecast period include advancements in deep learning algorithms, development of edge computing capabilities, collaboration with 5g technology for enhanced connectivity, integration of multimodal sensing in ai cameras, integration of edge ai for real-time processing.
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Market Drivers and Trends:
Growing demand for monitoring and surveillance in commercial stores with increased retail crime (ORC) occurrences is expected to propel the growth of the artificial intelligence (AI) camera market going forward. Monitoring is a comprehensive concept encompassing the continuous and deliberate observation of individuals, locations, objects, or procedures. In contrast, surveillance denotes focused monitoring conducted by law enforcement or security authorities to gather specific evidence of criminal activities or other illicit behavior. In commercial businesses, AI cameras are used to watch real-time consumer movements, analyze shopping trends, identify theft or suspicious activity, and optimize store layouts to improve customer experience and security. For instance, in 2022, according to the survey published by the National Retail Federation on retail security with 63 participating retailers, a US-based retail trade association, organized retail crimes (ORC) occurrences increased by 26.5% on average in 2021 as compared to the previous year in the US, where 8 out of 10 retailers stated that they are facing violence and aggression associated with ORC incidents. Therefore, the growing demand for monitoring and surveillance in commercial stores and retail crime (ORC) occurrences drives the artificial intelligence (AI) camera market.
Technological innovations are the key trend gaining popularity in the artificial intelligence (AI) camera market. Major companies operating in the artificial intelligence (AI) camera market are focusing on developing innovative products to sustain their position in the market. For example, in April 2023, D3, a US-based company that provides embedded design services, products, and original design manufacturing company launched Design Core Velocity Series and the Design Core Discovery Series, the next-generation cameras for autonomous and industrial applications. This includes D3’s new off-the-shelf cameras that are developed to enhance image quality, with AI tuning optimized out-of-the-box and lenses that boost the signal with better-resolving power and wider apertures. Each series includes broad, medium, and narrow field-of-view lens choices developed for high-performance applications such as autonomous machines, robotics, and industrial sensors
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Major Key Players of the Market:
Amazon.com Inc., Google LLC, Sony Corporation, Panasonic Holdings Corporation, Cisco Systems Inc., Honeywell International Inc., Canon Inc., Johnson Controls Inc., Hangzhou Hikvision Digital Technology Co. Ltd., Zhejiang Dahua Technology Co. Ltd., Hanwha Vision, Teledyne Technologies Incorporated, Nikon Corporation, Avigilon Corporation, Bosch Security Systems Inc., Arlo Technologies Inc., Basler AG, Pelco Incorporated, Canary Connect Inc., Deep Sentinel Corp., Eagle Eye Networks Inc., Netatmo SAS, Arecont Vision Costar LLC, Huddly Group, Amcrest Industries LLC
Artificial Intelligence (AI) Camera Market 2024 Key Insights:
• The artificial intelligence (ai) camera market size is expected to see exponential growth in the next few years. It will grow to $43.89 billion in 2028 at a compound annual growth rate (CAGR) of 24.9%.
• The Surge In Demand For AI Cameras Driven By Increased Retail Crime Occurrences And Surveillance Needs
• Innovative Strides In The AI Camera Market
• Asia-Pacific was the dominate region in the artificial intelligence market in 2023
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