Northbrook, IL 60062 -- (SBWIRE) -- 12/21/2023 -- The global AI camera market is expected to be valued at USD 7.6 billion in 2023 and is projected to reach USD 22.1 billion by 2028; it is expected to grow at a CAGR of 23.9% from 2023 to 2028.
The demand for advanced security and surveillance solutions, including facial recognition, object detection, and intrusion detection, is driving the adoption of AI cameras in residential, commercial, and public spaces. The convergence of AI technology, decreasing costs, and a wide range of practical applications has fueled the growth of the AI camera market.
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Software offering in AI camera market to account for the largest share during the forecast period. AI camera software provides advanced analytics capabilities, enabling real-time data processing and analysis. This empowers users to extract valuable insights from visual data, leading to better decision-making and improved efficiency in various applications. AI camera software can trigger real-time alerts and notifications based on detected events or anomalies. This feature is crucial for security and surveillance applications, helping to respond promptly to potential threats. The growth of software offerings in the AI camera market reflects the recognition that software is a crucial driver of the functionality, intelligence, and adaptability of AI cameras.
Computer Vision in AI camera market is projected to account for the largest share during the forecast period. The availability of high-resolution imaging sensors and cameras has allowed for the capture of detailed visual data, which is essential for accurate computer vision analysis. AI cameras equipped with computer vision can identify and respond to security threats, unauthorized access, and safety hazards in real-time, improving security and safety measures. Industries like manufacturing and logistics benefit from computer vision for automation, quality control, inventory management, and process optimization, leading to cost savings and increased efficiency.
The AI camera market in Asia Pacific accounted for the highest share in 2023. Many countries in the Asia Pacific region are undergoing rapid urbanization, leading to increased demand for advanced surveillance, security, and smart city solutions. AI cameras play a crucial role in addressing these urbanization challenges, such as traffic management, public safety, and environmental monitoring. Asia Pacific is a hub for manufacturing and industrial activities. AI cameras are widely adopted in these sectors for quality control, process optimization, and automation, leading to increased efficiency and reduced production costs.
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Major players operating in the AI camera market are Sony Group Corporation (Japan), Panasonic Corporation (Japan), Hangzhou Hikvision Digital Technology Co., Ltd. (China), Samsung (South Korea), Axis Communications AB (Sweden), VIVOTEK Inc. (Taiwan), Zhejiang Dahua Technology Co., Ltd. (China), Robert Bosch GmbH (Germany), Honeywell International Inc. (US), Hanwha Vision Co., Ltd. (China), Apple Inc. (US), Alphabet Incorporation (US), Huawei Technologies (China). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of reputable products, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with wider applications, broader geographical use cases, and a larger product footprint.