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Smart Camera System Market to Expand Due to Increasing Focus on Leveraging Big Data, IoT for Enhanced Monitoring, TMR Study
ALBANY. N.Y. , Jan. 24, 2022 /PRNewswire/ -- Smart camera deployment has increased substantially on the back of varied advantages they offer to the end users. Furthermore, the integration of connected technologies such as Internet-of-Things (IoT) and others is likely to offer profitable growth prospects for the smart camera system market players during the forecast period of 2019-2027.
According to the analysts at Transparency Market Research (TMR), the global market for smart camera system is expected to expand at a CAGR of 14.9% during the forecast period. The smart camera system market stood at US$ 9.7 Bn in 2019 and is prognosticated to reach US$ 29.5 Bn by 2027.
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The rising rural-to-urban migration in metropolitan cities is leading to an increased stress on the traffic department. Traffic congestion is a common phenomenon, especially in metro cities. Many steps are being undertaken by the government bodies of numerous countries. This is one of the prominent steps is the adoption of smart traffic systems.
The adoption of AI-enabled smart traffic signals in the populous metro cities is gathering considerable traction. The smart cameras at the signal monitor the vehicular traffic and regulate the wait time accordingly. The cameras also have the ability to read traffic number plates. Thus, such developments help strengthen the growth trajectory of the smart camera system market.
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The crime rate around the world is increasing at a rapid rate. Illegal activities are on the rise in various regions. In order to decrease such incidents, government bodies are paying attention on strengthening surveillance systems. These systems have the potential to detect such incidents with ease and allow concerned authorities to take necessary on-time measures. From trespassing to public intoxication, artificial intelligence (AI) can be used to detect such crimes.
Hanam, a city in South Korea recently announced its intentions of installing 68 AI-based cameras in areas with high crime rates. These devices have the ability to recognize objects and can also compare collected image information with the existing data. Therefore, similar developments present growth prospects for the smart camera system market.
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The software segment is expected to grow at an accelerated pace from 2019 to 2027. The evolution of technology from single-feature to full-feature solutions assist in eliminating inaccuracies and provide precision in data processing and image capturing. Manufacturers in the smart camera system market are expanding their efforts to support joint data analysis between the cloud and the cameras. All these factors signal positive growth of the smart camera system market.
Some well-established players in the smart camera system market are Zhejiang Dahua Technology Co.,Ltd., Raptor Photonics Ltd, Huawei Technologies Co., Ltd., and FLIR Systems, Inc.
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