AI Camera Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By Type, By Technology, By Industry Vertical, By Region, And Segment Forecasts, 2023 - 2030

AI Camera Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By Type, By Technology, By Industry Vertical, By Region, And Segment Forecasts, 2023 - 2030

AI Camera Market Growth & Trends

The global AI camera market size is expected to reach USD 46.06 billion by 2030, registering a CAGR of 23.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth can be ascribed to the growing adoption of artificial intelligence (AI) across various industrial spheres. In this regard, AI cameras are gaining massive traction as they are transforming the way visual content is captured and created, providing a range of advanced capabilities and features. The introduction of new developments and innovations coupled with increasing applications across various verticals is expected to open ample growth opportunities for the AI camera industry in the coming years.

AI cameras are delivering improved image quality that is poised to push the boundaries of artistic expression, from scene identification and object recognition to creative filters and image augmentation. In June 2023, Holowits Technologies Pte. Ltd. launched a new HOLOWITS AI Camera which offers extensive coverage and enhanced video analysis performance. It supports real-time incident processing and post-event queries with the use of advanced intelligence analytical technologies including behavior analysis and target search. The integration of AI technology will enhance the outlook of the photography and videography industry, creating lucrative growth prospects for the market.

The expansion of the market for AI cameras is being largely influenced by the product adoption of security and surveillance in several cities across the globe. Increased urbanization and a growing population translating to the rising number of people and vehicles through the city streets has instigated the need for surveillance cameras. However, the surge in the number of surveillance cameras is subsequently creating large amounts of data, posing a challenge for the operators. AI cameras, in this case, are able to help improve operator efficiency to a greater extent. They perform advanced analytical functions such as person detection, face detection, vehicle detection, people counting, traffic counting, and license plate recognition.

AI Camera Market Report Highlights

• In terms of component, the software segment is estimated to record a significant CAGR from 2023 to 2030 with the introduction of innovative features in the camera software to provide an enhanced picture-taking experience
• In terms of type, the surveillance camera segment has accounted for a revenue share of nearly 32.0% in 2022 owing to the increasing product demand driven by its ability to analyze real-time video feeds, detect potential threats, automate monitoring, facial recognition, traffic control, and management, etc.
• In terms of technology, the image/face recognition segment accounted for a revenue share of nearly 31.0% in 2022. This technology is being increasingly used in security cameras across several major cities and is becoming a ubiquitous smartphone feature
• In terms of industry vertical, the consumer electronics segment is expected to record significant growth over the forecast period owing to the wide availability of AI cameras in this domain, from point-and-shoot models to DSLRs with high-end features
• North America captured a sizeable revenue share in 2022 due to considerable demand for technologically advanced devices in the region. Besides, growing awareness about safety and security surveillance is also driving the market growth

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