Al Camera Market worth $22.1 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 22, 2023 /PRNewswire/ -- 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 according to a new report by MarketsandMarkets™. The convergence of AI technology, decreasing costs, and a wide range of practical applications have fueled the growth of the AI camera market.
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The growth of processor offerings in the AI camera market is driven by several key factors that emphasize the critical role of high-performance processors in enabling advanced AI capabilities and real-time processing. AI-powered cameras perform increasingly complex tasks like object detection, facial recognition, natural language processing, and scene analysis. These tasks require powerful processors capable of handling the computational workload efficiently.
AI camera market for natural language processing technology to hold the second highest CAGR during the forecast period.
The integration of NLP technology into AI cameras enhances their functionality, accessibility, and usability across various industries and applications. Using natural language, NLP technology enables AI cameras to understand and respond to human commands and queries. This enhances user-friendliness and accessibility, allowing users to control and customize camera functions more intuitively. NLP technology allows AI cameras to personalize interactions based on user preferences and behavior. This can include tailoring recommendations, settings, and responses to individual users.
AI camera market for security & surveillance end-users to hold the highest market share during the forecast period.
The growth of the AI camera industry for security and surveillance is driven by the increasing need for advanced security solutions, the growing complexity of security threats, and the potential for AI technology to significantly improve the effectiveness of surveillance systems. AI-powered cameras can detect and identify security threats, such as intruders, unauthorized access, and suspicious behavior, with high accuracy. This capability enhances proactive security measures. AI technology enables video analytics for in-depth analysis of surveillance footage. This includes facial recognition, object detection, license plate recognition, and even behavioral analysis, improving the effectiveness of security systems.
AI camera market for CCTV cameras to hold the highest market share during the forecast period.
The need for heightened security measures in public and private spaces has driven the adoption of CCTV AI cameras. These cameras offer advanced threat detection, facial recognition, and real-time alerts, enhancing security capabilities. Many organizations can easily integrate AI-powered CCTV cameras into their existing surveillance systems, enhancing capabilities without significant infrastructure changes. The growth of the CCTV AI camera market is driven by the critical role these cameras play in improving security, reducing crime, and providing valuable data for decision-making. The development and testing of autonomous vehicles in North America rely on AI cameras for object detection, lane tracking, and obstacle avoidance, contributing to the growth of the automotive AI camera market.
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AI camera market for North America to hold the second highest CAGR during the forecast period.
The need for advanced security and surveillance solutions is a significant driver of the AI camera market in North America. Businesses, government agencies, and residential users are investing in AI cameras to enhance security, deter crime, and monitor properties. North American cities and municipalities are investing in smart city initiatives that incorporate AI cameras for traffic management, public safety, environmental monitoring, and urban planning. Retailers in North America use AI cameras to prevent theft and fraud by identifying shoplifting incidents and monitoring suspicious activities in real time.
The AI camera companies includes major Tier I and II players like Sony Group Corporation (Japan), Panasonic Corporation (Japan), Hangzhou Hikvision Digital Technology Co., Ltd. (China), Samsung (South Korea), Axis Communications AB (Sweden) and others. These players have a strong market presence for AI cameras across various countries in North America, Europe, Asia Pacific, and RoW.
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