Valley Cottage, NY -- (SBWIRE) -- 07/11/2019 -- Future Market Insights presents an in-depth analysis and a revised forecast of the global smart camera market in a recently published report titled, "Smart Camera Market: Global Industry Analysis (2012-2016) & Opportunity Assessment (2017-2027)." The global smart camera market was valued at about US$ 4500 Mn in 2016 and is expected to register a CAGR of 18.7% through 2017 to 2027. Growth in machine vision industry and reduction in cost and size of chips are major factors driving the growth of global smart camera market. However, lack of standardization and low acceptance in emerging economies are restraining the market growth of smart camera market. Smart camera is also termed as connected camera, which enables users to perform some additional functions, such as information extraction from captured image, information sharing and real time video analysis. Smart camera helps in advanced monitoring, quality checking robotic guidance system and in various machine vision applications.
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Global Smart Camera market is categorized on the basis of component, application and region. On the basis component, the market is segmented as image sensor, memory, processor, communication interface, lenses, display and others. The image sensor segment is anticipated to register a CAGR of 25.5% during the forecast period. This is the fastest growing segment as image sensors have witnessed increased adoption recently. The processor segment in this category is anticipated to grow at a CAGR of 16.0% throughout the period of forecast. In 2017, lens segment displayed a market value of about US$ 1,306 Mn and is estimated to reach a valuation of around US$ 5.7 Bn by the end of the period of assessment.
On the basis of application, the global market is segmented into transportation & automotive, healthcare & pharmaceutical, food & beverages, military & defense, commercial area, consumer segment and others. The revenue contribution from the commercial area segment is anticipated to expand at a CAGR of 21.7% during the forecast period and is the fastest growing segment in the coming years. The consumer segment is the largest segment in terms of market share and is estimated to touch a market valuation of more than US$ 5 Bn by the end of the year of assessment.
This report also covers trends driving each segment and offers analysis and insights regarding the potential of smart camera market in regions including North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan and Middle East and Africa. Among the regions, North America is projected to exhibit relatively high growth in the global market, registering a CAGR of 23.1% over the forecast period. Revenue from the Smart Camera market in North America account for over 20.7% of the global Smart Camera market revenue in 2017. Smart Camera providers can focus on expanding across several countries in North America and Western Europe regions such as Germany, U.K and U.S.
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Key competitors in Smart Camera market are Samsung Electronics Co., Ltd., Canon Inc., Nikon Corporation, Sony Corporation, Panasonic Corporation, Fujifilm Corporation, Olympus Corporation, Polaroid Corporation, Microscan Systems, Inc., Vision Components GmbH, Matrox Imaging, XIMEA GmbH and Cognex Corporation.