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Global Embedded Smart Cameras Market: Impressive Growth with CAGR of 34.2%, Forecasted to Reach US$ 124,725.1 Million by 2033

08-18-2023 10:08 AM CET | IT, New Media & Software

Press release from: Future Market Insights

Embedded Smart Cameras Market

Embedded Smart Cameras Market

The global embedded smart cameras market is estimated to have reached a valuation of US$ 6,566.6 million in 2023. This growth is primarily driven by the widespread technical applications and diverse range of uses. The market is set to witness substantial expansion, with sales of embedded smart camera products projected to soar at a robust CAGR of 34.2% between 2023 and 2033, culminating in a total valuation of approximately US$ 124,725.1 million by the conclusion of 2033.

Innovations in computing, communication, and sensor technology are catalyzing the emergence of new applications such as ubiquitous computing, sensor networks, and embedded systems. A notable embodiment of this technological advancement is the domain of embedded smart cameras.

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Overview of the Embedded Smart Cameras Market:

The increasing demand for real-time performance in video processing applications has driven a significant surge in recent years.

Embedded smart cameras utilize very large-scale integration (VLSI) technology to deliver real-time analysis within a cost-effective and energy-efficient system that also offers ample memory capacity.

These camera systems are capable of processing a diverse array of algorithms to derive meaningful insights from streaming video, going beyond mere pixel processing and compression.

With a dedicated processor in each unit, embedded smart cameras are well-suited for scenarios where multiple cameras need to operate independently and asynchronously, or when distributed vision is essential.

Pioneering Future Growth: Start-Up Ecosystem Strategies

In the pursuit of future growth, key players in the start-up ecosystem are deploying a range of strategic approaches, including new product launches, expanding their geographic reach, engaging in mergers and acquisitions, forming partnerships, and fostering collaborations. These strategies aim to captivate potential buyers' interest and expand their customer base significantly.

For instance:

Horizon Robotics, established in 2015 by Annie Tao, Chang Huang, Kai Yu, and Ming Yang, is headquartered in Haidian, Beijing, China. Their innovative approach led to the introduction of an advanced HD smart camera in April 2018, equipped with embedded AI capable of achieving up to 99.7% accuracy in facial recognition.

Hangzhou Hikvision Digital Technology Co., Ltd., founded in 2001, specializes in designing, developing, manufacturing, and distributing security and video surveillance products and solutions on a global scale. By incorporating cutting-edge H.265+ compression technology, their latest embedded Network Video Recorders (NVRs) offer the dual advantages of efficient bandwidth management and enhanced storage capabilities.

Embedded Smart Cameras Market: Competition Landscape:

Major players active in the embedded smart cameras market are Banner Engineering Corp., Microscan Systems, Inc., Tattile s.r.l., Samsung, National Instruments, Toshiba Teli Corporation, Teledyne DALSA Inc. and Stemmer Imaging Ltd.

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Embedded Smart Cameras Market: Factors Driving Demand:

The demand for embedded smart cameras is being fueled by several key factors. Firstly, there is a rising need for real-time performance in video processing applications. Additionally, the deployment of video-based surveillance systems for public safety and transportation systems, along with advancements in robotics technology, is contributing to the increased demand.

Furthermore, embedded smart cameras are finding growing adoption in various applications, including barcode inspection, object recognition, process monitoring, and quality control.

This increasing preference for embedded smart cameras among organizations is expected to significantly boost market growth.

However, it's important to note that these embedded smart cameras have their limitations. Since they bundle all the capabilities of a machine vision system into one camera, developers are constrained in terms of image sensor selection, camera speed, processing power, and software capabilities offered by specific vendors.

Market Segments:

Embedded Smart Cameras Market by Component:
Hardware
Software
Services

Embedded Smart Cameras Market by Application:
Human & Animal Detection
Surveillance
Facial Detection
Motion Analysis
Others

Embedded Smart Cameras Market by Region:
North America
Latin America
Europe
Asia Pacific
Middle East and Africa

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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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