AI Camera Market Growth Analysis: Projected 14.1% CAGR to Drive Industry to $33.5Bn by 2034

The Artificial Intelligence (AI) Camera Market (Marché des caméras à intelligence artificielle (IA) ) is set for significant growth over the next decade, fueled by the rising adoption of smartphones and surveillance devices. According to a new market analysis, the global AI camera industry, valued at US$ 7.8 Bn in 2023, is expected to advance at a CAGR of 14.1% from 2024 to 2034, reaching a remarkable US$ 33.5 Bn by the end of 2034.

The increasing adoption of smartphones and surveillance devices is significantly contributing to the growth of the AI camera market. Mobile cameras with AI capabilities are gaining traction among end-users due to their advanced image capture, reconstruction, and analysis techniques. The continuous R&D of new imaging technologies is further propelling the market forward. The integration of AI and image signal processing (ISP) engines is enhancing the quality of videos and images captured by cameras, aiding in detecting, recognizing, and classifying various objects. Vendors are developing camera modules with a combined deep learning-based convolutional neural networks engine and an ISP-like processor to offer enhanced viewing and computer-vision capabilities.

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Market Introduction: The integration of AI in imaging technologies has revolutionized smartphones, automobiles, and IoT devices, redefining image processing. AI has enhanced the ability of cameras and other imaging devices to process, restore, enhance, analyze, search, and share videos and images. AI cameras, equipped with AI sensors and chips with built-in high-processing power and memory, operate faster, are more energy-efficient, and secure. These cameras can perform routine tasks and identify various objects and locations, automatically adjusting settings to enhance image quality.

Market Drivers
Rise in Adoption of Smartphones and Surveillance Devices
Smartphone manufacturers are increasingly integrating AI into cameras, enabling these devices to identify objects and locations, adjust shooting parameters, and perform editing tasks, thereby improving photography and videography quality. For instance, in March 2023, Samsung Electronics Co., Ltd. launched the Galaxy A55 5G and Galaxy A35 5G smartphones in India, featuring AI-enhanced camera capabilities. Such advancements are driving the AI camera market dynamics.

Surveillance devices with AI facilitate in-depth profiling and tracking of individuals' activities, movements, and behaviors, presenting significant potential for marketing and targeted advertising. AI in video surveillance provides real-time insights, reducing the need for continuous human monitoring. For example, in February 2024, Hong Kong authorities deployed thermal cameras and AI technology to assess the city's rodent problem more accurately. Similarly, the Bengaluru Transport Department in India announced plans in 2023 to use AI-enabled cameras on highways to improve road safety and monitor traffic violations. These developments are boosting the AI camera market revenue.

R&D of New Imaging Technologies
AI-powered thermal cameras enhance basic security with temperature detection and high-performance imaging, applicable in power plants, factories, and the oil & gas sectors. The focus on monitoring industrial equipment and materials is driving the R&D of AI-powered thermal cameras. In February 2024, Norden Communication partnered with the Center for Development and Advanced Computing (C-DAC) to develop AI-based general-purpose thermal cameras for security and industrial applications.

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Regional Outlook
Asia Pacific held the largest market share in 2023, driven by the widespread adoption of smartphones and increased use of AI-powered surveillance systems in the public sector. According to a Morgan Stanley report, India is expected to account for 20% of worldwide shipments by 2032. North America is also a significant market, driven by the demand for AI-powered monitoring systems. In 2023, the California fire department implemented ALERTCalifornia, an AI-based monitoring system analyzing live camera feeds in fire-prone areas, effectively preventing disasters.

Key Players and Developments
Leading companies in the AI camera market are heavily investing in R&D to enhance their market share by integrating AI features with thermal imaging for extreme situations. Key players include AV Costar, Axis Communications AB, Bosch Sicherheitssysteme GmbH, Canon Inc., Hangzhou Hikvision Digital Technology Co., Ltd., Honeywell International Inc., Huawei Technologies Co., Ltd., Huddly Inc., Johnson Controls, LG Corporation, Nikon Corporation, Panasonic Holdings Corporation, Samsung Electronics Co., Ltd., Sony Corporation, and Teledyne FLIR LLC.

Recent key developments in the AI camera market include:
• January 2024: Hanwha Vision launched advanced AI-powered radiometric thermal cameras that combine AI with temperature detection and high-performance imaging.
• January 2024: Crestron introduced the 1 Beyond, a new AI-powered PTZ camera series with advanced optical zoom technology to ensure high image quality and pixel integrity.

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