PUBLISHER: Grand View Research | PRODUCT CODE: 1376085
PUBLISHER: Grand View Research | PRODUCT CODE: 1376085
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.