Smart Camera System Market: Reporting And Evaluation Of Recent Industry

Posted by surendra choudhary on April 15th, 2021

Focus on Leveraging Big Data and IoT for Smart Traffic Systems

Smart lights, sensors and detectors in the embedded infrastructure are no longer futuristic ideas. Companies in the smart camera system market are exploring opportunities in traffic surveillance to solve issues related to traffic management. As such, traffic surveillance comes under the government domain, which is anticipated to account for the second-highest revenue in the smart camera system market. Hence, manufacturers are experimenting with Big Data and IoT to make traffic management smarter.

One of the key areas to start with for smarter traffic management is to develop smart traffic lights. With increased government initiatives toward the development of smart cities, greater focus of governments toward leveraging big data and IoT is acting as an advantage for manufacturers in the market of smart camera system. Growing prevalence of connected devices like sensors and vehicle-mounted information systems are generating increased revenue for companies in the market of smart camera system.

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Multi-camera IVS in Systems Enable Companies to Comply with Strict Privacy Laws

Computer vision, signal processing, and machine leaning algorithms are steering innovations in intelligent video surveillance (IVS) applications. As such, the surveillance application segment of the smart camera system market is anticipated for exponential growth during the forecast period. Hence, companies are increasing research in hardware and algorithmic processes to introduce IVS in turnkey smart camera systems.

Companies in the smart camera system market are increasing research on multi-camera IVS. Due to advancements made in electronics, companies are able to offer smart camera systems at affordable prices to end users. These end users are increasingly benefitting, due to the advantages of multi-camera IVS to carry out data processing, storage, and integrate communication modules in the systems. Due to the availability of advanced software in multi camera IVS, companies are able to comply with stringent privacy laws laid down by government organizations.

Edge Intelligence Takes Over Smart Camera Systems to Facilitate Seamless Data Transfer

The smart camera system market is largely fragmented since leading players account to only 35-45% of the total market share. This indicates that leading players are facing a tough competition from emerging and prominent players in the global market. On the other hand, companies in the market for smart camera systems are tapping opportunities to make smart homes truly intelligent.

Moreover, proliferation of IoT in smart homes is one of the key drivers contributing to market growth. The application of IoT is expanding at a rapid pace, giving rise to the concept of connected devices such as smart appliances, smart camera systems, and home entertainment systems. However, latency issues and delays caused during the transfer of heavy data from connected devices to remote servers poses as a barrier for companies in the smart camera system market. Hence, companies are increasing R&D in edge analytics and fog computing to make smart systems more intelligent. Edge intelligence is helping users to bring data processing from cloud to the field of smart homes where sensors and devices are being deployed.

Full-feature Software Solutions to Offer Precision in Image Capturing and Data Processing

Apart from innovation in the hardware, advancements in software are transforming the smart camera system market. There is a growing need for real-time adaptation in smart camera systems that overcome limitations of traditional camera systems. Companies are innovating in full-feature solutions that offer precision in data and image capture. For instance, in March 2019, leading telecommunications equipment company Huawei won the Frost & Sullivan 2019 Global Video Surveillance Camera New Product Innovation Award for its innovation in software-defined camera system.

The software component segment is expected to grow aggressively in the smart camera system market. Thus, technology in smart camera systems is evolving from single-feature to full-feature solutions that reduce inaccuracies and offer precision in image capturing and data processing. Companies are increasing efforts to carry out joint data analysis between multiple cameras and the cloud to support practical applications. They are developing systems that are more self-aware, and can easily adapt to changing environmental conditions and gestures.