According to Future Market Insights’ report, Smart Camera Market: Global Industry Analysis and Opportunity Assessment 2015 – 2020, the Asia Pacific smart camera market is expected to display a whopping 21.7 percent compound annual growth rate (CAGR) between 2015 and 2020. In 2014, the region stood as the largest market for smart camera with 32.7 percent of the global market.

This growth is attributed to the expansion of smart camera applications, increasing interest in hi-tech security, and rapid technological advancements and bolstered by the region’s emergence as a manufacturing hub for smart cameras. Manufacturers in India, China, Taiwan, Singapore, and Korea are striving to develop innovative products that are suitable for multiple applications to meet the growing demands in the region.

Asia Pacific is experiencing rapid urbanization and modernization of structural frameworks. As a result, deployment of hi-tech security systems is a regular feature in new building constructions. The increasing terrorist threat has necessitated the use of smart cameras, especially in public spaces, for monitoring the activity of individuals, and various countries in the region are overhauling their anti-terror equipment and adopting newer technologies to mitigate security lapses. These devices are also used for a host of applications in a variety of industries. The deployment of automated security solutions in domestic and industrial settings has augured well for the smart camera market, increasing demand in a variety of sectors.

Meanwhile, the global smart camera market is expected to exhibit a CAGR of 23.84 percent between 2015 and 2020, with the market’s valuation expected to increase from $2469.0 million USD in 2014 to $9829.1 million USD by 2020.

This global growth can be partially attributed to technological advancements in enhanced quality imaging. Innovation in complementary metal oxide semiconductors (CMOS) image sensors, smart lenses, embedded system designs, and chip manufacturing has augmented the scope of smart camera applications. Manufacturers are adopting newer technologies for the development of advanced cameras for wide range coverage in open areas and crowded places. In addition to expeditious growth of the semiconductor and electronics industry, the plummeting prices of PC-based smart camera and governmental norms for strengthening the surveillance and security of public spaces are stimulating the growth of the global smart camera market.

However, the global smart camera market faces several impediments. Lack of standardization for the installation of smart cameras and regulations about the limited use of smart cameras in public parks for surveillance purposes are hampering the market’s growth. Furthermore, the restricted use of smart cameras in developing countries for surveillance, security, and transportation poses a hurdle to the expansion of the market in these regions.

The consumer application segment of the smart camera market accounted for 26.3 percent of the overall market in 2014; the segment is likely to lose its market share by 590 BPS by 2020. Food and beverages is expected to display the highest CAGR of 29.0 percent between 2015 and 2020.

Some of the major companies that operate in the global smart camera market are Samsung Electronics Co. Ltd., Nikon Corporation, Panasonic Corporation, Polaroid Corporation, Vision Components GmbH, XIMEA GmbH, Canon Inc., Sony Corporation, Olympus Corporation, Microscan Systems Inc., and Matrox Imaging. Top players in this market are focused on formulating new strategies for brand reinforcement and product innovation to attract customers and increase their market share.

Abhishek Budholiya is a tech blogger and digital marketing pro. As a technology and digital branding consultant with Future Market Insights, he offers his analysis on the tech market research landscape, especially when it pertains to the commercial viability of a new breakthrough.