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Global AI Based Camera Market Ecosystem Research Report 2020 is a comprehensive business study on the current state of industry which analyses innovative strategies for business growth and describes important factors such as top manufacturers, production value, key regions, growth rate.
AI based cameras are programmed with machine learning and computer vision technologies and they can analyse and perform several additional functions than the traditional cameras. They provide innovative and diversified applications across various industries. These cameras are used in a wide range of applications like facial recognition, vehicle number identification, traffic monitoring, law enforcement, etc. According to our estimates, the public & social sector holds approximately 40% share in the AI based camera market, followed by retail, automotive, healthcare, and BFSI. Smart cities are a major application area for AI based camera. They are mainly used for surveillance and traffic monitoring. In New York, around 998 people were arrested through facial recognition technology in 2018. Further, in Australia, AI based cameras are used to monitor drivers who use cell phones illegally while driving and to send a warning notification. However, repeated offenders are fined heavily. Meanwhile, China has planned to install around 570 million smart cameras across the country by 2021. Since most of the developed and developing economies are moving towards the adoption of smart city projects, the AI based cameras ecosystem will witness higher demand in the future.
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In Retail, AI based cameras help analyze footfalls more accurately. These cameras can also identify customers visiting the stores frequently and tag them as loyal customers in the retailer's database. So, whenever those customers visit the store, the camera sends an alert to salespersons about the loyal customers. Walmart has installed AI based cameras in more than 1000 stores to reduce theft and identify customer satisfaction. Amazon Go uses AI camera to completely track customer purchases. Customers enter the store, pick up the required items, and leave the store without waiting on long queues. The camera automatically detects the products that are purchased by the customers and the final bill is then sent to the customer's amazon account. Other big retailers who installed AI based cameras for other applications are, Target, Lowes, etc. These applications contribute to the growth of AI based camera Market.
AI based camera is analyzed by Components like Processor, Memory, Storage, FPGA, ASIC, Modules
AI based camera Market is also analyzed by functions like footfall analytics, Traffic monitoring, Number plate Recognition, Facial recognition and other
AI based camera Market is also analyzed by application like smart phones and tablets, Imaging and system, CCTV, Digital camera, Others
AI based camera Market is also analyzed by End users like Logistics and Transportation, Healthcare, automative, retail, BFSI, Oil and Gas, Telecom and consumer electronics, other
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Rapid technological advancements have resulted in the growth of the AI based camera market. Hardware will account for more than 35% of spending made on smart cities, as of 2019. Processor manufacturers like Nvidia, Qualcomm, Samsung, IBM, and Intel will also have higher demand. More than USD 75Bn is likely to be spent on smart city projects worldwide, among which the US and China occupy the first two positions. The US, China, the UK, UAE, Singapore, Australia, and India are some countries witnessing major transformations due to smart city projects, which contribute to the demand for AI based cameras. The Middle East and Africa will invest more than USD 2 Bn by 2021. Asia Pacific is to witness major transformations and its spending on AI systems is expected to grow at a CAGR of more than 35% between 2018 and 2022. These are some of the factors that will contribute to the growth of the AI based camera Market
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