According to a report from MarketsandMarkets, the global artificial intelligence (AI) camera market is expected to be valued at $7.6B in 2023 and is projected to reach $22.1B by 2028; it is expected to grow at a CAGR of 23.9% from 2023 to 2028.

AI cameras generate vast amounts of data. Companies are leveraging this data for actionable insights, which can be used to optimize operations, improve customer experiences, and drive business growth. These drivers collectively contribute to the development of the AI camera market, making it a dynamic and promising industry with a wide range of applications across multiple sectors.

The report says storing and processing the vast amounts of data generated by AI cameras poses significant data security restraints for businesses and individuals. AI cameras have advanced sensors and capabilities for facial recognition, object detection, and behavior analysis tasks. These cameras continuously capture and process video and image data, often in real-time, leading to substantial data volumes. Managing and securing such massive datasets can be a daunting task. Storing this voluminous data requires robust infrastructure, including secure servers, data centers, and cloud storage solutions. The choice of storage technology and its security measures is crucial to prevent data breaches.

According to the report, lack of standardization can lead to interoperability issues between AI cameras and other smart devices or software applications. For instance, an AI camera system may not communicate effectively with other IoT ( devices or surveillance software, limiting its ability to work collaboratively in a networked environment. Integrating AI camera systems into existing infrastructure or security systems can take time and effort without standardized interfaces and communication protocols.

The growth of the AI camera market for computer vision technology is driven by its versatility, cost-effectiveness, and the increasing demand for automation and data-driven solutions across various industries. Businesses are increasingly turning to automation to improve efficiency and reduce labor costs. AI cameras are essential for automation applications, such as quality control in manufacturing, autonomous vehicles, and agricultural robotics.

The report claims the AI camera market is dominated by companies like Sony, Panasonic, Hangzhou Hikvision Digital Technology,  Samsung, and Axis Communications.

Click here to purchase the AI camera report from MarketsandMarkets.