Photography techniques have witnessed tremendous advancements over the past few years. Invention of digital photography has turned out to be a big boon for many industries. Advancements in camera technologies find applications across different industrial verticals. There is a constant demand for the better and faster imaging technologies from different industries. According to the experts, rapid technological advancements are expected to influence the growth of the advancement in camera technologies market over the next few years. Rising industrial applications are also poised to create business opportunities for the established as well as potential players in the market.
Segmentation in the ACT Market
Researchers segment the advancement in camera technologies market on the basis of the types of technologies, components, applications, and demand across different geographic regions. The types of technologies in the market are categorized into infrared thermal, 3D depth sensing, panoramic, HD display, scientific CMOS image sensor, ultra HD display and 4K. The types of components are categorized into microprocessors, microcontrollers, integrated circuits, and sensors. Basic application in the market are categorize into robotics and gaming, consumer electronics, automotive, media and entertainment, defense and aerospace, healthcare, industrial and such other industries. Geographic regions in the market are divided into Asia Pacific, North America, Europe and rest of the world.
Major Market Drivers and Restraints
According to the researchers, the advancement in camera technologies market is expected to be driven by advancements in the technologies like 3D sensing and 4K. Apart from that, rising demand from the automobile segment is also considered to be a vital driving factor for this market. Rising demand for security and surveillance cameras and growth in the demand for high definition cameras are also considered to be vital driving factors for this market over the next few years. Major restraining factors for the market include strong bandwidth for 4K technology and high costs and heavy maintenance of the products. However, demand for enhanced image quality and image fusion and 3D motion detection for indoor navigation are expected to provide business opportunities to this market over the next few years.
According to the latest market research reports, the advancement in camera technologies market is expected to reach $6,080.03 million by the end of the year 2020. From 2014 to 2020, the market is expected to grow at a steady CAGR of over 15%. Emerging markets like Asia Pacific are expected to witness impressive growth in this market during the near future. North America is expected to dominate the global market on the basis of the overall market shares.