Market Trends of Global Image Sensor Industry for Security Application
This section covers the major market trends shaping the Security Application Image Sensor Market according to our research experts:
Growing Demand From Smart Cities
Cameras and processing platforms are continually improving to provide dependable and cost-effective embedded vision solutions in a variety of industries. To improve automation, imaging solutions are used in a variety of applications. Smart cities or smart surveillance are two of the main uses. In smart cities, cameras are used to monitor track and tunnel conditions, monitor parking lots, detect burglars, control traffic, and monitor people and cars. For instance, Envision's three smart city trials in Rome are powered by Sony AI-based image sensors.
The Internet of Things (IoT) platforms are being used by technologically advanced cities to monitor city infrastructures and manage everything from traffic flows and parking to water and air quality. These cities are tackling longer-term planning decisions centered on environmental sustainability using the smart data generated as a result. As the world moves toward urbanization, many smart city initiatives and projects will emerge in the near future.
As a result of increasing urbanization and the necessity to manage infrastructure and assets, countries all over the world are investing in smart city projects. The Smart Cities Mission in India has been granted USD 868 million in the Union Budget 2021-22, up from USD 457 million in FY21.
Additionally, Edge analytics is a useful addition to server and cloud-based analytics. While analytics in the camera deploying image sensors improves speed and accuracy by analyzing images rapidly after they are captured, it also generates useful metadata. Numerous new insights can be discovered when this is integrated with image data and evaluated in a data center or the cloud.
Asia-Pacific Region is Expected to Register the Fastest Growth Rate
Asia-Pacific is the fastest-growing area in the global image sensor market for security applications due to the presence of a large manufacturing sector. China, Japan, Taiwan, and South Korea are among a few countries that dominate the semiconductor manufacturing industry, thereby impacting the market. China has the fastest growth rate among Asia-Pacific countries, owing to its expanding economy and global electronics market share. China is a major producer and consumer of electronic goods.
As a result of government initiatives, India is also seeing an increase in the number of smart cities. Electronic solutions for surveillance, maintenance, monitoring, and other reasons are projected to be included in smart cities. According to smartcities.gov.in, the central government has allocated USD 977 million to the development of 60 such smart cities.
According to IoT news, the Asia-Pacific area will account for more than 25% of worldwide smart homes by 2030, with sales reaching USD 120 billion. Currently, Japan is one of the region's market leaders. The region's need for CMOS image sensors is projected to be driven by the deployment of smart homes.
South Korea has also been rendered secure through the installation of a range of monitoring devices. Every year, the country's government installs CCTV cameras in public locations for safety reasons. According to the Ministry of Interior and Safety (South Korea), 187,883 new CCTV cameras were installed in public places in the country in 2021. The need for image sensors is expected to rise as surveillance camera systems become more prominent.
