The AI camera market is predicted to skyrocket hitting a AU$50 billion valuation by 2034
Canon Eye Detect AF(Image credit: Canon)
Market research undertaken by US-based company Transparency Market Research Inc. states the global artificial intelligence (AI) camera market is on course for a 14.1% compound annual growth rate from 2024 to 2034, with the market value expected to reach $33.5 billion (approximately £25bn / AU$50bn).
AI is definitely the buzzword of the year, and for good reason. It has revolutionized modern image capture and processing. New products are now expected to incorporate the technology in some way, and if they don't, it raises questions.
Due to 'AI' being an umbrella term that casts a wide net over the industry, it can get very confusing as to what it means and what it includes. AI can describe image generation from apps such as Dall-e, improved subject detection in the best mirrorless cameras, and also the editing tools that are now a large part of Adobe's suite of programs.
For the sake of this market research survey, the AI camera market refers to AI in all things visual, from AI use inside our cameras, lenses, phones, and even our cars. It is a tool that is still in its infancy, yet it has revolutionized camera performance, processing, identification, and accessibility and is constantly growing in demand and popularity.
(Image credit: Gavin Stoker / Digital Camera World)
A few standout points from the market research show that AI is a key feature in the surveillance and security camera industry, in particular with thermal imaging detection.
The research states, "AI-powered thermal cameras with high-performance photography and temperature sensing can improve basic security. These cameras are used in manufacturing, power plants, and the oil and gas industry."
It continues, "An increase is aiding the research and development of AI-powered thermal cameras in attention to the monitoring of industrial materials and equipment."
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AI often gets a bad reputation when it comes to cameras as we are often shown how it is trained on stolen work or how it will take away our jobs. This is of course a worrying issue, and one that thankfully is being looked at with more scrutiny, but AI is also being used for good, such as detecting environmental issues, agricultural planning, and conservation.
I recently attended a talk at the Wildscreen Festival where some of the leading wildlife photographers, videographers, and conservationists were in attendance. Many of them expressed how much time and resources have been saved due to the accuracy of AI subject detection and identification in trail cameras, drones, and cinema cameras. This saves tens of hours of unnecessary video editing and capture leaving more time for the important things!
Kalum Carter is a photographer, photo editor and writer based in the UK, and for almost a decade he has worked with brands and publications to create, edit, and sequence imagery. Having recently graduated with a Master's Degree in Photography from the University of the West of England (UWE), Kalum joined Digital Camera World as a Staff Writer, covering news, reviews, and his biggest passion – photography books!
Kalum's photography has been published and exhibited around the world, and he continues to photograph on a project-by-project basis. He is currently working on a personal project capturing the people and landscape of Gower, South Wales. Currently untitled, this body of work will be exhibited for the National Trust later this year.
