The computational photography market is expected to grow at a CAGR of 29.14% during the forecast period to reach USD 11.47 Billion by 2023 from USD 1.05 Billion in 2016. The base year used for this study is 2016, and the forecast period is between 2017 and 2023.
According to the latest market research report "Computational Photography Market by Application (Smartphone Camera, Standalone Camera, Machine Vision), Type (Single- And Dual-Lens Cameras, 16-Lens Cameras), Offering (Camera Module, Software), and Geography - Global Forecast to 2023", the computational photography market is expected to be worth USD 11.47 Billion by 2023 from USD 2.47 Billion by 2017, at a CAGR of 29.14% from 2017 to 2023. The market has a huge potential across various applications, such as smartphone camera, and point and shoot camera.
The major factors driving the growth of the computational camera market include growing adoption of computational photography in smartphone cameras and high demand for digitals till cameras with high resolution
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Computational photography market for standalone camera to grow at high CAGR between 2017 and 2023
The market for the standalone camera segment is expected to grow at a high CAGR during the forecast period.
As the overall point and shoot camera market has reached the maturity stage and is witnessing a decline in the shipment from last 3 years, vendors operating in the point and shoot camera industry are focusing on developing advanced camera hardware with computational capabilities. The blue-chip point and shoot camera manufacturers, including Nikon (Japan) and Canon (Japan), are working on the point and shoot cameras with computational architecture, and they are expected to commercialize their products by 2018.
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Single- and dual-lens cameras held largest share of computational photography market in 2016
The single- and dual-lens cameras held the largest share of the computational photography market in 2016. The growth of dual-lens camera module for smartphones is one of the major factors driving the growth of the market for single- and dual-lens cameras.
Single- and dual-lens computational cameras are embedded in smartphones. The camera quality has a significant impact on the smartphone buyers.
Most of the smartphones in the market have single- and dual-lens cameras. Apple launched its iPhone 7 plus with dual-lens cameras, which supports the computational photography technology, in September 2016.
North America led the computational photography market in terms of size in 2016
North America held the largest size of the computational photography market in 2016. The market in this region is one of the fastest-growing markets in terms of technological advancements, manufacturing operations, and infrastructure.
North America is one of the leading regions in terms of the adoption of computational photography. The region is one of the well-defined and controlled economies in terms of resources, GDP, infrastructure, and technological advancements in the world.
As high-quality smartphone cameras are most widely used for photography in this region, it is expected to continue to be a major market for computational photography. Furthermore, the region has also rapidly adopted the latest advancements in the camera technology, and the US is a hub for start-ups in new camera technologies.
These factors drive the growth of the computational photography market in North America.
APAC is expected to surpass the North American computational photography market by 2023. The presence of a large number of smartphone manufacturers in China and Taiwan is expected to boost the growth of computational photography market in this region.
The standalone camera and machine vision system manufacturers in Japan, Australia, India, Singapore, and South Korea are expected to propel the growth of the computational photography market in APAC during the forecast period.
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The presence of several market players in this region and the high degree of competition among them are also expected to be the major drivers for the growth of the market in APAC. Apple (US), Google (US), Qualcomm Technologies (US), NVIDIA (US), Light (US), Algolux (Canada), Movidius (US), Almalence (US), and Pelican Imaging (US) are the leading computational photography vendors operating in North America.
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