Computational Photography Market Worth $29.0 Billion by 2024 - Exclusive Report by MarketsandMarkets
CHICAGO, Sept. 20, 2019 /PRNewswire/ -- According to the new market research report "Computational Photography Market by Offering (Camera Modules, Software), Type (Single- and Dual-Lens, 16-Lens), Product (Smartphone Cameras, Standalone Cameras, Machine Vision Cameras), Application (3D Imaging, AR, VR, MR), Region - Global Forecast to 2024", published by MarketsandMarkets, the Computational Photography Market was valued at USD 10.7 billion in 2019 and is projected to reach USD 29.0 billion by 2024; it is expected to grow at a CAGR of 22.0% during the forecast period.
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Camera modules for computational photography to hold the largest market share in 2019
The market growth of camera modules is attributed to the use of AI-based advanced cameras and the growing demand for arrays of cameras in a single product. The hardware and software of each computational camera are typically designed to produce a particular type of image. The captured image is optically coded. The computational module has a model of optics, which it uses to decode the captured image to produce a new type of image that could benefit a vision system.
The single and dual camera continues to hold the largest market share in computational photography market during the forecast year
The demand for these cameras is propelled by the growth of advanced smartphone cameras such as iPhone XS, iPhone X, Google Pixel, and others that use single- and double-lens camera modules for cutting-edge imaging. Having multiple-lens cameras has enabled manufacturers to add new features such as zoom, better HDR, portrait modes, 3D, and low-light photography. iPhone XS, Xiaomi Redmi 7S, Huawei Honor 8, and Samsung Galaxy Note 8 are among the recent smartphones with powerful dual rear cameras.
Smartphone cameras to hold the largest market share in computational photography market during the forecasted year
The computational photography market is driven primarily by the rising sales of smartphones equipped advanced cameras with artificial intelligence capabilities. Smartphones-based computational cameras are displaying significant changes in the market. There is a high impact of computational cameras in the smartphones market. Computational photography is now evolving in smartphones such as Apple, Google, and Samsung.