According to an article published by Reuters, Canon is set to become a big player in the security camera field.

Suffering in recent times from a downturn in higher end camera sales, Canon like Panasonic are set to chase a bigger slice of a potential $23 Billion surveillance camera market.

Mr Fujio Mitarai, Chairman and CEO Canon Inc

Here is a slice of that Reuters post, by Edmund Klamann and Ian Geoghegan.

Nosey governments and nervous homeowners, among other drivers of the surveillance society, may soon upstage amateur photographers as the focus for big camera makers such as Canon Inc who spot growing opportunities in the security market.

Canon, the industry leader, has been hit with a sudden downturn in shipments of its top-end digital cameras, an increasingly saturated market sensitive to the recent slowdown in emerging economies and with a receding pace of innovation.

Add to that a compact camera market that has been battered by smartphones with increasingly high-resolution cameras, and companies like Canon have been left scrambling for new markets.

“A major focus for the next phase is increasing our business-to-business (B2B) sales, and of course security cameras – which is a huge market – is part of that,” Canon President and CEO Fujio Mitarai said in an interview.

Canon is looking beyond digital cameras – the last consumer gadget industry still dominated by Japan Inc – and targeting industrial and corporate clients, much like Japanese peers such as Panasonic Corp which fell prey to foreign competition in TVs and other consumer electronics.

Canon sees surveillance cameras, which research firm IHS forecasts will swell by two-thirds to a global market of $23 billion by 2017, as a wide-open playing field with no dominant suppliers and an ideal target for its B2B ambitions.

The company, which counts the U.S. Secret Service as a customer, aims to reach annual sales from the sector of about $1 billion during its next five-year plan from 2016, Mitarai said.

Please read the full in depth article from Reuters HERE.

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