According to foreign media reports on August 9th, Beijing time, for traditional digital camera manufacturers Canon and Nikon, entering the Korean market is as difficult as climbing to the sky. These two Japanese camera giants have found this year extremely tough because smartphones have become the de facto cameras for many South Korean consumers.
South Korea has the highest penetration rate of smartphones in the world, and these devices are equipped with increasingly sophisticated cameras. The Korea Times cited a Japanese news report last month that consumers highly value the social networking functions of smartphone cameras, which allow users to share their photos in real-time.
Market research firm IDC anticipates that "the camera market will enter a long-term period of stagnation, and as a result, cameras will become professional equipment catering to specific users (such as professional photographers and seasoned amateurs)."
IDC stated that the global digital camera market is expected to shrink by 29% next year, with sales projected to decline from 144 million units in 2010 to 102 million units next year.
Apple, Samsung, Nokia, and other smartphone providers will continue to enhance and improve the functionality of their cameras. The iPhone 5S is rumored to come with a more advanced camera, while Nokia's newly launched Lumia 1020 smartphone already features a 41-megapixel camera. Meanwhile, Samsung's latest high-end smartphone, the Galaxy S4, also comes with a 13-megapixel camera.