The smartphone decimated the camera industry. But now Canon says the industry has finally settled, as trends push point-and-shoots like this PowerShot compact out of stock

Canon Powershot G7 X Mark III.

The growth of the smartphone decimated the point-and-shoot camera industry – but camera giant Canon says the market has “settled,” putting the company in a position to pursue renewed growth.

Canon recently shared an updated outlook on the brand’s long-term plan spanning through 2030 – and the report is filled with interesting insight into the camera industry, as well as where Canon is headed next.