For the last few decades, smartphones have been gradually eating into the dedicated camera market. Most people only benefit from very basic photographic functionality (taking some baby pictures, making a copy of a receipt, etc.). There’s basically zero market for “casual” dedicated cameras anymore; basically anyone who has a dedicated camera today is relatively serious about it, either because they’re using their camera in a professional capacity or pushing the limits of the camera beyond what cell phone cameras can handle.
The Limits of ‘Computational Photography’ – via Petapixel
A very comprehensive essay on the relationship of size constraints in smartphones versus image quality and if a technology called Computational Photography can help.