Canon admits defeat in its battle with smartphone snappers

The boss of one of the biggest names in the camera industry says his company cannot compete against the cameras in the iPhone and other smartphones. Canon CEO Fujio Mitarai says the camera market will shrink by almost 50 percent within the next two years. To survive, Mitarai says Canon, which produced pioneering autofocus gear […] (via Cult of Mac - Tech and culture through an Apple lens)