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I guess it depends on how the camera chip is configured.

But all kinds of post-processing can be (and is) done on readout (pixel by pixel) without needing to keep the whole frames and go through them. You just keep some calculated parameters from previous frames (and not the whole frames).

You can do a lot of processing this way, incl. scaling, white balance, color correction, effect filters, etc.

Web cams add usb interface and an additional controller chip, so maybe there's some added latency there. But if you use the camera sensor directly over CSI, you can get pretty low latency.

There was ~100ms of latency measured for CSI going directly into an FPGA. The vendor considered the post processing to be part of their value add, and had no way to access the non buffered output, even if you disabled the obvious stuff like noise reduction.

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