Canon, the top camera manufacturer recently announced they manufactured their 250 millionth digital camera (since 1995 presumably) while Samsung, the top smartphone manufacturer, sold 320 million smartphones in 2013 alone.
Whether or not this is a joke, these numbers alone suggest that Canon should seriously consider playing a bigger role in the smartphone market. Some obvious options could be to collaborate with another smartphone manufacturer on a camera centric phone, create snap on modules such as the Sony QX series (with better execution) or simply make a smartphone of their own.
Besides, with Android and Qualcom/Nvidia hardware, anyone can make a smartphone nowadays. That is good news to some but would mean that smartphones start to get commoditized. Manufactures would need to differentiate by adding specialized capabilities such as a better camera, specialized health sensors, etc. I think if Canon decided to get into the smartphone market with a camera focused strategy, they should have a good shot at being successful.