Smartphones are simply more convenient than a standalone camera can ever be. Add on top of that the incredible computational imaging capabilities that have been developed over the past few years and the quality of images you can get from the size of optics and pixels that these devices have is amazing and more than good enough for 99% of people. There is nothing that the camera industry can do to access this market in any meaningful way.
The standalone photographic camera industry is going to be reduced to professionals and enthusiasts that need/want things like reliability and ruggedness, long focal lengths, creative control, and the process of taking a photograph.
Sony and Fuji are really the only two companies that really get the current camera market IMO. Sony is putting out technologically amazing cameras that are bringing smart auto-focus systems, high resolutions, video, etc. that catch the eyes of tech enthusiast photographers and professionals alike. Fuji is selling a whole experience of the art of photography. Canon and Nikon are selling to... Canon and Nikon users.
At the same time, these companies also obviously don't get it. I still can't figure out why someone hasn't added computational photography and a smartphone-like user interface for the enthusiast crowd (Why are you still not listening Sony? Your cameras were literally built on Android!). Why do we still have to mess about with camera tethering when it should be seamless to have photos transfer to a device for professional shoots, or to your smartphone for posting to social media?