360-Degree Camera Market valued at USD 778.5 Million in 2020 and is expected to reach USD 2.5 billion by 2030 with a CAGR of 24.6% during the forecast period, 2022–2030.
The 360 degree camera market is projected to register a CAGR of 24.6% from 2022-2030. The 360 degree camera market size is expected to reach approximately USD 2.5 Billion by 2030. A 360-degree camera, sometimes called an omnidirectional camera, is a compact, portable tool that enables users to record a 360-degree field view in the horizontal plane or a visual field of the complete sphere. It typically has two fisheye lenses mounted on either side of the camera's body, each with a field of vision of at least 180 degrees. The wireless 360-degree camera can connect to smartphones via Wi-Fi or Bluetooth, like digital single-lens reflex (DSLR), action, and mirrorless cameras. It makes editing, transferring, post-processing, and publishing easier and faster on social media.
The pandemic has brought forth new problems and trends in the everyday lives of the common person. People around the globe are battling to keep up with the shifting trends, which range from masks being prioritized to work-from-home tendencies. They are, nevertheless, paying more attention to their health. The need for cameras has decreased due to the fall in live events and trade exhibits. These cameras are frequently used at social gatherings, including parties and social events. The use of these cameras has decreased as virtual exhibitions and orientations have become the new trend, which the pandemic has hastened.
The growing need for improved security and safety among end users as a result of an increase in crimes ly is one of the key factors influencing the expansion of 360 degree surveillance cameras. Besides this, the market for 360-degree cameras is expanding due to the rising demand for and use of smart devices ly. The automotive, healthcare and industrial verticals will create substantial growth possibilities for the globe's 360-degree security camera makers, in terms of value, given the many features of 360-degree cameras and growing awareness about the same across various industry verticals.
Using a 360-degree camera, users can record every detail of the events for viewers. Because 360-degree cameras are now reasonably priced, users may readily purchase them to get a complete view of their surroundings. The need for 360-degree cameras is increased by the integration of these cameras with mobile devices and viewers' increasing preference for real-time 4K and HDR content. Users are encouraged to make and post their 360-degree videos on major social networking sites, like Facebook and YouTube, which support 360-degree camera content.
In industries like media and entertainment, as well as sports, there is an increasing demand for high-resolution monitoring and higher frame rates for better-quality photos. Large bandwidth is now required to transmit 360-degree videos of the highest quality since the advent of 360-degree cameras. 360-degree videos use 4-5 times more bandwidth than conventional 2D ones. 360-degree cameras typically record images from all angles. Moreover, the images or videos must have a better resolution, such as 4K or greater, to give users a satisfying, immersive experience. The quality of 360-degree videos improves with increased resolution, but the resulting larger file size. More bandwidth is required to transmit 360-degree videos of the highest quality.
The use of 360-degree cameras in the automobile industry is rising quickly. Using 360-degree cameras in automobiles would help drivers have a greater comprehension of their surroundings, an awareness of obstacles, and overall increased vehicle safety. The 360-degree cameras record images from every aspect and show them on the LCD of the vehicle. 360-degree dash cameras are also growing in popularity since they can be a reliable source of proof in crashes or other mishaps. These cameras come in various types, sizes, and designs, each with special characteristics. Some of the best-equipped car cameras on the market include the Falcon Zero F360, WISE UP 360-Degree Dash Cam, Falcon 4-Camera 1080p Trucker Dash System, and More Fine 3600 Car Camera.
The 360 degree camera market segmentation, based on connectivity type, is wired and wireless. The 360 degree camera market growth was prominently high under the wired category in 2021. Cables connect wired cameras to a power supply and an internet connection. In photo studios, this kind of camera is frequently utilized. On the other hand, the wireless category is anticipated to be the most opportunistic during the projected period. Wireless 360-degree cameras are frequently utilized for both home and commercial purposes. The security of homes is another application for these cameras.
The 360 degree camera market segmentation, based on resolution, is HD and UHD. In 2021, the high definition (HD) segment accounted for the largest market share of the market. The image on the screen may be less hazy with the increased sharpness of the high-definition (HD) 360-degree camera. Better motion and more vibrant, natural-looking colors are two additional benefits of high definition (HD). On the other hand, the most opportunistic segment is anticipated to be ultra-high definition (UHD) during the projected period. The cost of an ultra-high definition (UHD) 360-degree camera is slightly more than that of an HD 360-degree camera. High-quality images and videos are captured using this camera.
Based on camera type, the market is divided into single and professional. Professional cameras dominated the market for 360-degree cameras in 2021 since they can take wide-angle 360-degree high-quality photos. They are incredibly efficient and improve situational awareness and overall security.
By vertical, the 360 degree camera market has been segmented into media & entertainment, consumer, military & defense, travel & tourism, automotive, commercial, healthcare, and others. In 2021, the consumer category had a major share of the market. The market for 360-degree cameras has room to expand because more and more people are using them for various purposes, such as sports, photography, events, and festivals. On the other hand, the media and entertainment area is anticipated to be the most opportunistic during the projected period. The 360-degree camera setups use many cameras, producing amazing 360-degree views. These systems are exceptionally strong and easy to use, making them perfect for a range of shooting situations.
By region, the market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.
North America dominated the market share in 2021. One of the main things fueling demand for 360-degree cameras in the region is the rising popularity of photography. As photography has gotten more accessible and affordable, there has been an increase in the demand for 360-degree cameras in the region.
Asia-Pacific accounted for the fastest growth rate in the market in 2021. Due to expanding technology advancements such as high definition (HD) 360-degree cameras and sensory automation, which are anticipated to fuel the expansion of the 360-degree camera market in the Asia-Pacific region, it is predicted that consumer budgets will increase.
The existence of small and major firms that compete on price and quality has been used to examine the competitive landscape of the market. The key market participants are developing novel ideas and spending a lot on product research and development. The objective is to launch these goods ly during the anticipated time frame by including functionality and features that cater to a wider audience.
Prominent players in the 360 degree camera market research include LG Electronics, Samsung Electronics, PONONO (Professional 360 GmbH), Digital Domain Productions, YI Technology, Immervision, Nikon, Xiaomi, GoPro, and 360fly, among others.
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the 360 degree camera market report segmented by connectivity type, resolution, camera type, and vertical by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the 360 degree camera market forecast between 2022 and 2030
To identify and infer the drivers, restraints, opportunities, and challenges in the 360 degree camera market growth
To find out the factors which are affecting the 360 degree camera market size among consumers
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the company's financial health in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||USD 2.5 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Connectivity Type, Resolution, Camera Type, and Vertical|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||LG Electronics, Samsung Electronics, PONONO (Professional 360 GmbH), Digital Domain Productions, YI Technology, Immervision, Nikon, Xiaomi, GoPro, and 360fly|
|Key Market Opportunities||The surge in the use of 360-degree cameras in the automotive sector|
|Key Market Drivers||Affordable prices of 360-degree cameras|
The 360 degree camera market size is expected to be USD 25 Billion by 2030.
The market is expected to register a CAGR of 24.6% over the next 10 years, according to 360 degree camera market research.
LG Electronics, Samsung Electronics, PONONO (Professional 360 GmbH), Digital Domain Productions, YI Technology, Immervision, Nikon, Xiaomi, GoPro, and 360fly are the major companies operating in the market.
North America held the largest share in 2021
The 360 degree camera market forecast period is 2022-2030
Asia-Pacific is expected to register the highest CAGR during 2020-2027