ID: MRFR/SEM/2456-CR | November 2020 | Region: Global | 152 pages
360-Degree Camera Market valued at USD 778.5 Million in 2020 and is expected to reach USD 2,993.6 Million by 2026 with a CAGR of 25.17% during the forecast period, 2020–2026.
The 360-degree cameras can be recognized as omnidirectional camera systems with the help of which, the user can have a look in each direction and also record the view if required. If the user wishes to record the videos, it can either be done with the help of a single consumer camera or with the help of a rig that comes with multiple camera lenses that have been integrated into the camera device. The videos that have been captured are combined into a single and spherical video that can be done with the help of a camera or any video editing software. The 360-degree cameras are available in the form of a single and standalone camera also that comes with multiple lenses that help in capturing and automatically stitching up the content captured as a part of the device. The best advantage of using these cameras is that they support easy to use and also, fall within the budget in comparison to other cameras. The camera rigs are home to multiple cameras that are responsible for separately recording the content and hence, they are heavier and expensive in comparison to single or standalone cameras. Stitching content will require advanced software.
COVID 19 Analysis
The pandemic has introduced new kinds of trends and struggles in the life of the common man. From mask being a priority to the work-from-home trends, the population across the globe is struggling to cope up with the changing trends. However, they are taking their health more seriously. Due to the decline in physical events and trade shows, the demand for cameras has also declined. These cameras have a common application in social events, parties, and other gatherings. With virtual shows and orientations being the new trend as accelerated by the pandemic, the use of these cameras has declined.
The key market players are coming up with new ideas and investing in the research and development of products on a large scale. The aim is to introduce these products globally by adding features and functions that suit the need of a larger audience during the forecast period that ends in 2026.
360-Degree Camera Market Dynamics
The digital cameras are being produced by the key market players on a large scale and the value of the produced goods stood at 121 million units. Owing to the diverse demands of the target audience, the players are adding vibrant functions and features. With a huge variety of revolving cameras to choose from within a budget, the target audience is motivated and is buying cameras to pursue this as a hobby or passion. These cameras help in allowing the user to capture the whole event bit by bit at an affordable price. Also, there is a growing preference amongst people to view videos in real-time 4K and HDR content as well. This is likely to boost the demand for these cameras with the capability to share HDR videos on social media channels and platforms also.
The availability of a stable and large network bandwidth for excellent use of the cameras and streaming the curated videos is one of the major concerns that restraints the growth of the 360-degree camera market. The bandwidth requirement is at least 4-5 times larger as the aim behind this camera is to help the users for an excellent experience and deliver an immersive idea of use. The minimum resolution required to stream the videos curated with the help of these cameras stands at 4K. Superior quality also means that there is an increase in the file size. To grow as per the anticipated figures, the 360-Degree Camera Market needs to dissolve these issues for the target audience by the end of the forecast period that ends in 2026.
360-Degree Camera Market Technology Analysis
These cameras are expecting to witness a major momentum across many industry vertices and especially the automotive sector. The use of these cameras in vehicles will have many benefits to the drivers by helping them gain a better understanding of the vehicles in the surroundings and will also assist them while driving by updating them about the obstructions on the way if any. These cameras can capture vehicles from various angles and display the same on the LCD on the cars. Also, these are likely to undergo a lot of popularity as they provide strong evidence if there is any happening related to an accident or collision.
360-Degree Camera Market Segmentation
Owing to the momentum and trends, the investors are considering the opportunity to invest in the companies that are involved in the production and designing of such cameras on a global scale. The 360-Degree Camera Market report helps the investors by giving market insights and also discussing the revenue potential of the 360-Degree Camera Market segments that are functional across various regions in the globe. Also, the revenue collected by these segments will help and make a positive difference to the final market valuation by the end of the forecast period in 2026. The 360-Degree Camera Market has been segmented based on the following:
Based on connectivity type
For the convenience of the user and stagger a larger demand amongst the target audience, these cameras are available both in the wired 360, alongside the wireless 360-degree product type.
Based on the end-use of the product
The end-use of these cameras is based on the purpose of investing in these cameras by the target audience. These can be used both for personal and commercial use.
360-Degree Camera Market Regional Analysis
Based on the wide applicability and spread of the target audience in various regions across the globe, the 360-degree camera market is functional in 4 major geographies of the world. These are North America, the APAC region, the European countries alongside the rest of the world (RoW). During the forecast period that ends in 2026, the North American region consisting majorly of the US and Canadian market is expected to hold the largest share of 360-Degree Camera Market and enjoy dominance over the other competing markets and regions. One of the major reasons behind this growth is the customer inclination towards products that are backed by technological advancements.
The prominent market players in 360-Degree Camera Market are as follows:
The 360-Degree Camera Market report discusses the market dynamics based on the viewpoints presented by the industry leaders and players. The 360-Degree Camera Market report helps to give the market insights and help the investors make better decisions by discussing the functioning of the segments in various global regions. Also, the report discusses the role of the key market players by undertaking the recent developments during the forecast period.
|Market Size||USD 2,993.6 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Connectivity Type, Camera Type, Vertical|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Samsung (South Korea), Ricoh Company, Ltd (Japan), YI Technology(China), GoPro, Inc. (US), Insta360.com (China), 360fly (US), LG Electronics Inc. (South Korea), Nikon Corporation (Japan), The Eastman Kodak Company (US), Rylo, Inc. (US), Bubl Technology Inc. (Canada), Immervision (France), Shenzhen Hatoa Technology Co., Ltd (China), Digital Domain Holdings Limited (US), and Xiaomi Corporation (China)|
|Key Market Opportunities||High demand for these cameras across verticals such as healthcare, industrial, automotive, and consumer electronics|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
global 360-degree camera market is expected to thrive at 28% CAGR and touch a valuation of USD 2,130 million by 2025 as the expansion of the 360-degree camera market is supported by the advent of augmented and virtual reality.
Samsung (South Korea), GoPro, Inc. (US), Ricoh Company, Ltd (Japan), Insta360.com (China), and 360fly (US) are some reputed players of the 360-degree camera market.
The entertainment industry is the highest end-user of 360-degree cameras, followed by travel and tourism, and automotive sectors.
The advent of new augmented reality technology and growing application in the automobile sector are observed as chief propellers of the 360-degree camera market.
The North America 360-degree camera market is expected to register high share of the global market due to the growing adoption of 360-degree camera in the fast-growing virtual gaming industry.