The global 360 degree camera market was worth around $800 million in 2021 and is predicted to grow to around $2998 million at a CAGR rate of 25% over the forecast period.
The global 360 degree camera market was worth around $800 million in 2021 and is predicted to grow to around $2998 million at a CAGR rate of 25% over the forecast period. In this report, we will analyze the growth drivers, opportunities, and obstacles of the 360-degree camera market from 2022 to 2028.
360 Degree Camera Market: Overview
The 360-degree cameras are omnidirectional camera systems where the user gets to access multi-dimensional direction and record its view if needed. The recording sessions happen either with the help of a single consumer camera or through multiple camera lenses that are integrated into the device itself. All those videos are then assembled through video editing software to make a perfect movie. They are also available in the form of a single or standalone camera with multiple lenses which captures and blends the content and stitches it together. The benefit of these cameras is that they are very user-friendly and are also relatively affordable.
It is also a portable device that covers a visual landscape of 360 degrees in a horizontal plane. It is attached with fisheye lenses that allow a plain wide-angle view. It is very similar to DSLR, they can connect to smartphones through Wi-Fi or Bluetooth. This feature makes the cameras most suitable and easy for post-processing, transferring, or sharing without any ado. The images created are in real-time without any further processing or upgrading which gives high-profile media files.
A wide range of applications leverages these cameras for video surveillance on airport terminals, railway & metro stations, city traffic surveillance, industrial sites evaluation, critical infrastructure surveillance, school & college campus surveillance, and shopping mall security surveillance including the car parking. They are also applicable in mainstream applications such as medical and research fields where cameras record data needed for important investigations.
Covid-19 had a neutral effect on the 360-degree camera market. There was a heavy decline in physical events or trade shows and gatherings, thus the leverage of cameras went down drastically. The lack of social events and parties brought the demand for the cameras to a grinding low. However, medical appliances and applications ranged more significantly during the pandemic that cameras were used extensively for this purpose. Hence the demand for cameras was widely used in the medical arena which kept the market stable.
360 Degree Camera Market: Growth Drivers
Rise in focus on safety and security measures along with emerging technological advancements of cameras drives the market growth
The rise in safety and security measures in each field within the public drives immense growth for the global market. Apart from this, there is a high demand for cost-effective cameras to cater to the advanced photography market which boosts market growth indirectly.
The easy adaptability of the cameras with mobile devices and easy digitalization aspect with real-time 4K and HDR facility is augmenting the growth of the global 360 degree camera market invariably. Social media platforms such as Facebook and YouTube use the camera extensively which supported the market in recent times. People leverage the 360-degree camera to capture shots and share them on networking sites.
Video games as a concept have been the buzz of recent times where augmented reality on video screens deems important. This feature has improved the leverage and demand for 360-degree cameras to a large extent. The rising importance of endorsements and marketing retail products also boosts market growth to a certain level.
Sports enthusiasts and vloggers use these cameras extensively and hence the demand in that particular arena has gone up recently. Consequently, they find application in aerial photography and cinematography as well, where they are integrated with aerial vehicles (UAVs) for high-angle shots from the top.
Robotics seems to be the perfect application where 36-degree cameras are used widely and that instigates market expansion as well. The rising use of these cameras in automobiles helps the drivers make intricate moves and turns which in turn increases the demand rapidly. Besides all this, the security threats in commercial places induce the need for cameras to a large extent thereby grooming market growth. Defense sectors find rampant leverage of these cameras through monitoring and surveillance which improves the popularity of the product and aids the expansion of the market.
360 Degree Camera Market: Restraints
Necessity of cameras to capture large bandwidth to stream high-quality images impedes the market growth
The necessity of these cameras to consume large bandwidth for a high-quality image restricts the global 360 degree camera market growth. The bandwidth of 360-degree cameras is 5 times higher than the normal cameras where they can capture a larger layout clearly. However, any smaller setup or closer distances cannot be captured through these cameras for the kind of parallax effect it has which creates defects. This further compels the views or videos to be high-resolution such as 4K or higher than that while any smaller resolution picture than that cannot be taken. This factor impedes market growth to a larger extent by restricting its leverage to applications that provides larger bandwidth.
360 Degree Camera Market: Opportunities
Increasing demand for 360-degree cameras in the automotive sector provides an excellent opportunity for market expansion.
There has been an increasing popularity of 360-degree cameras in the automotive sector. The use of these cameras aids the drivers of any vehicle to understand the surroundings and navigate through the roads without any accidents. They capture the surroundings and display them automatically on the LCD screens making it more clear for the viewers to have a 360-degree view. They also prove to be the perfect evidence in case of any collisions or accidents. This factor provides a lucrative opportunity for market growth in the future as well.
360 Degree Camera Market: Challenges
Inability of the camera to capture smaller bandwidth films is a challenge for the market
Verticals like sports, entertainment, and media require high-resolution images for clarity and preciseness along with higher frame rates. Larger bandwidth becomes a necessity for such a picture and any lesser bandwidth films would turn out to be defective. A 360-degree camera captures 5 times higher bandwidth than normal cameras. This compulsion and availability of higher bandwidth for capturing a high-resolution picture with the camera become a challenge for the market.
Introduction of next-generation cameras and their demand poses a challenge for the market growth
The new advancement in digital camera technologies has given rise to new features like face recognition, high-frame rates, night vision, image stabilization features, etc. These additional features have increased the demand for these cameras to cater to a wider consumer base. The factors such as the availability of digital infrastructures to support the next-gen cameras along with smartphones and high-sensors integration poses a challenge for the market.
360 Degree Camera Market: Segmentation
The global 360 degree camera market in this research analysis is divided into connectivity, resolution, component, type, vertical, and region. The connectivity is classified as wired and wireless. The resolution is divided into high-definition and ultra-high-definition. The component consists of hardware, sensors, processor, battery, memory device, and others. The type is divided into personal and professional. Finally, the verticals consist of media & entertainment, military & defense, travel & tourism, automotive, commercial, healthcare, and others.
In July 2020, Insta360 and Mistika VR joined together to bring flexibility and control over the functioning of the Insta360 Pro camera as a part of their post-production flow.
In June 2021, GoPro released the overcapture feature for fusion 360-degree camera for Apple devices.
|Historic Years||2016 - 2020|
|Forecast Years||2021 - 2028|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
360 Degree Camera Market: Regional Landscape:
North America is the prime region that dominates the market largely.
North America is the predominant region in the global 360 degree camera market. Also, the demand has gone up because of its affordable and user-friendly nature. There is growing leverage of cameras in the automotive industries here which is expanding the market in this region further. Asia-Pacific region seems to trail as the biggest market for these cameras as consumers choose growing technological advancements like HD 360 degrees cameras and sensory automation that prevail here. The bloom of next-gen cameras in this region boosts market growth promptly.
360 Degree Camera Market: Competitive Landscape:
The key players in the global 360 degree camera market are Samsung Electronics, YL Technology, LG Electronics, Ricoh, Kodak, PANONO, GoPro, Insta360, Digital Domain Production, 360fly, Immervision, Nikon, Rylo, Bubl, Xiaomi, Sony Corporation, Panasonic, Nokia Corporation, Ricoh Company Ltd, and Mistika VR.
360-degree camera is also known as an omnidirectional camera. The camera captures a 360-degree view in a horizontal frame. Such cameras are used during the coverage of the large field. The basic application of the camera is in robotics and panoramic art.
360 degree camera market is anticipated to grow due to the technological developments in media and entertainment and gaming sector being a major contributor to the industry. These are majorly used in AR/VR headsets mainly for gaming purposes. In 2017, the global AR/VR sector generated revenue of nearly USD 14.1 billion as compared to USD 6.1 billion in 2016. Additionally, in 2017, global AR/VR headset shipments were almost 14 million and are anticipated to rise over the next 5 years owing to the increasing demand in the Asia Pacific region. Thus, media and entertainment sector is projected to contribute significantly to the rise of the 360 degree camera market during the forecast timeframe.
Governments of various countries have started investing in unmanned aviation and exploration vehicles that are used for military and defense purposes. 360 degree cameras are deployed in drones for video recording during surveillance and defense operation. In 2017, the U.S. defense department had allocated about USD 5.7 billion for drone-related procurement, research and development, and system-specific construction. The U.S. defense department estimated a budget of about USD 6.97 billion for 2018, about 21.4% more than that of the previous year. Thus, usage of the product in the defense sector is projected to fuel the growth of the 360 degree camera market. However, the high cost of technology for manufacturing 360 degree camera can pose a hurdle in its demand. Increasing use of virtual reality (VR) in developing countries may open new avenues for the 360 degree camera market in the near future.
The 360 degree camera market is categorized into connectivity, resolution, end use, industry verticals, and region. Based on the resolution, the global 360 degree camera market is divided into HD, ultra HD, and others. Ultra HD segment will hold significant market share during the projected timeframe. The end-users in 360 degree camera market are classified into personal and commercial. The personal segment is anticipated to grow at a remarkable rate during the forecast period.
North America being the most technologically advanced region holds a notable share in the global 360 degree camera market during the estimated timeframe. The share is attributed to the increasing usage of the product in the AR/VR gaming applications. Technological advancement is the major driving factor for the growth of 360 degree camera market in the Asia Pacific. The Asia Pacific is anticipated to grow at a considerable rate during the analysis period.
Noticeable players in the 360 degree camera market are Nikon, LG Electronics, 360fly, GoPro, Samsung Electronics, Insta360, Kodak, Ricoh, Rylo, Bubl, and Xiaomi, among others.
The rise in safety and security measures in each field within the public drives immense market growth for the global market. Apart from this, there is a high demand for cost-effective cameras to cater to the advanced photography market which boosts market growth indirectly.
According to the report by Zion Market Research, the global 360 degree camera market was worth around $800 million in 2021 and is predicted to grow to around $2998 million at a CAGR rate of 25% over the forecast period
North America is the most dominating region in the global 360 degree market. There seems to be a growing popularity of photography in this region that drives the market here. Also, the demand has gone up because of its affordable and user-friendly nature.
The key players in the global 360 degree camera market are Samsung Electronics, YL Technology, LG Electronics, Ricoh, Kodak, PANONO, GoPro, Insta360, Digital Domain Production, 360fly, Immervision, Nikon, Rylo, Bubl, Xiaomi, Sony Corporation, Panasonic, Nokia Corporation, Ricoh Company Ltd, and Mistika VR