360 Degree Camera Market Share, Growth, Future Scope, Challenges, Opportunities, Trends, Outlook And Forecast To 2030
360 Degree Camera Market Share, Growth, Future Scope,
The global 360-Degree Camera Market is expected to reach USD 2,993.6 million by 2026 at a CAGR of25.17% during the forecast period. Market Research Future (MRFR), in its report,envelops segmentation and drivers to provide a better glimpse of the market inthe coming years. In the past, 360-degree cameras were mainly used forenterprise purposes. However, these cameras are witnessing demand for personaluse as well. The field of view (FOV) of this type of camera is generally360°(Horizontal) and 220°(Vertical). Currently, new technologies such asaugmented reality (AR), virtual reality (VR), along with 360-degree photos andvideos, are being used in a new wave of marketing that seeks to provideaudiences with a more immersive experience.
The key playersof the global 360-degree camera market are Samsung (South Korea), RicohCompany, 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) amongothers.
In March 2019, YITechnology launched Dome Camera 1080p, which is an intelligent 360-degree eyefor the user’s home. The camera can keep recording continuously on its localstorage, network storage, or on the cloud, 24x7
In February 2019,Ricoh Co Ltd announced the launch of RICOH THETA Z1 by deploying superioroptical and image processing technologies. It offers 360 degrees still imagephoto shooting as a high-end model of the RICOH THETA camera series.
In May 2018, GoProlaunched its Fusion 360-Degree Camera in India. GoPro Fusion includes theability to shoot 360-degree footage at a resolution of 5.2K and a frame rate of30 frames per second.
In October 2017, Rylo Inc. launched a 360-degree camera for people who do not care about 360-degree cameras. It is apalm-size dual-lens camera developed by former Apple and Instagram engineerscan capture 4K-resolution 360-degree video and photos.
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The global 360-degree camera market has been segmented based on component, connectivity type, resolution, camera type, vertical, and region.
Based on connectivity type, the globalmarket has been segmented into Wired and Wireless. The wireless segmentaccounted for the largest market share of 64.9% in 2018, with a market value ofUSD 388.4 million; it is expected to register a CAGR of 26.3% during theforecast period. The wired segment was the second-largest market in 2018,valued at USD 209.9 million; it is projected to exhibit a CAGR of 22.8%. Wired360-degree cameras are connected through cables for data transmission. Suchcameras are widely used in surveillance and security applications. Wireless360-degree cameras are highly preferred by individuals and professionalphotographers and videographers.
By resolution,the market has been segmented into High Definition and Ultra-High Definition. The high definition segment accounted for the largest market share of 51.4% in 2018, with a market value of USD 307.8 million; it is expectedto register a CAGR of 23.1% during the forecast period. High definition (HD)offers 1280 x 720 pixels resolution also known as 720p. HD resolution is usedin 360-degree cameras for better picture and sound quality. The 4K UHDtechnology is used in 360-degree cameras to take high-quality pictures duringvarious outdoor and underwater activities such as snowboarding, diving,snorkeling, and mountain biking.
Based on camera type, the market has been bifurcated into personal and professional. The personasegment accounted for the larger market share of 60.7% in 2018, with a marketvalue of USD 60.7 million; it is expected to register a CAGR of 24.9% duringthe forecast period. The professional segment was valued at USD 234.9 million;it is projected to register the higher CAGR of 25.5%. As compare toprofessional end-user, personal use of 360-degree cameras for personalactivities including skydiving, skateboarding, scuba diving, rafting, trekking,and various other outdoor activities is expected to dominate the 360-degreecamera market during the forecast period. The 360-degree camera is also usedfor professional applications such as outdoor photoshoots, sports events, filmmaking, police patrolling, and surgeries.
By vertical, the market has been segmented into media and entertainment, military and defense, travel, and tourism, automotive, commercial, healthcare, and others. The media & entertainment segment accounted for the largest market share of 30.2% in 2018, with a market value of USD 180.8 million; it is expectedto register a CAGR of 25.7% during the forecast period. The military &defense segment was the second-largest market in 2018, valued at USD 133.7 million; it is projected to register the highest CAGR of 25.6%. Mediaand entertainment have been one of the verticals that has witnessed a majoradoption of 360-degree cameras. 360-degree cameras are primarily used bymilitary and defense agencies for surveillance applications. These cameras arerugged and developed to withstand extreme weather conditions. The cameras alsoprovide powerful situational awareness and ensures cost-effective maritime andport surveillance, airport perimeter security as well as other criticalinfrastructure protection. Advanced Driver Assistance System (ADAS) ensuressafer, easier, and comfortable ride to drivers. Immersive content including VRtechnology is booming and has reached audience by conveying stories in new ways.360-degree cameras have numerous applications in healthcare. 360-degree camerasenabled with VR has provided doctors and interns to perform surgeries virtuallyand improve their skills.
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The global 360-degreecamera market, by region, has been segmented into NorthAmerica, Europe, Asia-Pacific, the Middle East & Africa, and Central &South America. NorthAmerica accounted for the largest market share of 33.32% in 2018, with a marketvalue of USD 199.4 million; the market is expected to register the highest CAGRof 24.6% during the forecast period. Europe was the second-largest market in2018, valued at USD 150.3 million; the market is projected to exhibit a CAGR of24.9%. NorthAmerica dominatesthe 360-degree camera market based on the region due to high demand for thesecameras across verticals such as healthcare, industrial, automotive, andconsumer electronics. Although there are no major players in this market fromthe European region, some of the new players such as Ricoh, Huawei, Nikon, andFujifilm have marked their entry in the market and are working towardsincreasing their market share through various opportunities in the market.
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