360 Degree Camera Market Size
360 Degree Camera Market is estimated to grow from USD 434.9 Million in 2019 to USD 3,046.5 Million by 2027, at a CAGR of 27.6% during 2020-2027
A 360 degree camera is an electronic system taking the images at an angle of 360 degrees. This camera is made up of two broad-angle lenses on each side of the camera, each recording 180 degrees. Such lenses capture broad-angle video, stitching together the footage to produce a single 360-degree image. Once they are posted to major content platforms such as YouTube and Facebook, the captured videos and images can then be easily accessed via smart phones or laptops.
Usually, these cameras can record videos in 4K resolution and above. These cameras have emerged as potential for VR applications, where virtual reality headsets can be used to conveniently display the content. The 360-degree camera market is witnessing rapid growth, driven by the increasing demand for 360 surround videos and image content in key application areas, especially in monitoring.
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One of the primary factors influencing 360 degree cameras’ growth is growing recognition and demand for enhanced protection and safety among end users as a result of rising global crime. In addition, rising demand and global adoption of smart devices is also driving the growth of the market for 360 degree cameras. Moreover, the launch of 360-degree wireless cameras has also fuelled market growth, in terms of revenue. Therefore a transition from wired 360 degree cameras to wireless 360 degree cameras is observed which is among the most recent developments observed in the global 360 degree camera industry.
Given the different features of 360 degree cameras and the knowledge of the same across different industry verticals, high growth opportunities in value for global 30 degree camera manufacturers will be provided across healthcare, automotive, and other industrial verticals. The high cost associated with 360 degree cameras, however, is considered a major factor preventing the adoption of the same in some countries. As a result, this is projected to be the key limiting factor for the global market.
Key Market Analysis
Some of the major players in 360 degree camera market are 360fly (U.S.), Samsung Electronics (South Korea), Insta360 (China), Sony (Japan), LG Electronics (South Korea), Nikon (Japan), Facebook (U.S.), Kodak (U.S.), Rylo (U.S.), Freedom360 (U.S.), Ricoh (Japan), Xiaomi (China), Immervision (Canada), GoPro (U.S.), Digital Domain Productions (U.S.), Bubl (Canada), YI Technology (U.S.), AITBOT (China), Jaunt (U.S.), Humaneyes (Israel), and Panasonic (Japan) among others.
Based on regions, the market is divided into Middle East & Africa, North America, Latin America, Asia Pacific, and Europe. North America held almost 35% share of the overall market due to the presence of different 360 degree camera manufacturers and the high adoption of the same across different industry verticals in the country. In the global 360 degree camera market Asia Pacific including (China and Japan) and Europe are expected to overtake North America in the forecast period.
Nevertheless, China is expected to show the highest growth rate during the forecast period due to the increasing adoption of increased economic growth, smart devices, increased customer spending and a transitional end user spending behavior in the country. In addition, Latin America and MEA are also projected to see a significant rate of growth during the forecast period.
Based on the connectivity, the global market for 360 degree camera is segmented into wired, and wireless. From this, the wireless segment is likely to grow at high CAGR in the forecast period. The 360-degree cameras remove the need to mount several conventional cameras in order to achieve broad coverage, which in turn helps to minimize the time and expense of installation and improve situational awareness. The use of these cameras is also growing in various applications such as entertainment, sports, events, and festivals providing the 360 degree camera market with opportunities to expand.
On the basis of resolution, the market is categorized into HD, and UHD. The HD segment held almost 56% share of the market in 2019. Across the forecast horizon, the segment is expected to maintain its position on the global market. However, UHD segment over the forecast period are estimated to exhibit lucrative CAGR.
Bandwidth consumed by 360-degree videos is 4 to 5 times larger as compared to the standard 2D videos. Being omnidirectional, cameras with 360 degrees tend to capture images from all directions. In addition, the images or videos need to have higher resolution, such as 4K or more than 4K, to provide a nice, immersive experience for users.
By Camera Type
On the basis of camera type, the market is categorized into single, and professional. The segment for professional camera held major share of almost 68% in 2019. Manufacturers are unveiling products that are compatible with different mobile devices, also enabling easy sharing on social media platforms, thus boosting demand.
Additionally, the integration of expandable memory and high-quality image sensors in 360 degree cameras adds to these cameras’ appeal. The growing demand for 360 surround videos and photos in public place surveillance and security applications is also driving market development. In recent years , the growing affordability of these cameras among consumers around the world has enabled the industry to make steady strides.
By Market Vertical
Based on vertical, the market is categorized into healthcare, consumer, media & entertainment, military & defense, travel & tourism, automotive, commercial, and others. The market for 360 degree cameras is expected to reap big, lucrative gains from the increasing adoption of these cameras by several prominent automakers in autonomous vehicles. The growing use of these cameras in vehicles to permit smart views also boosts the market. A key factor catalyzing the growth is the emergence of devices with intuitive functionality and creative architecture and mounts.
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