360-Degree Camera Market Is Projected To Expand At A Healthy Growth Rate By 2026
Market Overview
Global
360-Degree
Camera Market is expected to reach USD 2,993.6 Million by
2026 at a CAGR of 25.17% during the forecast period. Market Research Future
(MRFR), in its report, envelops segmentation and drivers to provide a better
glimpse of the market in the coming years. In the past, 360-degree cameras were
mainly used for enterprise purposes. However, these cameras are witnessing
demand for personal use as well. The field of view (FOV) of this type of camera
is generally 360°(Horizontal) and 220°(Vertical). Currently, new technologies
such as augmented reality (AR), virtual reality (VR), along with 360-degree
photos and videos, are being used in a new wave of marketing that seeks to
provide audiences with a more immersive experience.
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Competitive Analysis
The key players of the
Global 360-Degree Camera Market are 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) among others.
In March
2019, YI Technology launched Dome Camera
1080p, which is an intelligent 360-degree eye for the user’s home. The camera
can keep recording continuously on its local storage, network storage, or on
the cloud, 24x7.
In
February 2019, Ricoh Co Ltd announced the launch of
RICOH THETA Z1 by deploying superior optical and image processing technologies.
It offers 360 degrees still image photo shooting as a high-end model of the
RICOH THETA camera series.
In May
2018, GoPro launched its Fusion 360-Degree
Camera in India. GoPro Fusion includes the ability to shoot 360-degree footage
at a resolution of 5.2K and a frame rate of 30 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 a palm-size dual-lens camera
developed by former Apple and Instagram engineers can capture 4K-resolution
360-degree video and photos.
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Segmental Analysis
Global
360-Degree Camera Market has been segmented based on Component, Connectivity
Type, Resolution, Camera Type, Vertical, and Region.
Based on connectivity type,
the global market has been segmented into Wired and Wireless. The wireless
segment accounted for the largest market share of 64.9% in 2018, with a market
value of USD 388.4 million; it is expected to register a CAGR of 26.3% during
the forecast 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%. Wired
360-degree cameras are connected through cables for data transmission. Such
cameras are widely used in surveillance and security applications. Wireless
360-degree cameras are highly preferred by individuals and professional
photographers 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 expected to
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 used
in 360-degree cameras for better picture and sound quality. The 4K UHD
technology is used in 360-degree cameras to take high-quality pictures during
various 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 persona segment accounted for
the larger market share of 60.7% in 2018, with a market value of USD 60.7
million; it is expected to register a CAGR of 24.9% during the 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 to professional end-user,
personal use of 360-degree cameras for personal activities including skydiving,
skateboarding, scuba diving, rafting, trekking, and various other outdoor
activities is expected to dominate the 360-degree camera market during the
forecast period. The 360-degree camera is also used for professional
applications such as outdoor photoshoots, sports events, film making, 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
expected to 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%. Media and
entertainment have been one of the verticals that has witnessed a major
adoption of 360-degree cameras. 360-degree cameras are primarily used by
military and defense agencies for surveillance applications. These cameras are
rugged and developed to withstand extreme weather conditions. The cameras also
provide powerful situational awareness and ensures cost-effective maritime and
port surveillance, airport perimeter security as well as other critical
infrastructure protection. Advanced Driver Assistance System (ADAS) ensures
safer, easier, and comfortable ride to drivers. Immersive content including VR
technology is booming and has reached audience by conveying stories in new
ways. 360-degree cameras have numerous applications in healthcare. 360-degree
cameras enabled with VR has provided doctors and interns to perform surgeries
virtually and improve their skills.
The global 360-degree camera market, by
region, has been segmented into North America, Europe, Asia-Pacific, the Middle
East & Africa, and Central & South America. North America
accounted for the largest market share of 33.32% in 2018, with a market value
of USD 199.4 million; the market is expected to register the highest CAGR of
24.6% during the forecast period. Europe was the second-largest market in 2018,
valued at USD 150.3 million; the market is projected to exhibit a CAGR of
24.9%. North America dominates the 360-degree camera market based on
the region due to high demand for these cameras across verticals such as
healthcare, industrial, automotive, and consumer electronics. Although there
are no major players in this market from the European region, some of the new
players such as Ricoh, Huawei, Nikon, and Fujifilm have marked their entry in
the market and are working towards increasing their market share through
various opportunities in the market.
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