The global 360-degree camera market reached a value of US$ 714 Million in 2020.
Looking forward, the analyst expects the market to grow at a CAGR of around 25% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
A 360-degree camera, also known as an omnidirectional camera, is a small, portable device that enables the users to capture a visual field of the entire sphere or 360-degree field view in the horizontal plane. It is usually equipped with dual fisheye lenses, with at least a 180-degree field of view, that are placed on either side of the camera’s body. Similar to the digital single-lens reflex (DSLR), action and mirrorless cameras, the wireless 360-degree camera can easily connect to smartphones via the Wi-Fi or Bluetooth, which makes editing, transferring, post-processing and sharing on social media easier and faster. It is also used to create panoramic images or videos in real-time, without the need for stitching or further processing the images, thereby providing high-quality results. In recent years, these cameras have gained immense popularity as they are used for monitoring and detecting suspicious activities in a large area, tracking the movement of people, improving area management and conducting indoor and outdoor surveillance.
Global 360-Degree Camera Market Trends: Growing Demand for Immersive and Interactive Content With the rising preference for virtual and augmented reality (AR/VR) in video games and other forms of interactive entertainment across the globe, the utilization of 360-degree cameras is rapidly increasing. The growing popularity of immersive ads for showcasing a product, store or property is also stimulating the market growth. These ads help organizations in creating a unique brand image, particularly on social media platforms, such as Instagram, YouTube and Facebook. Furthermore, 360-degree cameras are widely preferred by extreme sports enthusiasts and vloggers, who favor these devices on account of their durability and ability to capture a wider frame. The demand for advanced photography solutions represents another major growth-inducing factor, as 360-degree cameras are extremely effective for producing high-resolution images, even in low-light conditions, thereby being ideal for professional use. Consequently, they find application in aerial photography and cinematography, wherein they are integrated with uncrewed aerial vehicles (UAVs) to capture high-angle shots from an elevated perspective.
Diversified applications 360-degree cameras are employed in robotics to solve simultaneous localization and mapping, as well as for visual odometry, to provide better optical flow, and feature matching and selection. Apart from this, the increased use of these cameras in various automobiles benefits the drivers with a better understanding of the vehicle’s surroundings. They also offer assistance while driving, create obstruction awareness and ensure overall automobile safety. Besides this, the growing incidences of security breaches and an increase in the number of theft and burglary cases in public and commercial spaces and residential complexes are further driving the product sales. Along with this, the defense sector is employing these cameras for surveillance and monitoring purposes.
Introduction of the next-generation cameras Several tech companies are launching different models of 360-degree cameras with varying prices, ergonomics, size and appearances. These products are integrated with face recognition, higher frame rates, night vision and advanced image-stabilization features, and enable users to live stream 4K videos to major platforms through smartphone connectivity. The leading players are also offering products with high-quality image sensors and expandable memory to increase their profitability and attract a wider consumer-base. Some of the other factors such as easy availability of affordable product variants, the advent of rental services and smartphone and solar power integration are also contributing to the growth of the global 360-degree camera industry.
Key Market Segmentation: the analyst provides an analysis of the key trends in each sub-segment of the global 360-degree camera market report, along with forecasts for growth at the global, regional and country levels from 2021-2026. Our report has categorized the market based on the region, connectivity type, resolution, camera type, vertical, application, and distribution channel.
Breakup by Resolution: High-definition (HD) Ultra-high-definition (UHD)
Breakup by Distribution Channel: Online Stores Single-Brand Stores Multi-Brand Stores
Breakup by Connectivity Type: Wired Camera Wireless Camera
Based on the connectivity type, wireless cameras account for the majority of the overall market share, on account of the increased convenience offered by these devices.
Breakup by Camera Type: Single Professional
On the basis of the camera type, single cameras are the most popular segment as their ability to capture wide-angle 360-degree high-quality images delivers outstanding efficiency and increases the overall security and situational awareness.
Breakup by Vertical: Media & Entertainment Consumer Military & Defense Travel & Tourism Automotive Commercial Healthcare Others
Based on the vertical, media & entertainment industry currently represents the leading segment accounting for majority of the market share.
Breakup by Application: Traffic-Monitoring Grid Layout Aerial Scenery Others
Aerial scenery currently represents the largest application segment, dominating the market.
Regional Insights: North America United States Canada Europe Germany France United Kingdom Italy Spain Russia Others Asia Pacific China Japan India South Korea Australia Indonesia Others Latin America Brazil Mexico Others Middle East and Africa
Region-wise, North America exhibits a clear dominance in the market due to the growing demand from the interactive entertainment sector. 360-degree cameras are used for creating VR games and feature films that offer an enhanced and interactive user experience, which is bolstering their sales across the region.
Competitive Landscape: The competitive landscape of the market has been analyzed with the presence of small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are 360fly, Inc., Bubl Technology Inc., GoPro Inc., Insta360 (Arashi Vision Inc.), Eastman Kodak Company, LG Electronics Inc., Nikon Corporation, Nokia Corporation, Professional360 GmbH (Panono), Ricoh Company Ltd., Rylo, Inc., Samsung Electronics Co. Ltd., Sony Corporation and Xiaomi Group.
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