USD 0.92 billion
Report ID: SQMIG45J2069 | Region: Global | Published Date: June, 2023 | Pages: 157 | Tables: 145 | Figures: 78
Global 360-degree Camera Market size was valued at USD 0.92 billion in 2021 and is poised to grow from USD 1.09 billion in 2022 to USD 4.64 billion by 2030, growing at a CAGR of 21.3% in the forecast period (2023-2030).
360-degree cameras use omnidirectional camera systems to simultaneously record views from all directions. The 360-degree capability of these cameras leads to an improved visual flow. This camera records a horizontal surface view of a 360-degree field. The excellent image quality allows for a high zoom level and potentially extremely high resolution. The usage of virtual and augmented reality in video games and other interactive entertainment is increasing, which is why 360 cameras are becoming more and more popular. These videos are often taken with one camera, or occasionally with a system of cameras and lenses. These camera setups are largely used in the film business.
The market for 360-degree cameras is being driven by the integration of these cameras with mobile devices as well as the growing tendency to watch real-time 4K and HDR video. In addition, an increase in the number of security lapses, theft, and burglary incidents in public, commercial, and apartment buildings is driving up product sales. These cameras are also used by the defence sector for monitoring and surveillance purposes. The lack of public awareness of 360-degree cameras is one of the key causes of their low adoption rate. These camera setups are too large to photograph close-up shots of small items or models. To provide a camera to track the surroundings, multiple lenses are positioned closely to one another in a ball or disk-shaped gear in a traditional 360-degree form in the camera.
The most difficult problems faced by 360-degree cameras include shooting in confined spaces and getting close-up shots of objects. The distance between the two cameras, which results in picture errors, generates the parallax effect. In the coming years, it's anticipated that hardware and software limitations, a lack of proper device compatibility, and high price of 360-degree cameras, may hinder the growth of this market.
Several 360-degree camera models are now being released by various tech businesses, each with their own price, ergonomics, size, and design. Customers can live stream 4K footage via Smartphone connectivity to prominent platforms with these solutions. This includes facial recognition, improved picture rates, night vision, and advanced image stability. High-quality picture sensors and expandable memory are also offered by the main rivals, which increases their efficiency and attracts a wider user base.
US 360-degree Camera Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 0.92 billion
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360-Degree Camera Market is segmented based on connectivity type, resolution, camera type, vertical, application, and region. In terms of connectivity type, the 360-Degree Camera Market is segmented into wired, and wireless. Based on resolution into High Definition (HD), and Ultra-high Definition (UHD). With respect to segmentation by camera type, the 360-Degree Camera Market is divided into single, and professional. On the basis of verticals, the 360-Degree Camera Market is classified into media & entertainment, consumer, military & défense, travel & tourism, automotive, commercial, healthcare. Based on the Application into Traffic-Monitoring, Grid Layout, and Aerial Scenery. Based on region, 360-Degree Camera Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
360-Degree Camera Market Analysis by Connectivity Type:
With respect to segmentation by connectivity type, the wired segment dominated the global 360-degree camera market in terms of revenue in 2022. Cables are used to connect wired cameras to a power supply and an internet connection. In photo studios, this kind of camera is frequently utilized. The wireless segment, on the other hand, is anticipated to be registering fastest growth during the forecast period. The wireless 360-degree cameras are frequently used in both residential and commercial settings for security purposes.
360-Degree Camera Market Analysis by Vertical:
In terms of segmentation by vertical, the consumer segment earned the largest revenue share in 2022. The global market has room to expand with the rise in adoption of these cameras for multiple purposes such as sports, photography, events, and festivals. On the other side, it is anticipated that the media and entertainment area will be the most opportunistic segment over the projected period. The 360-degree camera setups employ many cameras, producing outstanding 360-degree views. These sets up are easy to use and highly tough, making them perfect for a range of shooting situations.
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North America accounted for the largest share in 2022. The availability of a sizable number of producers making standalone cameras and rigs, combined with the willingness of customers to embrace technologically advanced products, are the main factors promoting this regional market. The rise of this region is also being fuelled by the expansion of VR gaming and the rising popularity of VR headsets in the United States and other countries in the region. This region is further anticipated to develop a faster growth rate in the coming years due to the high acceptance rate of innovative technologies and ongoing technological advancements in the consumer electronics market.
Rise in purchasing power parity (PPP) in developing nations such as China, India, and Japan, coupled with the growing acceptance of AR-VR technology, and higher demand from the entertainment industry are all predicted to contribute to the growth of the Asia Pacific market for 360-degree cameras. But during the course of the projection period, the region's growth is anticipated to be boosted by the rising use of smart devices, rising economic growth, rising consumer spending, and shifting consumer spending patterns.
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360-Degree Camera Market Drivers:
Affordable Prices of 360-degree cameras
Improving Demand for VR Headsets
360-Degree Camera Market Restraint:
Need for large bandwidth to stream high-quality 360-degree videos
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The global 360-degree market is still in its budding stage so there is high scope of growth with the entry of new players. This is further projected to intensify the overall market competition. Merger and acquisition strategies are highly adopted by players along with increase in investments in research and development. The ability to live stream 4K videos to popular platforms using Android or iOS devices is provided by a number of manufacturers.
The study delves deeply into recent product development initiatives by significant manufacturers and evaluates the variables that have the potential to have a significant impact on the market's competitive dynamics. The release of numerous high-profile products with cutting-edge image-stabilization features and gorgeous designs is expected to result in a dynamic ecosystem for the global 360 camera market.
360-Degree Camera Market Top Player's Company Profiles
360-Degree Camera Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
Our in-house experts produce in-depth data on the parent market, value chain, and 360-degree camera industry that vendors may utilize to their advantage during the forecast period. The knowledge about the value chain offers a comprehensive grasp of product insight and profit as well as optimization and analysis of business initiatives. Selective data and analysis from the whole research findings are included for the players throughout the value chain in accordance with the report's objectives.
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|Market size value in 2021||USD 0.92 billion|
|Market size value in 2030||USD 1.09 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 360-degree Camera Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global 360-degree Camera Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global 360-degree Camera Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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