360-Degree Camera Market Overview
The 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.
360-Degree Camera Market Segmental Analysis
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 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.
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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.
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.
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.
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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.
360-Degree Camera Market 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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