Market Insights
According to Market Research Future (MRFR), the global 360-degree camera market had a valuation of USD 385.3 million in 2018 and is expected to reach USD 2,130 million by 2025, at a CAGR of 28% from 2019 to 2025 (forecast period). The study addresses key developments in the global 360-degree camera market analysis in light of the novel COVID-19 pandemic. The study provides a meticulous summary of the various aspects of the industry that are likely to be affected by the pandemic.
The 360-degree camera is an electronic device that captures photos at a 360-degree angle. This camera consists of two wide-angle lenses on each side of the camera, each lens capturing 180 degrees. These lenses capture wide-angle video, stitching the footage together to create a single 360-degree image. The two key types of 360-degree cameras are spherical cameras designed to survive dangerous adventures and lifestyle cameras that are cheaper, smaller, and sometimes easier to use. Several companies have started providing rental services for professional 360-degree cameras due to strong demand and the extremely high price of professional 360-degree cameras.
Market Dynamics
New technologies like Augmented Reality (AR), Virtual Reality (VR), and 360-degree photos and videos are currently being used in a modern marketing trend that aims to provide viewers with a more immersive experience. For example, Facebook has moved to video advertising, with 360 ads as a significant part of it. In addition, Marimekko, a design house in Finland, uses interactive 360-degree photos of their shops to share their special atmosphere, which sets their brand apart from the competitors. As a result, the growing popularity of virtual reality and augmented reality, along with 360-degree cameras and branding, is one of the critical factors accelerating market growth.
In addition, 360-degree cameras also have applications in automotive. Crossovers such as Nissan Qashqai, Peugeot 3008, and Skoda Karoq are types of vehicles based on family hatchbacks but have increased ride height and are usually taller and broader. Parking is the main issue associated with such large vehicles. As a result, 360-degree cameras are used in cars to support the driver in parking cars safely. Of these, Nissan was an early adopter of a 360-degree camera. In June 2017, Garmin International Inc., an American multinational technology company, launched the VIRB 360 compact, robust and spherical 360-degree camera for applications like unmanned aerial vehicles (UAVs) requiring image stabilization. As a result, the rising demand for a 360-degree camera in the automotive sector for safety purposes is increasing the growth of the industry.
In addition, some of the industries that could benefit mainly from 360-degree cameras are real estate, automotive, defense, tourism, and entertainment. In the real estate market, a 360-degree camera lets clients digitally view space before they transform it. Furthermore, in the field of defense and surveillance, 360-degree cameras aid in handling aerial surveillance missions. Thus, the use of 360-degree cameras for real estate and surveillance purposes is expected to strengthen the market in the coming years. Nevertheless, the high cost of 360-degree cameras may impede the growth of the global 360-degree camera market. In addition, the lack of compatibility with other technologies is likely to hinder the development of the industry.
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Segmentation
The global 360-degree camera market has been segmented into connectivity type, resolution, camera type, and vertical.
Based on the connectivity type, the global 360-degree camera market has been divided into wired and wireless.
Based on the resolution, the global 360-degree camera market has been bifurcated into the high definition (HD) and ultra-high definition (UHD).
By camera type, the global 360-degree camera market has been segmented into personal and professional.
Based on vertical, the global 360-degree camera market has been segmented into media and entertainment, automotive, military and defense, travel and tourism, commercial, healthcare, others.
Regional Analysis
Based on region, the global 360-degree camera market has been segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Central and South America.
North America drives the 360-degree camera market due to the growing popularity of virtual reality and increased reality games in the region. In addition, the presence of several AR and VR gaming companies is one of the contributing factors to the growth of the market in this region. Europe is expected to see impressive growth during the forecast period. The increasing adoption of 360-degree cameras for safety purposes in the automotive sector is pushing the development of this industry. In addition, Asia Pacific is projected to have the highest CAGR in the 360-degree camera market during the evaluation period due to the rapid adoption of virtual reality technologies in Japan and China.
Key Players
The prominent players in the global 360-degree camera market are Samsung (South Korea), 360fly (US), Ricoh Company, Ltd (Japan), Nikon Corporation (Japan), GoPro, Inc. (US), Insta360.com (China), The Eastman Kodak Company (US), LG Electronics Inc. (South Korea), Rylo, Inc. (US), Bubl Technology Inc. (Canada), and Xiaomi Corporation (China).
Other players in the global 360-degree camera market are Immervision (Canada), Digital Domain Productions (US), Facebook (US), YI Technology (US), Sony (Japan), PANONO (Professional 360GmbH) (Germany), Jaunt (US), Shenzhen Hatoa Technology Co., Ltd. (China), Freedom360 (US),Humaneyes (Israel), and Panasonic (Japan)
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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