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360 Degree Camera Industry forecast 2027
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Market synopsis
The global 360 degree camera market is slated to expand from USD 385.3 million in 2018 to USD 2.13 billion by 2025, at a CAGR of 28% during the forecast period.
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Market Highlights
The 360 degree camera is widely used in robotic applications that visually resolves the problems of simultaneous localization and mapping (SLAM).
Moreover, the camera's ability to capture omnidirectional view enhances demand across all of the different verticals. In addition, the increasing demand for a 360 degree camera for safety purposes in the automotive sector is boosting market development. In addition, some industries that could benefit primarily from 360-degree cameras are real estate, automotive, tourism, defence, and entertainment.
Increasing the number of virtual reality technology for high-resolution images in the media & entertainment industry, 360 degree transformation to landscape image and Improving the 360-degree market for the gaming industry is expected to be a major driver of the 360-degree camera market over the forecast periodIn the real estate sector, a 360-degree camera helps customers digitally experience space before transforming space. In addition, 360-degree cameras aid in the handling of aerial surveillance missions in defense and surveillance. Thus, in the coming years, the use of 360-degree cameras in real estate and for surveillance purposes is expected to fuel the market.
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The high cost associated with the 360-degree cameras could, however, hamper the growth of the global 360-degree camera market. Furthermore, the lack of compatibility with other technologies is likely to hinder the growth of the market.
Market Segmentation
The global 360 degree camera market is anaylzed into camera type, resolution, connectivity type, and vertical.
On the basis of connectivity type, the global market is bifurcated into wired and wireless.
On the basis of the resolution, the global market is divided into high definition (HD) and ultra-high definition (UHD).
Based on the camera type, the market is segmented into personal and professional.
Based on vertical, the global 360 degree camera market is segmented into military and defense, media and entertainment, automotive, travel and tourism, healthcare, commercial, and others.
Regional Outlook
The 360 degree camera industry geographic research is being studied for North America, Europe , Asia-Pacific, Middle East & Africa and Central and South America.
Due to the increasing popularity of virtual reality and augmented reality games in this region , North America holds the major share in the 360 degree camera market. In addition , the presence of several AR and VR gaming firms in this region is one of the factors that drive market growth in this area. The United States and Canada are the region's leading countries in North America.
Europe is expected to experience impressive growth over the projected period. The rising adoption of 360 degree cameras for safety purposes in the automotive sector is driving this market development. In addition, due to the advanced technological infrastructure in the region, Europe is projected to have significant growth in the 360 degree camera industry.
Asia Pacific region on the 360 degree camera market is expected to be the fastest growing region. In addition, due to the rapid adoption of virtual reality technologies in Japan and China, Asia-Pacific is expected to show the fastest CAGR for 360 degree camera market over the review period. In addition, the Republic of Korea and Taiwan are both leading countries in the 360 degree camera industry owing to large number of camera manufacturers and improved demand for high resolution images in media & entertainment and military & defense sectors.
Competitive Dashboard
The major players in the global 360 degree camera market are The Eastman Kodak Company (US), GoPro, Inc. (US), Samsung (South Korea), Ricoh Company, Ltd (Japan), Insta360.com (China), 360fly (US), LG Electronics Inc. (South Korea), Nikon Corporation (Japan), Rylo, Inc. (US), Bubl Technology Inc. (Canada), and Xiaomi Corporation (China).
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