According to the latest report by IMARC Group, titled "360-Degree Camera Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global 360-degree camera market is expected to grow at a CAGR of 26.3% during 2022-2027. A 360-degree camera is a digital camera that is used for capturing a 360-degree field of view in the form of a video or image. It provides the view of an entire sphere or a full circle in the horizontal plane. Also known as an omnidirectional camera, 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. Upon its usage, the camera captures two images or videos at a time, which are then stitched together either automatically or with the help of companion software. Since a single 360-degree camera can capture large visual fields, it is widely utilized for conducting indoor and outdoor surveillance. Consequently, it is used across the military, media, tourism, entertainment, and healthcare sectors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global 360-Degree Camera Market Trends:
The global market is primarily driven by the growing adoption of virtual and augmented reality (VR/AR) systems in various forms of interactive entertainment. 360-degree cameras are integrated with these applications, including VR games and feature films, to offer an enhanced and interactive user experience, which is bolstering their sales across the globe. Along with this, these cameras form an essential component in the safety system of various automobiles. They are used as dashboard cameras to capture the view from all angles and display it on the LCD screen of the vehicle to assist the driver in getting a better understanding of his/her surroundings. These cameras are also being increasingly utilized for advanced photography applications, such as panoramic and still photography. They are employed for delivering high-contrast images in difficult lighting conditions, which makes them a preferred choice for professional use. The market is further driven by the growing incidences of security breaches and the increasing product utilization in the defense sector across the globe. In line with this, these cameras are employed in the public and residential complexes for continual surveillance and monitoring of any unwarranted intrusion or suspicious mobility. Other factors, including the growing opportunities in travel vlogging and the integration of these cameras with face recognition and night vision features, are expected to further create a positive outlook for the market.
- On the basis of the connectivity type, the market has been divided into wired and wireless cameras.
- Based on the resolution, the market has been bifurcated into high-definition (HD) and ultra-high-definition (UHD).
- On the basis of the camera type, the market has been categorized into single and professional.
- Based on the vertical, the market has been classified into media and entertainment, consumer, military and defense, travel and tourism, automotive, commercial, healthcare, and others.
- On the basis of the application, the market has been segmented into traffic monitoring, grid layout, aerial scenery, and others.
- Based on the distribution channel, the market has been divided into online, single-brand and multi-brand stores.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
- The competitive landscape of the market has been examined with the detailed profiles of the key players operating in the market. Some of these players include 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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