Pune, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Market Analysis
Market Research Future (MRFR) expects the global 360 degree camera market to achieve USD 2,993.6 million with a CAGR of 25.17% from 2020–2026 (forecast period).
The 360 degree camera is an electronic device that captures pictures at a 360 degree angle. This camera consists of two wide-angle lenses on each side of the camera, each capturing 180 degrees. These lenses capture wide-angle video, stitch the footage together to create a single 360 degree image. The two main types of 360 degree cameras are spherical cameras designed to survive dangerous adventures and lifestyle cameras, which are cheaper, smaller, and often easier to use. Most companies have started providing rental services for professional 360 degree cameras due to strong product demand and the elevated price of professional 360 cameras. Continuous advances in the consumer electronics industry have led to the miniaturization of different devices, contrary to previous-generation devices. The camera segment of the consumer electronics industry has seen an evolution in quality, efficiency, and product size. The use of social media as a platform for multiple promotional and marketing activities through sharing live videos and photos is growing. At present, the adoption of social media is growing even among individuals in developing countries like Jordan, Nigeria, Kenya, and Lebanon.
The extensive adoption of virtual and augmented reality (VR/AR) systems in the interactive entertainment sector is among the major factor pushing the growth of the market. 360 degree cameras are broadly used in video games, VR feature films, advertisements, and adventure and sports activities to provide an immersive user experience. Furthermore, the extensive use of products in the defense sector for surveillance and monitoring purposes also stimulates the growth of the market. In addition, a considerable increase in demand for advanced photography solutions is appearing as another growth-inducing factor. 360 degree cameras are highly effective for producing high-resolution images, even in low-light conditions, making them perfect for professional use. Other factors, including the convenient availability of affordable product variants and technological advancements, including the addition of face recognition and night vision features, together with smartphone and solar power integration, are projected to further drive the market.
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COVID-19 Impact on the Global 360-Degree Camera Market
The industry is expected to undergo a modest decline as a result of the global outbreak of the latest coronavirus pandemic. Manufacturing activities are at halt due to labor shortages and work-from-home initiatives. This has led to a fall in demand from the end-use industries.
Market Segmentation
The global 360 degree camera industry has been segmented into components, connectivity type, resolution, camera type, and vertical.
Based on components, the global 360 degree camera market has been segmented into hardware and software. The hardware segment captured the largest market share of 67.1% in 2018, with a valuation of USD 401.3 million; it is expected to display a CAGR of 25.6% during the forecast period. The hardware component is further segregated into sensors, processors, battery, memory, device, and others. Sensors are one of the most critical hardware components in a camera. Sensors are calibrated and used to monitor every single moving object within its 360-degree field of view. An image processor is an essential component for optimizing captured images, which includes a hyper-stitching engine for in-camera stitching and a hyper-WDR hardware dynamic range processing. The software in a 360-degree camera is responsible for stitching the images and videos captured by the camera. There are two types of 360 videos, monoscopic and stereoscopic. The software segment held the second-largest spot in 2018, valued at USD 401.3 million; it is anticipated to post the highest CAGR of 25.6%.
By connectivity type, the global 360 degree camera market has been segmented into wired, wireless.
By resolution, the global 360 degree camera market has been segmented into high definition, ultra-high definition.
By camera type, the global 360 degree camera market has been segmented into personal, professional.
By vertical, the global 360 degree camera market has been segmented into media & entertainment, military & defense, travel & tourism, automotive, commercial, healthcare, and others.
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Regional Analysis
Region-wise, the global 360 degree camera market has been segmented into North America, Asia Pacific, Europe, and the Rest of the World.
North America to dominate the global market
North America had the largest market share of 33.32% in 2018, with a valuation of USD 199.4 million; the market is projected to have the highest CAGR of 199.4% in the forecast period. North America is clearly dominant in the market due to the increasing demand from the interactive entertainment industry. 360 degree cameras are used to create VR games and feature films that provide an enhanced and immersive user experience that improves sales throughout the region.
Competitive Landscape
Key players are working towards expanding the product range and investing in high-quality R&D to develop highly engineered and advanced technologies in order to gain a competitive advantage in the global 360 degree camera industry.
Notable players in the global 360-degree camera market are:
- Samsung (South Korea)
- GoPro, Inc. (US)
- Insta360.com (China)
- Ricoh Company, Ltd (Japan)
- YI Technology (China)
- 360fly (US)
- LG Electronics Inc. (South Korea)
- Bubl Technology Inc. (Canada)
- Nikon Corporation (Japan)
- The Eastman Kodak Company (US)
- Rylo, Inc. (US)
- Immervision (France)
- Digital Domain Holdings Limited (US)
- Shenzhen Hatoa Technology Co., Ltd (China)
- Xiaomi Corporation (China)
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Industry News
In September 2020, YI Technology unveiled two new advanced artificial intelligence home security solutions, which are YI Dome Camera U Debut and Kami Mini Indoor Camera. It has pioneered the development of a series of AI-enabled camera processing integrated circuits (ICs) operated by Kami Mini and YI Dome Camera U. It provides full coverage with 360° tracking.
In April 2020, Ricoh Co Ltd and JAXA cooperatively developed a compact spherical camera established on the RICOH THETA camera. This camera was sent to the International Space Station (ISS) onboard "KOUNOTORI8," a spacecraft used to re-supply the space station. This camera is used to capture 360 degree still images and videos from an experimental platform outside the Japanese Experimental Module known as "KIBO."
In January 2020, Insta360 announced a strategic alliance with the German camera manufacturer—Leica Camera AG. The coalition focuses on bringing genuine innovation and state-of-the-art imaging quality to action cameras and 360 degree camera spaces. Both companies jointly developed the Insta360 ONE R 1-inch edition.
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