New York, NY, Aug. 27, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “360 Degree Camera Market by Connectivity (Wired and Wireless), by Resolution (HD, Ultra HD, and Others), by End-Use (Personal and Commercial), by Industry Verticals (Media & Entertainment, Military & Defense, Digital Photography, Travel & Tourism, Automobile, Healthcare, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, the global 360 degree camera market accounted for USD 372.0 million in 2017 and is expected to reach USD 1,949.7 million globally by 2024, growing at a CAGR of around 26% between 2018 and 2024.
360 degree camera is an imaging device that allows the user to capture photos and record videos from every angle. The camera is available in two types namely: monoscopic and stereoscopic. 360 degree cameras contain multiple lenses that are embedded in it.
Browse through 79 Tables & 32 Figures spread over 138 Pages and in-depth TOC on “Global 360 Degree Camera Market Size & Share 2017 Report: Industry Type, Trends, Growth Analysis and Forecast to 2024”.
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Over the past decade, the adoption of technology in various medical applications has boosted the healthcare sector. In various medical institutes, 360 degree cameras are used to provide a live streaming of the surgery. The streaming is viewed by surgeons through their virtual reality (VR) headset to prevent any surgical mishap. In the U.S. alone, about 250,000 deaths occur annually due to medical mishaps. In order to reduce such mistakes, healthcare institutes are going for this technology. The value of VR in the healthcare sector was about USD 975 million in 2017 as compared to USD 525 million in 2012. The figure is anticipated to increase owing to its increasing adoption in live streaming of surgeries. Thus, the healthcare sector is expected to fuel the growth of 360 degree camera market during the forecast period.
Technological development in the automotive sector is fueling the growth of 360 degree camera market. The cameras are used in autonomous vehicles to identify signboards and track pedestrians. From 2014 to 2017, the global investments in autonomous vehicles were about USD 80 billion. In 2018, the Softbank Group announced an investment of USD 2.25 billion in General Motors for developing autonomous cars. The investments are expected to increase as automotive manufacturers are planning to launch autonomous vehicles over the next 5 years. These advancements are projected to drive 360 degree camera market during the forecast period.
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The global 360 degree camera market is divided as per connectivity into wired and wireless. Wireless segment is anticipated to dominate the 360 degree camera market during the projected timeframe. Further, the 360 degree camera market is categorized on the basis of industry vertical which is further divided into media & entertainment, military & defense, digital photography, travel & tourism, automobile, healthcare, and others. Media and entertainment segment is expected to hold a substantial share during the forecast period.
North America is expected to hold a significant share in the global 360 degree camera market as it is the most technologically developed region. The U.S. is projected to be a major contributor in the region. The share is attributed to the increasing use of VR in the gaming sector. In 2016, the gaming sector contributed to almost 50% of the U.S. media and entertainment revenue. This share is anticipated to rise due to the increasing demand for VR applications. Since 360 degree cameras are used in VR headsets, the market in the region is projected to witness significant growth over the coming years.
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The European 360 degree camera market is majorly driven by the investments made in autonomous vehicles. In 2015, automotive material manufacturers had spent about USD 46 billion to develop products that assisted driverless vehicles. The investments are anticipated to increase as automotive manufacturers such as Mercedes, Volkswagen, and BMW have announced to launch autonomous vehicles in the next five years. In 2017, Europe’s leading car manufacturer Daimler had announced a partnership with Uber in which Daimler will provide Uber with self-driving cars in the coming years. Thus, Europe is anticipated to fuel the growth of 360 degree camera market.
The Asia Pacific is projected to grow at a considerable rate during the estimated timeframe in the global 360 degree camera market. Developing economy such as China is expected to have a great potential for the 360 degree camera market. The growth is also anticipated due to the rise in commercial drones. In 2016, a total of 390,000 units of drones were shipped to China. This number is projected to increase in the coming years as consumer drone manufacturers are aiming to shift their focus to the commercial sector in China. Thus, it is anticipated that the Asia Pacific will witness significant growth in the 360 degree camera market.
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Latin America is expected to contribute substantially to the growth of 360 degree camera market. Rising adoption of technology in the medical sector will propel the demand for the 360 degree camera market in this region. During the past 2 years, the medical industry in the region has witnessed a growth rate of about 2.2%. Brazil and Argentina were the key contributors to this growth in Latin America. The figure is projected to rise due to the increasing technology usage in the medical sector.
Some of the top players in the 360 degree camera market are Nikon, LG Electronics, 360fly, GoPro, Samsung Electronics, Insta360, Kodak, Ricoh, Rylo, Bubl, and Xiaomi, among others.
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The report segments the global 360 degree camera market as follows:
Global 360 Degree Camera Market: Connectivity Segment Analysis
- Wired
- Wireless
Global 360 Degree Camera Market: Resolution Segment Analysis
- HD
- Ultra HD
- Others
Global 360 Degree Camera Market: End-Use Segment Analysis
- Personal
- Commercial
Global 360 Degree Camera Market: Industry Vertical Segment Analysis
- Media & Entertainment
- Military & Defense
- Digital Photography
- Travel & Tourism
- Automobile
- Healthcare
- Others
Global 360 Degree Camera Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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