Pune, April 06, 2023 (GLOBE NEWSWIRE) -- The 360-Degree Camera Market was valued at USD 1.08 billion in 2022, and it is projected to grow at a compound annual growth rate (CAGR) of 21% during the forecast period of 2023-2030, reaching USD 4.96 billion by 2030, as reported by SNS Insider.
360-degree cameras are being used for surveillance and security purposes in various industries, including retail, healthcare, and banking, which has further boosted the demand for these cameras. Technological advancements in camera sensors, optics, and image processing have led to the development of more affordable and higher quality 360-degree cameras. Social media platforms such as Facebook and YouTube support 360-degree videos, which has increased the demand for 360-degree cameras among content creators.
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Market Analysis
The 360-degree camera market is currently experiencing rapid growth as a result of the widespread adoption of virtual and augmented reality technologies in various forms of interactive entertainment. With the increasing demand for immersive experiences, these cameras have become an essential tool for capturing panoramic views and creating immersive content that transports viewers to new and exciting worlds. One of the key drivers behind the expansion of the market is the growing popularity of immersive advertisements.
Impact of Russia-Ukraine Conflict
The ongoing conflict between Russia and Ukraine has had far-reaching consequences, including in unexpected areas such as the 360-degree camera market. This conflict has led to geopolitical tensions and economic sanctions, which have had a significant impact on the market for 360-degree cameras. On the other hand, the conflict has also created opportunities for some camera manufacturers. As geopolitical tensions rise, demand for surveillance technology has increased, leading to an uptick in sales for some manufacturers of 360-degree cameras with security features.
Key Regional Development
According to market projections, North America is expected to maintain its position as the leading market for 360-degree cameras due to the growing demand from the entertainment industry. The region has been at the forefront of technological advancements and has witnessed a significant surge in the adoption of innovative technologies. The increasing demand for virtual reality and immersive experiences has fueled the growth of the 360-degree camera market in North America.
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Key Takeaway from 360-Degree Camera Market Study
- The wireless segment is poised to dominate the market, driven by its convenience, advanced features, and seamless integration with mobile devices. As the demand for immersive content continues to grow, wireless 360-degree cameras are set to become an essential tool for capturing and sharing unique experiences in a new and exciting way.
- The market is set to witness a significant shift towards the UHD (Ultra High Definition) segment, with the UHD cameras expected to dominate the market in the coming years. This can be attributed to the increasing demand for high-quality and immersive content, especially in sectors such as sports, entertainment, and tourism.
Recent Developments Related to 360-Degree Camera Market
- Insta360, a leading company in the action camera industry, has announced the launch of its latest offering, the X3 action camera. The new camera boasts of advanced features and cutting-edge technology that are sure to appeal to both professional and amateur photographers and videographers. The X3 action camera comes equipped with state-of-the-art image stabilization technology that ensures that videos captured are smooth and stable.
- Owl Labs, a video conferencing company, has launched a new product called the Owl Bar to complement its 360-degree conferencing camera. The Owl Bar is designed to provide a seamless meeting experience with high-quality audio and video capabilities. With remote work on the rise, video conferencing has become a crucial tool for businesses to stay connected with their team members and clients.
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Table Of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. 360-Degree Camera Market Segmentation, By Connectivity Type
9. 360-Degree Camera Market Segmentation, By Resolutions
10. 360-Degree Camera Market Segmentation, By Verticals
11. Regional Analysis
12 Company Profile
13. Competitive Landscape
14. Conclusion
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