New York, April 11, 2023 (GLOBE NEWSWIRE) -- The 360 Degree Camera market is expected to achieve a market size of over USD 8.0 Billion by 2032 from USD 1.1 Billion in 2022, with a projected compound annual growth rate (CAGR) of 22.5% from 2023 to 2032. Omnidirectional camera systems, also known as 360-degree cameras, capture views in all directions at the same time. These films are frequently shot with a single consumer camera or a setup that includes multiple camera lenses. All of the captured videos are combined into a single spherical piece by the camera or video editing software. In single/standalone 360-degree cameras, multiple lenses are frequently used to record and automatically merge content. These cameras are less costly and more user-friendly. Because 360-degree camera rigs include multiple cameras that each recording material independently, they are more expensive and bulkier than single cameras. Following the production of videos with these rigs, advanced software is usually required to stitch the content together.
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Key Takeaway:
- By Connectivity, in 2022, the 360 Degree Camera market was dominated by the Wired segment.
- By Resolution, the High-Definition segment dominated the largest market share in Resolution type analysis and accounted for the largest revenue share in the 360-degree Camera market in 2022.
- By Industry Vertical Analysis, the Consumer segment dominated the largest market share in Industry Vertical analysis
- By Camera Type, the Single Camera segment is dominant, because of its capacity to collect wide angle 360-degree high-quality images.
- In 2022, North America dominated the market with the highest revenue share of 36.5%.
Factors Affecting the Growth of the 360-Degree Camera Market
There are several factors that can have an impact on the growth of the. Some of 360 Degree Camera Market these factors include:
- Increasing Demand for Virtual Reality: VR and AR technologies growing Popularity is driving the demand for 360 Degree cameras. For capturing immersive and interactive content 360-degree cameras are ideal.
- Rising demand for 360-degree cameras in the travel and tourism industry: The travel and tourism business has also been a major driver of the market for 360-degree cameras. Panorama views and immersive content of tourist locations, hotels, and resorts are captured using 360-degree cameras.
- Technological advancements in 360-degree cameras: Improved picture quality, higher resolution, and advanced features like live streaming and image stabilization have made 360-degree cameras more appealing to consumers and businesses equally.
- Growing demand for security and surveillance applications: 360-degree cameras are also rising used for security and surveillance application. The area is ideal for monitoring large areas and capturing panoramic views of environments.
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Market Growth
The market for 360-degree cameras has been continuously increasing in recent years, and this trend is predicted to continue in the coming years. The rising demand for virtual reality (VR) and augmented reality (AR) applications, the increasing adoption of 360-degree cameras in the media and entertainment industry, and the rising demand for 360-degree cameras in the travel and tourism industry are all factors driving the growth of the 360-degree camera market. Furthermore, the popularity of social media sites that support 360-degree content, as well as technical progress in 360-degree camera technology, are driving the market growth.
Regional Analysis
North America had the largest market share. Consumer adoption of technologically advanced items, as well as the abundance of market players producing single cameras and setups, are driving market growth in North America. On the other hand, the Asia-Pacific region is expected to be the most opportunistic throughout the forecast era. The Asia-Pacific market for 360-degree cameras will grow due to increased demand for them in virtual reality gameplay.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 1.1 Billion |
| Market Size (2032) | USD 8.0 Billion |
| CAGR (from 2023 to 2032) | 22.5% |
| North America Revenue Share | 36.5% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
With the help of a 360-degree camera, the whole event can be recorded for the viewers. The users can easily purchase their 360-degree cameras to capture all the views of the surrounding. The price of these cameras is inexpensive. Connection of camera with portable electronics. The demand for 360-degree cameras is rising due to a greater number of people choosing to watch 4K and HDR Videos. The 360-degree camera content is supported by major social networking sites like Facebook and YouTube. Because of this reason, it inspires users to create and post their 360-degree videos on various social networking Platforms.
Market Restraints
Media, entertainment, and sports organizations increasingly require high-resolution monitoring of high quality. 360-degree videos have become more accessible due to the advent of 360-degree cameras which require up to four times the bandwidth as traditional 2D videos do. For viewers to have an immersive and satisfying experience when watching 360-degree films at 4K resolution or higher, additional bandwidth will be necessary for optimal quality viewing.
Market Opportunities
360-degree cameras in the automotive industry are rapidly gaining traction. Drivers can benefit from enhanced awareness of their environment, assistance while driving, safety awareness, as well as security. These cameras capture images from all angles and display them on a car's display screen. These are becoming more commonplace due to their reliability in case of collision or accident evidence. There is an array of models and sizes available, each offering its own distinct benefits.
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Report Segmentation of the 360-Degree Camera Market
Camera Type Insight
Based on the camera type the market is divided into single and professional, A single camera uses only one primary lens while a multi-camera setup permits multiple primary lenses to be utilized. Single cameras offer wide-angle 360-degree high-quality images which increase security and awareness levels significantly.
Connectivity Insight
The wired segment led the global 360-degree camera market in terms of revenue. To connect wired cameras to a power source and an internet connection, cables are used. This type of camera is commonly used in picture studios. Wireless, on the other hand, is expected to be the most opportunistic during the forecast era. The cordless 360-degree cameras are commonly used in both residential and business settings. Another purpose for these cameras is home security.
Resolution Insight
High-definition content (HD) has long been the go-to choice in the video production market due to its sharper 360deg HD camera that produces less blurring of images. Furthermore, HD cameras provide other advantages like better motion and vibrant, natural-looking colors. Ultra-high definition (UHD) is expected to be the most lucrative segment during the forecast period. An ultra-high definition 360-degree camera costs slightly more than its HD counterpart, but these cameras provide superior quality images and videos.
Industry Vertical Analysis
Of all industry verticals, consumer products will account for the highest share of the revenue. 360-degree cameras have many applications from sports to photography and events to festivals - highlighting that there is potential for market expansion within this space. Media and entertainment sectors are expected to be the most profitable over the coming decade. 360-degree camera systems utilize multiple cameras in order to produce breathtaking 360-degree views, offering strength and ease of use that makes them perfect for many shooting scenarios.
Recent Development of the 360-degree Camera Market
- 2021: Many 360-degree cameras set to be released in 2021 will have larger sensors and lenses, producing sharper and more detailed 360-degree images and recordings.
- 2022: Aerial surveillance, real estate photos, and outdoor sports videography could all benefit from the integration of 360-degree cameras and drones.
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Market Segmentation
By Connectivity Type
- Wired
- Wireless
By Resolution
- High Definition
- Ultra-High Definition
By Camera Type
- Single
- Professional
Industry Vertical
- Media & Entertainment
- Consumer
- Military & Defense
- Travel & Tourism
- Automotive
- Commercial
- Healthcare
- Other Verticals
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The competitive landscape of the 360-degree camera market was highly fragmented, with numerous players vying for market share. These companies were focusing on product innovation, the development of new technologies, and strategic partnerships to gain a competitive edge in the market. Additionally, they were also expanding their distribution channels to increase their market reach.
In particular, GoPro and Samsung were the leading players in terms of market share, with GoPro being a popular brand among sports enthusiasts and Samsung offering a wide range of 360-degree cameras with advanced features. The market for 360-degree cameras is expected to continue growing due to the increasing demand for virtual reality and immersive content. This growth is likely to attract new players, which could further intensify competition in the market.
- Samsung Electronics
- Ricoh
- GoPro
- Insta360
- 360fly
- LG Electronics
- POCONO
- Digital Domain Productions
- YI Technology
- Immervision
- Nikon
- Xiaomi
- Rylo
- Bubl
- Other Key Market Players
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