Rockville, Feb. 13, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global 360-degree camera market is expected to garner US$ 7 billion by the end of 2033, advancing at an impressive 21.4% CAGR from 2023 to 2033.
A 360-degree camera is an omnidirectional camera system that records a view in each direction at the same time. This type of camera can record a 360-degree view, resulting in an improved visual flow. It records a horizontal surface view of a 360-degree field. Due to its great image quality, it can reach an extra-high resolution and a high zoom level.
In robotics, 360-degree cameras are used to tackle simultaneous localization and mapping problems and for better optical flow and visual odometry. Aside from that, the rising use of these cameras in different vehicles aids drivers by providing them with a greater picture of their surroundings. They also provide support when driving, raise awareness of potential hazards, and assure overall vehicle safety.
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Report Attributes | Details |
| Forecast Period | 2023 - 2033 |
| Value Projection (2032) | US$ 1 Billion |
| Growth Rate (2022-2032) | 21.4 % CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 80 Tables |
| No. of Figures | 227 Figures |
Key Takeaways from Market Study
- The global 360-degree camera market amounted to US$ 1 billion in 2023.
- Worldwide demand for 360-degree cameras is estimated to increase rapidly at a CAGR of 21.4% from 2023 to 2033 (forecast period).
- The global 360-degree camera market is forecasted to touch US$ 7 billion by 2033.
- Demand for 360-degree wireless cameras is anticipated to expand at a CAGR of 15.3% during the forecast period.
- North America accounted for 36.5% share of the global market in 2022.
“The usage of 360-degree cameras is increasing due to enormous demand for augmented and virtual reality (VR/AR) in video games and other types of interactive entertainment worldwide. 360-degree cameras eliminate the need to install several conventional cameras, which reduces installation time and costs. Adoption of these cameras is expanding in various sectors such as military & defense and automotive, providing huge revenue-generations opportunities for manufacturers,” says a Fact.MR analyst.
Major Stakeholders
- LG Electronics, Inc
- GoPro, Inc
- Nikon Corporation
- Samsung Electronics Co., Ltd
- Panasonic Corporation
- Facebook, Inc
- ImmerVision Enables
- HumanEyes Technologies Ltd
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Competitive Landscape
Key players in the 360-degree camera market have been using different development strategies to generate growth avenues in the coming years. Some of these strategies include technological partnerships and collaborations, mergers and acquisitions, novel product introductions and approvals, regional expansion, and R&D activities. Moreover, several start-ups are entering the global market with novel offerings.
- DreamVu, an Indian start-up, offers a single sensor-based, 360-degree camera with depth sensing. The hardware includes a software development kit (SDK). Their omnidirectional camera device provides augmented navigation skills to autonomous robots and can take 360-degree, 3D videos in real time.
- In July 2021, Mistika VR and Insta360 partnered to provide flexibility and control over the operation of the Insta360 Pro camera as part of their post-production workflow.
- GoPro launched the over-capture capability for the Fusion 360-degree camera for Apple devices in June 2021.
Key Segments of 360-Degree Camera Industry Research
- By Camera Type :
- Single
- Professional
- By Connectivity :
- Wired
- Wireless
- By Resolution :
- High Definition (HD)
- Ultra-high Definition (UHD)
- By Vertical :
- Media & Entertainment
- Consumer
- Military & Defense
- Travel & Tourism
- Automotive
- Commercial
- Healthcare
- Others
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
Regional Analysis
North America is dominating the global 360-degree camera market. The United States is contributing considerably to the regional market due to the soaring demand for VR headsets in the country. Moreover, the Asia Pacific and Europe are trailing North America in terms of growth.
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Key Questions Covered in the 360 Degree Camera Market Report
- What is the projected value of the 360 Degree Camera Market in 2023?
- At what rate will the global 360 Degree Camera Market grow until 2033?
- Which are the factors hampering the growth in the 360 Degree Camera Market?
- Which region is expected to lead in the global 360 Degree Camera Market during 2023 to 2033?
- Which are the factors driving the 360 Degree Camera Market during the forecast period?
- What is the expected market value of the 360 Degree Camera Market during the forecast period?
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global 360-degree camera market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study divulges essential insights on the market on the basis of camera type (single, professional), connectivity (wired, wireless), resolution (high definition (HD), ultra-high definition (UHD)), and vertical (media & entertainment, consumer, military & defense, travel & tourism, automotive, commercial, healthcare, others), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
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