Newark, July 19, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 1.84 Billion in 2022 360 degree camera market will reach USD 15.73 Billion by 2032. 360 degree cameras have been widely accessible, in addition to standalone models and single cameras with several lenses. These devices assist in automatically merging the camera's content and recording it. The best thing about 360 degree cameras is how simple and inexpensive it is to use them compared to other cameras. Camera rigs with many cameras, as opposed to standalone and single cameras, are in the position of recording content in various ways. They are more expensive and heavier as a result. To merge the content, sophisticated software will be required. Like DSLR, action, and mirrorless cameras, the wireless 360degree camera can connect to smartphones via Wi-Fi or Bluetooth, making editing, transferring, and publishing to social media simpler and quicker. Additionally, due to its durability and ability to capture a broader field of view, 360 degree cameras are preferred by vloggers and fans of extreme sports.
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Key Insight of the 360 Degree Camera Market
Asia-Pacific is anticipated to expand at the highest CAGR of 25.99% over the projection period.
Asia-Pacific is expected to grow at the highest CAGR of 25.99% over the forecast period. Rising income parity in developing nations like China, India, and Japan is anticipated to boost the region's growth, along with greater use of AR-VR technologies and rising demand for 360-degree cameras in the entertainment industry. The region's growth is anticipated to be boosted during the forecast period by the rising use of smart devices, rising economic growth, rising consumer spending, and changing consumer purchasing patterns.
Over the projected period, the wireless segment is expected to register the highest CAGR of 27.39% in the 360 degree camera market.
In the 360 degree camera market, the wireless segment is anticipated to experience the highest CAGR of 27.39% during the forecasted period. Both commercial and domestic uses of wireless 360 degree cameras are prominent. These cameras are also employed for home security.
Over the projected period, the Ultra-high Definition (UHD) segment is expected to register the highest CAGR of 27.85% in the 360 degree camera market.
Over the forecasted period, the Ultra-high Definition (UHD) segment is anticipated to grow at the highest CAGR of 27.85% in the 360 degree camera market. The cost of an ultra-high definition (UHD) 360 degree camera is slightly more than that of an HD 360 degree camera. High-quality images and videos are captured using this camera.
Over the projected period, the media & entertainment segment is expected to register the highest CAGR of 27.53% in the 360 degree camera market.
Over the forecasted period, the media & entertainment segment is anticipated to grow at the highest CAGR of 27.53% in the 360 degree camera market. Excellent 360 degree photos are produced by using many cameras in 360 degree camera setups. These systems are easy to operate and highly tough, making them perfect for various shooting situations.
Report Coverage Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 1.84 Billion |
| Market Size in 2032 | USD 15.73 Billion |
| CAGR | 23.94% |
| No. of Pages in Report | 236 |
| Segments covered | Connectivity Type, Resolution, Vertical |
| Drivers | Increased popularity of social networking platforms |
| Opportunities | Constant requirement of additional bandwidth |
| Restraints | Rising assistance needs in the automotive industry |
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Market Dynamics
Driver: Increased popularity of social networking platforms
The entire event can be captured for viewers using a 360 degree camera. Users can easily purchase 360 degree cameras to document their surroundings from every aspect. The cost of these cameras is reasonable. It connects a camera to a portable electronic device. Demand for 360 degree cameras is rising as more people want to watch 4K and HDR videos. YouTube and Facebook, two popular social networking sites, allow 360 degree camera footage. As a result, users are encouraged to create and post their own 360 degree videos on numerous social networking sites.
Restraint: Constant requirement of additional bandwidth
Media, entertainment, and sports industries require ongoing high-resolution, high-quality monitoring. 360 degree recordings have become more accessible as 360 degree cameras, which can consume up to four times as much bandwidth as traditional 2D movies, have become increasingly common. To give viewers an immersive and satisfying experience, 360 degree videos at 4K quality or higher will need more bandwidth.
Opportunity: Rising assistance needs in the automotive industry
The use of 360 degree cameras in the automobile industry is growing significantly. Drivers can benefit from increased security, safety knowledge, and driving assistance. The car screens display the images these cameras capture from every angle. Due to their dependability, these are becoming more widely used as collision and accident evidence. Many models and sizes are available, each with its own set of benefits.
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Some of the major players operating in the 360 degree camera market are:
• Samsung Electronics
• Digital Domain Productions
• Immervision
• Xiaomi
• 360fly
• LG Electronics
• GoPro
• PONONO (Professional 360 GmbH)
• Nikon
• YI Technology
Key Segments cover in the market:
By Connectivity Type:
• Wireless
• Wired
By Resolution:
• Ultra-high Definition (UHD)
• High Definition (HD)
By Vertical:
• Consumer
• Travel & Tourism
• Commercial
• Media & Entertainment
• Automotive
• Military & Defense
• Healthcare
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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