360 Degree Camera Market - Global Industry Analysis

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360-degree camera is also known as an omnidirectional camera. The camera captures a 360-degree view in a horizontal frame. Such cameras are used during the coverage of the large field. The basic application of the camera is in robotics and panoramic art.

360 degree camera market is anticipated to grow due to the technological developments in media and entertainment and gaming sector being a major contributor to the industry. These are majorly used in AR/VR headsets mainly for gaming purposes. In 2017, the global AR/VR sector generated revenue of nearly USD 14.1 billion as compared to USD 6.1 billion in 2016. Additionally, in 2017, global AR/VR headset shipments were almost 14 million and are anticipated to rise over the next 5 years owing to the increasing demand in the Asia Pacific region. Thus, media and entertainment sector is projected to contribute significantly to the rise of the 360 degree camera market during the forecast timeframe.

Governments of various countries have started investing in unmanned aviation and exploration vehicles that are used for military and defense purposes. 360 degree cameras are deployed in drones for video recording during surveillance and defense operation. In 2017, the U.S. defense department had allocated about USD 5.7 billion for drone-related procurement, research and development, and system-specific construction. The U.S. defense department estimated a budget of about USD 6.97 billion for 2018, about 21.4% more than that of the previous year. Thus, usage of the product in the defense sector is projected to fuel the growth of the 360 degree camera market. However, the high cost of technology for manufacturing 360 degree camera can pose a hurdle in its demand. Increasing use of virtual reality (VR) in developing countries may open new avenues for the 360 degree camera market in the near future.

The 360 degree camera market is categorized into connectivity, resolution, end use, industry verticals, and region. Based on the resolution, the global 360 degree camera market is divided into HD, ultra HD, and others. Ultra HD segment will hold significant market share during the projected timeframe. The end-users in 360 degree camera market are classified into personal and commercial. The personal segment is anticipated to grow at a remarkable rate during the forecast period.

North America being the most technologically advanced region holds a notable share in the global 360 degree camera market during the estimated timeframe. The share is attributed to the increasing usage of the product in the AR/VR gaming applications. Technological advancement is the major driving factor for the growth of 360 degree camera market in the Asia Pacific. The Asia Pacific is anticipated to grow at a considerable rate during the analysis period.
Noticeable players in the 360 degree camera market are Nikon, LG Electronics, 360fly, GoPro, Samsung Electronics, Insta360, Kodak, Ricoh, Rylo, Bubl, and Xiaomi, among others.