Tokyo, March 10, 2022 (GLOBE NEWSWIRE) -- The global 360 degree camera market size was estimated at US$ 0.92 billion in 2021. The applications of 360 degree cameras is on the rise as augmented and virtual reality become more popular in video games and other types of interactive entertainment around the world. The 360 degree cameras eliminate the need for many regular cameras, reducing installation time and costs while also increasing public awareness of the situation. The utilization of 360 degree cameras is developing in a variety of applications including pictures, sports, events, and festivals which means the 360 degree camera market has a good prospect in the near future.
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Due to its potential to generate a stimulated environment with integrated vision, sound, and data systems; the virtual reality headset content is becoming more popular in the entertainment and gaming industries. The growing popularity of virtual reality headsets has prompted content creators to create a variety of virtual reality content, spanning from art and culture to entertainment. The virtual reality material in the form of short videos and films is available from a number of production houses. As a result, the growing popularity of virtual reality content will fuel the growth of the 360 degree camera market.
| Report Coverage | Details |
| Market Size in 2028 | USD 3.22 Billion |
| CAGR | 21.3% from 2022 to 2030 |
| Base Year | 2021 |
| Forecast Data | 2022 to 2030 |
| Companies Covered | Samsung Electronics, LG Electronics, PONONO (Professional 360 GmbH), Digital Domain Productions, YI Technology, GoPro, Immervision, Nikon, Xiaomi, and 360fly |
Report Highlights
- Based on the connectivity type, the wired segment dominated the global 360 degree camera market in 2020 with highest market share. 360 degree wired cameras are perfect for circumstances where mobility is limited. The vast majority of this type of cameras is found in residential, retail, and commercial structures.
- Based on the camera type, the single segment is estimated to be the most opportunistic segment during the forecast period. The single 360 degree cameras are the most prevalent as they can collect wide angle 360 degree high quality photographs, which improves overall security.
- North America is the largest segment for 360 degree camera market in terms of region. The growing popularity of photography is one of the primary factors driving demand for 360 degree cameras in the region. The demand for 360 degree cameras in the region has increased as photography has become more user friendly and affordable.
- Asia-Pacific region is the fastest growing region in the 360 degree camera market. The consumer budgets are predicted to rise due to the growing technological developments like as high definition (HD) 360 degree cameras and sensory automation, which are expected to boost the growth of the 360 degree camera market in Asia-Pacific region.
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Market Dynamics
Drivers
Rising utilization of 360 degree cameras in automotive industry
In the automotive industry, 360 degree cameras are fast gaining prominence. 360 degree cameras in automobiles would provide drivers with a better understanding of their surroundings, as well as help when general automotive safety, driving, and obstruction awareness. The 360 degree cameras capture images from every angle and display them on the vehicle’s LCD screen. 360 degree cameras are also becoming more common, as they may provide reliable proof in the event of a collision or accident. Such cameras come in a variety of sizes, shapes, models, each with its own set of characteristics. Thus, rising utilization of 360 degree cameras in automotive industry is driving the growth of the market.
Restraints
Parallax effects
The multiple lenses are arranged next to each other in round shaped gear in a traditional 360 degree layout to get comprehensive coverage of the surrounding. For larger sets, the spacing between the 360 degree cameras doesn’t matter, especially when catching items from regular distances. The difficulties come most often while shooting for smaller setups and capturing objects from extremely close distances. The parallax effect is caused by the distance between the cameras, which cause picture defects. Thus, this factor is restricting the growth of the 360 degree camera market during the forecast period.
Opportunities
Rising affordability of consumers for buying 360 degree cameras
The 360 degree camera allows users to record every detail of the events and festivals for others to see. Users can simply purchase 360 degree cameras to capture a complete view of their surroundings, as these cameras are now available at low prices. As a result, this factor is creating lucrative opportunities for the growth of the 360 degree camera market during the forecast period.
Challenges
Lack of large bandwidth
In verticals such as sports and media and entertainment, there is a growing demand for high resolution surveillance and higher frame rates for better quality images. The large bandwidth has become a requirement for streaming high quality 360 degree films since the development of 360 degree cameras. The bandwidth consumed by 360 degree videos is 4 to 5 times that of normal 2D videos. The higher the resolution, the better the quality of 360 degree films, resulting in a larger file size. This necessitates more bandwidth in order to stream high quality 360 degree films. Thus, lack of large bandwidth is a major challenge for the market growth.
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Segments Covered in the Report
By Connectivity Type
- Wired
- Wireless
By Resolution
- High Definition (HD)
- Ultra-high Definition (UHD)
By Camera Type
- Single
- Professional
By Vertical
- Media & Entertainment
- Consumer
- Military & Defense
- Travel & Tourism
- Automotive
- Commercial
- Healthcare
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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