The 360-Degree Camera Market was valued at USD 1056.83 million in 2020 and is expected to reach USD 3817.5 billion by 2027, at a CAGR of 28.41 % between 2020 and 2027. A 360-degree camera allows the users to capture every bit of the events for viewers. The users can easily buy their 360-degree cameras to capture a full view of the surroundings, as these cameras are now available at affordable prices. The integration of these cameras with mobile devices and growing preference for watching real-time 4K and HDR content are boosting the demand for 360-degree cameras. The major social networking platforms, such as Facebook and YouTube, support the 360-degree camera content, which encourages the users to create and share their 360-degree videos on these networking sites.
There is an increasing demand for high-resolution monitoring and faster frame rates for the better-quality images in verticals such as media and entertainment, and sports. With the introduction of 360-degree cameras, large bandwidth has become a necessity to stream high-quality 360-degree videos. Compared to standard 2D videos, bandwidth consumed by 360-degree videos is 4-5 times larger. Being omnidirectional, 360-degree cameras tend to capture images from all directions. Moreover, for providing a good, immersive experience to users, the photos or videos need to have higher resolution, such as 4K or more than 4K. Higher the resolution, superior is the quality of 360-degree videos, which makes increase the file size. This raises the need for larger bandwidth to stream high-quality 360-degree videos.
Since the 360-degree camera rigs are too large, filming small objects or models using these cameras from a short distance becomes difficult. In a regular 360-degree setup, multiple lenses are placed close to each other in ball-shaped/disk-shaped hardware to get the full coverage of the surrounding. The distance between the cameras does not matter for larger sets, especially while capturing objects from normal distances. The challenges mostly arise while shooting for smaller setups and capturing the objects from extremely smaller distances. The separation between the cameras creates glitches in the images, leading to the parallax effect.
360-degree cameras are rapidly gaining popularity in the automotive sector. The use of 360-degree cameras in vehicles would benefit the drivers with a better understanding of the vehicle’s surroundings, assistance while driving, obstruction awareness, and overall automotive safety. The 360-degree cameras capture images from all angles and display those on the car’s LCD display. 360-degree dash cameras are also gaining popularity as these could provide solid evidence in case of collisions or accidents. Such cameras are available in different shapes, sizes, and models with unique features. Falcon Zero F360, WISEUP 360-Degree Dash Cam, Falcon 4-Camera 1080p Trucker Dash System, and Finer 3600 Car Camera are some of the best-featured cameras available for vehicles.
Some of the key players operating in the 360-degree camera market are Panasonic Corporation, GoPro, Inc., Ricoh Company, detu.com, SAMSUNG, YI Technology, Eastman Kodak Company, insta360.com, Garmin Ltd., LG Electronics, 360fly, Inc. and others.
By geography, the 360-degree camera market can be segmented across North America, Latin America, Western Europe, Eastern Europe, China, Japan, SEA and others in Asia Pacific and Middle East & Africa. Among these regions, the North America is expected to dominate the global 360-degree camera market during the forecast period owing to the high presence of various 360-degree camera manufacturers and high adoption of the same across various industry verticals in the region.
Asia Pacific (including Japan and China) and Europe are expected to follow North America in the global 360-degree camera market. China is, however, expected to exhibit highest growth rate during the forecast period owing to the increasing adoption of smart devices, increasing economic growth, increasing customer expenditure and transitioning spending behavior of end users in the region. Besides this, Latin America and MEA are also expected to witness considerable growth rate during the forecast period in the global 360-degree camera market.
Report : 360-Degree Camera Market - By Camera Type (Single, Professional), By Connectivity Type (Wired, Wireless), By Resolution (HD, UHD), By Vertical (Media & Entertainment, Consumer, Military & Defence, Travel & Tourism, Automotive, Commercial and others), And By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Industry Analysis, opportunity and Forecast 2020 To 2027