360 Degree Camera Market

Global 360 Degree Camera Market Size (2023 to 2028)

The global 360-degree camera market size is expected to be worth USD 2.30 Billion in 2023. It is expected to grow at a CAGR of 26.41% during the forecast period and reach a value of USD 7.42 Billion by 2028.

360-degree cameras capture a bigger area and are more durable. These are favored by bloggers and extreme sports enthusiasts. The need for better photography products is another factor driving the expansion since these cameras are good at producing high-resolution images in low light, making them appropriate for professional use. Hence, their usage in aerial photography and cinematography connected with unmanned aerial vehicles to capture superior angles and high-angle views. During the forecast period, these factors are anticipated to boost the market share of the 360-degree camera market.

Global 360 Degree Camera Market Drivers:

The use of 360-degree cameras is rising significantly due to the increasing global popularity of virtual and augmented reality in video games and other interactive entertainment mediums. The market is driven by the growing popularity of immersive advertisements showcasing a product, store, or property. With social media sites like Facebook, Instagram, and YouTube in particular, these ads help companies create a unique brand identity. Robotics also use these cameras to perform tasks such as visual odometry, feature matching and selection, and simultaneous localization and mapping. In addition, the growing prevalence of these cameras in automobiles is helping drivers by making them more aware of their surroundings.

The integration of 360-degree cameras with mobile devices and the growing desire to see real-time 4K and HDR footage is driving demand for these cameras. Furthermore, a rise in the number of fraud, trespassing, and security breach instances in housing structures, public spaces, and businesses is propelling product sales. The military industry also uses these cameras for monitoring and surveillance. However, most people are not aware that 360-degree cameras are one of the main causes of their poor acceptance rate.

Virtual and augmented reality, 5G network, haptic feedback, and AI-generated content are presenting various opportunities for companies in the 360-degree camera market. 5G network rollouts will result in better upload and download rates, enabling smoother streaming of immersive video content. Users can react physically to what they see because of haptic feedback technology. For instance, haptic feedback technology can replicate the sensation of a car braking or speeding up when a user is watching a driving film.

The rapid inauguration of Virtual Reality (VR) devices that are technically advanced, increasing the number of VR gamers, and rising requirements for 360 videos in the media & entertainment sector are the major drivers for the growth of the global 360-degree camera market. Other factors that are fuelling the growth of the target market are the growing awareness regarding the need for safety & security in public places and the inexpensive costs of these 360-degree cameras. 

Global 360 Degree Camera Market Restraints:

High production costs are limiting the expansion of the 360-degree camera market. Advanced technologies and materials are required to design and manufacture high-quality lenses with precise optics, therefore increasing production costs. Also, the complexity of image stitching and processing algorithms is further hindering the market's growth. Developing and implementing software algorithms for stitching images or videos from multiple lenses require significant computational power and sophisticated programming, increasing the overall camera production cost.

One of the obstacles is streaming high-quality videos, which requires a lot of bandwidth, and a complete immersion requires a higher resolution. The emergence of 360-degree cameras has caused the media and entertainment sectors to shift towards higher-resolution monitors and faster frame rates. However, high-quality 360-degree video streaming uses a lot of bandwidth, usually four to five times that of 2D media. A 360° video takes approximately 400 Mb/s of information to provide a complete 360-degree viewing range and send a 4k stream to each eye, while a regular 4k movie requires roughly 25 Mb/s.

Another factor restricting the growth of the 360-degree camera market is the lack of consumer awareness. While augmented and virtual reality have advanced, consumers still don't completely understand or know about 360-degree cameras.

Impact of COVID-19 on the 360-degree camera market:

The coronavirus outbreak significantly impacted the 360-degree camera market, which led to a sharp decline in production and sales. The demand for cameras decreased as people were restricted from conducting business, professional events, travel, and food video blogs due to lockdowns and social distancing. In addition, the production of cameras was halted by transport limitations, supply chain interruptions, and production site closures. Additionally, because of transportation restrictions and airline cancellations, raw materials like semiconductors, capacitors, and processors cannot be supplied to the factories, resulting in short supply. Moreover, a significant decrease in the import of chips and sensors, along with labor scarcity in manufacturing facilities, harmed the market expansion.

REPORT COVERAGE:

This research report on the global 360-degree camera market has been segmented and sub-segmented into the following categories.

Global 360 Degree Camera – By Resolution:

• HD
• UHD

The UHD segment is leading with a significant share of the 360-degree camera market. The sharper UHD 360-degree camera allows the image on the screen to appear more accurate. Ultra-high definition benefits include improved motion and more vivid, realistic colors. Furthermore, the market growth is driven by the growing incorporation of ultra-high definition cameras in mobile devices to capture live UHD material.

Global 360 Degree Camera – By Type Outlook:

• Single
• Professional

The professional segment held the most market share under this category since they need less time and money for installation. The market is also expanding as a result of the increasing use of professional cameras for event and sports photography. Despite this, single cameras are the most common because of their ability to capture high-quality, wide-angle 360-degree images, which enhance situational awareness and overall security by raising visibility and awareness levels.

Global 360 Degree Camera – By Vertical Outlook:

• Media & Entertainment
• Consumer
• Military & Defence
• Travel & Tourism
• Automotive
• Commercial
• Healthcare
• Industrial
• Transportation

The media & entertainment segment is the dominant market under this category of the 360-degree camera market because of the emergence of technologically superior virtual reality gadgets and the rise in professional gamers. Furthermore, the market is increasing due to the rising demand for three-dimensional animated films and the new trend of capturing adventure activities. The growth of this market is fuelled by the growing popularity of 360-degree cameras for filmmaking. Unprecedented 360-degree photos are made possible by these camera rigs and various camera configurations. In a variety of shooting situations, these rigs are incredibly durable and reasonably simple to operate.

Global 360 Degree Camera – By Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

The North American 360-degree camera market has the maximum share. The expansion is driven by the increasing number of market players producing single cameras and setups, along with customer acceptance of technologically advanced products. The growth of virtual reality games and the increasing demand for VR headsets in the US and other nations are also contributing to the rise. Because of the region's high adoption rate of new technologies and continuous technological development in the consumer electronics industry, North America is expected to continue to grow rapidly.

Europe's 360-degree camera market is projected to grow at an exponential rate in the coming years. It has gained popularity in industries like real estate, tourism, journalism, and entertainment for creating immersive content beyond consumer use. The increase in riots in recent years due to the migrant population in countries like France and organized crime is raising the demand for 360-degree cameras in the region. The rollout of the 5G network and the need for better video quality are further boosting the regional market share.

The Asia Pacific 360-degree camera market is expected to grow at a faster rate during the forecast period due to the increasing popularity of virtual reality in gaming and the growing remote monitoring technologies. The growing need for 360-degree cameras in the entertainment industry and the expanding income parity in emerging nations like China, India, and Japan are prompting the growth rate of the market. Also, the region's growth is anticipated to be guided by the increasing use of smart devices, economic growth, consumer spending, and shifting end-user buying patterns.

Latin America's 360-degree camera market is anticipated to increase its market share in the future. Content creators heavily invest in high-end cameras to produce videos of superior quality. In addition, the demand for digital cameras is increased by the large amount of money that individuals spend on their weddings and on high-quality video recordings of the event.

Middle East and Africa's 360-degree camera market will have an upward trend in growth rate. Consumers in the Middle East are adopting cutting-edge technology, such as 360-degree cameras, to produce rich content and record novel experiences. 360-degree cameras are utilized by educational institutions and corporations in the Middle East for content creation, virtual training, and presentations, therefore enhancing learning and professional engagement.

KEY MARKET PLAYERS:

The major players of the 360 Degree Camera market are Samsung Electronics (South Korea), Ricoh (Japan), GoPro (US), Insta360 (China), 360fly (US), LG Electronics (South Korea), Nikon (Japan), Kodak (US), Rylo (US), Bubl (Canada), Immervision (Canada), Digital Domain Productions (US), YI Technology (US), PANONO (Professional 360GmbH) (Germany), AITBOT (Shenzhen Hatoa Technology Co., Ltd.) (China), Freedom360 (US), Jaunt (US), Facebook (US), Humaneyes (Israel), Sony (Japan), Panasonic (Japan).

RECENT HAPPENINGS IN THE MARKET:

• In November 2023, LabPano Company launched the PanoX V2 camera, which is a cutting-edge 360-degree camera with built-in GPS, 360-degree social media sharing and live streaming, 8K 360-degree time-lapse, 3-inch smart touchscreen, and in-camera 360 video stitching, and editing.
• In September 2023, to transform the motorcycle industry, Insta360, a top producer of 360-degree action cameras, has teamed up with Indian Motorcycle, the nation's first motorbike company. Also, It partnered with Floorfy to provide cutting-edge virtual tour solutions for users to take advantage of Insta360's flagship cameras to improve their real estate enterprises.