360 Degree Camera Market 2021: By Component (Hardware (Sensors, Processor, Battery, Memory Device, Others), Software), By Connectivity Type (Wired, Wireless), By Resolution (High Definition, Ultra-High Definition), By Camera Type (Personal, Professional), By Vertical (Media & Entertainment, Military & Defense, Travel & Tourism, Automotive, Commercial, Healthcare, Others), Region (North America, Europe, Asia-Pacific, Rest of the World) - Forecast till 2028

Market Overview

By Resolution:
•    HD
•    UHD
By Camera Type:
•    Single
•    Professional

•    Product Digital Twin
•    Process Digital Twin
•    System Digital Twin

Market Size

The global 360-degree camera market was valued at USD 380.00 Million in 2017 and is expected to reach around USD 3863.09 Million by 2027, at a CAGR of about +26.1% between 2017 and 2027.

Covid -19 Impact Analysis

The COVID-19 pandemic has impacted every aspect of life and business. It has emerged as a global pandemic that has affected almost all countries across the globe and disrupted various business functions around the world. A drastic change in sales channels across different industries is observed. Multiple industries are experiencing economic slowdown or decline as a result of the COVID-19 crisis. The technology sector also experienced a multitude of challenges across supply chains, business and manufacturing operations. US, India, Italy, Spain, the UK, Brazil, Russia, and Germany are the most severely affected countries and have experienced a sharp rise in COVID-19 cases.

Lockdown and travel restrictions have severely impacted overall businesses in China, India, Spain, Germany, the U.S., and many parts across the globe. Partial or complete lockdown and social distancing norms had to be imposed in manufacturing plants, R&D centers, and across other business units as well. Labor shortage, logistics, and transportation restrictions have severely affected supply chains leading to Production loss resulting in a sales decline. A similar decline in the 360-degree camera market was observed during the first half of the year 2020.

Market Dynamics

360 cameras are becoming increasingly popular as virtual and augmented reality (AR/VR) become more prevalent in video games and other types of interactive entertainment. Stereoscopic video, which is widely utilized in virtual reality applications, improves monoscopic imagery by constructing 3D reconstructions of each shot utilizing a distinct input for each eye. As a new form of visual communication and interface, Augmented Reality and Virtual Reality have evolved over time. It broadens the scope of users’ interaction with the digital world and moves away from the screen's 2-D interface. It is possible to construct a user's own visual world by using a phone, camera, or glasses to supplement the surroundings. AR and VR technology allows for new forms of connection and communication with the virtual world, as well as merging the virtual and real worlds. The use of augmented reality and virtual reality is becoming more common.

AR and VR are mostly used in the gaming, entertainment, marketing, education, fashion, and art industries at the moment. There is so much development going on in the sector of augmented and virtual reality. For instance - The market of AR/VR is around USD 14.90 billion in 2020, 800+ Companies Are currently engaged in the Augmented Reality and Virtual Reality segment worldwide, The VR Headsets, Games & Equipment producing company Oculus has +200 thousand developers to create games on the VR platform, around 121 countries represented in the viewership data for the first US Democratic presidential debate, which CNN streamed in VR was. So increased use of AR/VR and rapidly increasing demand for 360-degree cameras to create videos, images, games and other content for AR/VR are driving the growth of the 360-degree camera market.

However, market growth may be impeded due to factors such as complexities while using cameras due to unawareness among people, along with the high price of the product compared to traditional cameras. Technological innovations and the growing adoption of omnidirectional cameras are expected to offer lucrative growth opportunities in the coming years for the 360-degree camera market.

Segmentation Insights

The global 360-degree camera market is segmented based on component, connectivity type, resolution, camera type, vertical and region. Based on components the market is segmented into hardware (sensors, processor, battery, memory device and others) and software. Based on connectivity type the market is segmented into wired and wireless. Based on the resolution the market is segmented into high definition and ultra-high definition. Based on camera type segment the market is segmented into personal and professional. Based on the vertical segment the market is segmented into media & entertainment, military & defense, travel & tourism, automotive, commercial, healthcare and others.

360-Degree Camera Market Segmentation Analysis 

By Connectivity Type:

• Wired
• Wireless

By Resolution:

• HD
• UHD

By Camera Type:

• Single
• Professional

By Vertical:

• Media & Entertainment
• Consumer
• Military & Defense
• Travel & Tourism
• Automotive
• Commercial
• Healthcare
• Others

Key Players

The key players of the market are Samsung, Ricoh Company, Ltd, YI Technology, GoPro, Inc. Insta360.com, 360fly, LG Electronics Inc., Nikon Corporation, The Eastman Kodak Company, Rylo, Inc., Bubl Technology Inc., Immervision, Shenzhen Hatoa Technology Co. Ltd., Digital Domain Holdings Limited, Xiaomi Corporation. 

Regional Insights

At the regional level, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is dominating the 360-degree camera market this is due to the availability of advanced technological infrastructure, favorable research funding/grants by the government, high spending on technological innovations. For instance – The FDI positions in hi-tech industries in 2019 were USD 2 trillion and 23,80,200 jobs directly supported by majority-owned USA affiliates in the hi-tech sector in 2018. For the 2021 fiscal year, the U.S. federal government has budgeted USD 92.17 billion U.S. dollars for federal IT spending.  Presence of major market players in the region. For instance – USA has a presence of major 360-degree camera manufacturers like GoPro, Inc., Ricoh Company, Nikon, SAMSUNG, Eastman Kodak Company, insta360.com, Garmin Ltd., LG Electronics, 360fly, Inc. among others which are global leaders, swift adoption of advanced technologies, and increasing prevalence of video gaming and robotic innovations. For instance, the AR game Pokémon Go which was developed by San Francisco-based game developer is the market leader in location-based gaming with a revenue of USD 1.2 billion in 2020 and year-over-year growth of 33%.

Europe is the largest regional market for a 360-degree camera. Increasing government investments in technology. For instance – The European Commission announced it will invest USD 2.17 billion in the areas of artificial intelligence (AI), cloud and data spaces, quantum communication infrastructure, advanced digital skills, and the wide use of digital technologies across the economy and society, until the end of 2022. Along with USD 308 million funding budget on cybersecurity until the end of 2022 and USD 367 million worth of funding in the area of European Digital Innovation Hubs until 2023. Asia Pacific is estimated to grow at the fastest CAGR in the coming years. 

The Asia Pacific holds the largest market share of the global 360-degree camera market. Growing technological spending, increased awareness among researchers to develop in-house technologies to reduce cost, and economic development in emerging countries like India and China is expected to drive growth in this region. Foreign direct investment (FDI) flows to developing countries in Asia increased by 4% to USD 535 billion in 2020, reflecting resilience amid global FDI contraction, according to UNCTAD’s World Investment Report 2021.

Strategic Developments

 

• 21 Aug 2020, Oncam launched C12 indoor and C12 outdoor plus 360-degree camera - With the debut of the C-series cameras in India, technology brand Oncam has expanded its product offering. The C12 indoor and C12 Outdoor Plus 360-degree cameras have been released by the company. The camera has a 12MP sensor and is powered by a Qualcomm processor.

• 5 Oct 2020, Smartphone company Realme to announce a new Smart Cam 360 in October 7 launch event - The firm, which offers services ranging from smart televisions to wearable technologies, is gearing up to launch its Realme Smart Cam 360° 360-degree camera.

 

Table

Report Attributes	Details
Market Size Value in 2017	USD 380.00 Million
Market Size Value in 2027	USD 3863.09 Million
Growth Rate	+26.1%
Base Year	2021
Forecast Period	2022-2028
Historical Data	2017-2020
Forecast Units	(USD Million)
Countries Covered	North America: U.S and Canada Europe: Germany, France, Italy, U.K, Spain, Russia, Rest of Europe APAC: China, Japan, South Korea, India, Australia, South East Asia, Rest of Asia Pacific Latin America: Brazil, Mexico Middle East And Africa: Saudi Arab, South Africa, UAE
Segments Covered	By Component, Connectivity type, Resolution, Camera Type, Vertical and Region.
Competitive landscape	Leading companies, Competitive strategies and Consumer engagement scope
Customization is available	If our report does not contain the information you require, you can contact our experts to have segments created for you. Please contact us at sales@businessintelligence-insights.com if you have any questions.

 

Frequently Asked Questions (FAQ):