360 degree cameras market to expand at a CAGR of 24.60% by 2032 to value USD 3.6 billion
Research Reports
Sep 25, 2023
360 Degree Cameras Market Insights
The 360 degree cameras market size was estimated at USD 0.5 billion in 2022. According to projections, the market for 360 degree cameras will increase from USD 0.6 billion in 2023 to USD 3.6 billion by 2032, growing at a compound annual growth rate (CAGR) of 24.60% throughout the forecast period (2023-2032). The key market drivers boosting market growth are rising demand for immersive content, expansion of virtual reality (VR) and augmented reality (AR) applications, improvements in camera technology, social media and content sharing platforms, applications in various industries, rising popularity of live streaming, rising accessibility and affordability, and improvements in post-processing software.
As consumers and content creators explore for novel, cutting-edge methods to engage viewers in the contemporary digital environment, immersive experiences have emerged as an intriguing possibility. The need for immersive content is driven by the desire for more captivating and memorable experiences. Pictures and films, which are examples of traditional two-dimensional media, often struggle to convey the atmosphere and substance of a scenario. In comparison, 360-degree cameras offer a unique opportunity to capture and share situations in a way that is more interesting and realistic. When using 360-degree cameras to record a vacation trip, a live event, or a virtual tour, users may fully immerse themselves in the scene, which amplifies the emotional impact of the video.
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The growth of virtual reality (VR) and augmented reality (AR) technology has boosted the need for immersive content. A sizable amount of 360-degree content is required in order to provide users of VR headsets and AR devices with truly immersive experiences. 360-degree cameras are necessary for the creation of such content, which includes interactive apps, immersive virtual worlds, and training simulations. Together with the development of VR and AR in industries like gaming, training, and marketing, there has been a surge in the need for 360-degree cameras.
Major players in the 360 Degree Camera market, including
- Samsung Electronics (South Korea) ,
- YI Technology (US),
- LG Electronics (South Korea),
- Ricoh (Japan),
- Kodak (US),
- PANONO (Professional 360GmbH) (Germany),
- GoPro (US),
- Insta360 (China),
- Digital Domain Productions (US),
- 360fly (US),
- Immervision (Canada),
- Nikon (Japan),
- Rylo (US),
- Bubl (Canada),
- Xiaomi (China)
Segmentation
Hardware and software are included in the segmentation of the 360 degree camera market based on component. In 2022, the market was dominated by the software sector.
Wired and Wireless are included in the segmentation of the 360 degree camera market based on connectivity type. In 2022, the wired category produced the highest revenue.
High Definition and Ultra-High Definition are two resolution-based segments of the 360 degree camera market. In 2022, the market was led by the high definition sector.
Personal and Professional cameras are included in the segmentation of the 360 degree camera market based on camera type. In 2022, the professional sector dominated the market.
Media & Entertainment, Consumer, Military & Defence, Travel & Tourism, Automotive, Commercial, and Healthcare are the vertical segments of the 360-degree camera market. In 2022, the consumer sector dominated the industry.
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The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. In 2022, this market was headed by the North American 360-degree camera market (45.80%). The market expansion in North America is being driven by consumer adoption of technologically advanced products and the abundance of producers of single cameras and setups. Additionally, in the North American area, the U.S. 360 degree camera market had the biggest market share, while the Canada 360 degree camera market had the fastest rate of expansion.
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