360-Degree Camera Industry Demand is Increasing in Most Part of World 2021

The global 360-degree camera market is anticipated to grow rapidly and will post a CAGR of close to 35% during the forecast period. The increasing penetration of virtual reality (VR) headsets will drive the growth prospects for the global 360-degree camera market during the forecast period. The gaming market witnesses a high demand for the VR headsets. As a result, the production and adoption of VR headsets are increasing on a global level. VR provides a simulated environment through VR hardware and software, which gives users a virtual experience. It also uses synchronized sound and sight with data suites to provide users a real-life experience. Moreover, the increased penetration of VR headsets will increase the growth prospects for the 360-degree cameras market. Since the VR gamers are expected to increase during the forecast period, the growth potential of 360-degree cameras is very high.

In terms of geography, the Americas accounted for the maximum market share during 2015 and will continue to dominate the market for the next few years. One of the major factors responsible for the growth of global 360-degree camera market in the region is the rapid increase in the number of VR gamers. Also, the adoption of VR technology by industry giants like Sony and Microsoft will drive the growth prospects for the market in the coming years. Furthermore, companies such as Apple and Google have a large user base in the mobile gaming segment, which is likely to increase the adoption of VR content in the mobile gaming industry.

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Competitive landscape and key vendors

The global 360-degree camera market is an oligopoly market with a limited number of global brands. Also, vendors in the market do not compete based on price but compete based on rapidly evolving technologies, features, and resolution. As vendors increasingly adopt advanced technologies to gain competitive advantages over the coming years, the competition in the market will intensify. Furthermore, vendors are investing highly in planning, designing, developing, manufacturing, and expanding their existing facilities. Also, to survive in the market, the vendors are compelled to develop new ideas and technologies and stay up-to-date with the emerging technologies.

Key vendors in this market are -

LG Electronics

Nikon

GoPro

Samsung Electronics

Other prominent vendors in this market are Arla Foods, Associated Milk Producers, Bright Food, Dairy Farmers of America, Dean Foods, FrieslandCampina, Grupo Lala, Land O’ Lakes, Morinaga Milk Industry, and Muller.

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Segmentation by technology adopter and analysis of the 360-degree camera market

Innovators

Early adopters

Early majority

In 2015, the innovator's segment dominated the market but was expected to decline after 2018. The segment includes venturesome people who are interested in innovation and have in-depth knowledge about the technology. Also, the innovators are the first 2.5% of the US population that invests in 360-degree cameras for VR applications.

Segmentation by end user and analysis of the 360-degree camera market

Professional users

Individual users

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