360-Degree Camera Market Predicted To Grow at a Good CAGR of 25.9% During the Forecast Period
The surge in the usage of 360-degree cameras in public security & safety is accentuating the growth of the market and is expected to continue driving the market during the forecast period. Public safety professionals require a trustworthy digital evidence capturing management & control system. In developing economies, in-car video recording systems and body mounted 360-degree cameras offer digital evidence collection which improves public safety and security. A secured cellular connection can help upload all captured footages to a mobile computer and then those can be shared with appropriate agencies or authorities instantly.
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The upsurge in the usage of 360-degree cameras in the automotive industry and the benefits of deploying these cameras for numerous applications are some major factors in driving the growth of this market. In some countries, a reversing camera has already been made compulsory, although car manufacturing companies such as Audi, Nissan, and others are now adopting the emerging technology by offering a virtual 360-degree view or panoramic view of the car surroundings for viewing any obstacle when reversing.
Some industry verticals that have benefited from the usage of 360-degree cameras in virtual reality (VR) are tourism, real estate, and media & entertainment. Buying and experiencing a property for international investors have become less time consuming due to virtual reality. People also wish to experience tour locations before booking a trip, or sometimes, they can buy a virtual reality experience for a costly concert rather than attending it. These applications of 360-degree cameras in virtual reality will create more opportunities for the market in the coming years.
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Based on connectivity, the wireless segment is expected to grow at the highest rate owing to the increasing usage of Wi-Fi-enabled cameras in many industry verticals.
Based on industry verticals, the media & entertainment segment is expected to dominate the market during the forecast period.
North America accounted for nearly 35% share of the global 360-degree camera market in 2018.
In October 2019, Ricoh Company, Ltd. released a new feature in Ricoh THETA (a 360-degree camera product). The product can now be plugged in with smart devices such as Amazon Alexa, where Alexa can take photos and videos by using the auto mode or voice command. The image or video files can be uploaded to cloud storage when the session is completed.
In October 2017, Samsung Electronics launched a 360-degree camera for streaming and developing high-quality 3D content. The product is ideal for customers who demand a superior or more enhanced virtual reality (VR) experience.
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