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Novel Features and MILCs Will Sustain Global Digital Camera Market

05-13-2014 06:48 PM CET | Media & Telecommunications

Press release from: Technavio

Digital cameras are being replaced by smartphones but innovative features & demand for mirrorless ILCs will sustain market growth.

Digital cameras are being replaced by smartphones but innovative features & demand for mirrorless ILCs will sustain market growth.

A new report by TechNavio, the independent tech-focused global research firm indicates that demand for mirrorless interchangeable lens cameras (MILCs) will be a major factor behind growth in the Global Digital Cameras Market, which is projecting a CAGR of 16.17 percent from 2013-2018.

The digital camera market has seen a dip lately, mostly because demand for point-and-shoot cameras is being “cannibalized” by smartphones, according to TechNavio.

“Smartphones are equipped with high-resolution cameras and applications that enhance the captured image and allow it to be shared instantly with others. The increased use of advanced smartphones with high-quality cameras is significantly affecting the demand for point-and-shoot cameras,” says Faisal Ghaus, Vice President of TechNavio.

But the market is maturing, and vendors are attempting to propel growth by introducing digital cameras with innovative features such as Wi-Fi, Bluetooth, 3G SIM card slots, direct interface to social networking sites and email, tablet-style touch screen interfaces, and Android operating systems to run applications, in an attempt to keep up with smartphones.

Additionally, even though smartphones have taken over as the go-to tool for amateur photographers, there is still great demand for DSLRs and mirrorless interchangeable lens cameras.

Consumers are gaining an interest in photography via their smartphones and this eventually acts as an enabler for the sales of DSLR cameras and MILCs, says Ghaus.

MILCs are lighter than DSLR cameras, while still offering high-quality pictures, so consumers don’t need to commit to carrying around a bulky DSLR. Additionally, MILCs are available in a range of prices, which could make them a more accessible option for consumers.

The TechNavio report also delves into market drivers and challenges that could impact growth in the market over the projected period.

To determine the scenario for these vendors in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.

If you are interested in more information on this topic and our upcoming research on the Global Digital Camera Market please send an e-mail to media@TechNavio.com.

About TechNavio

TechNavio is a leading global technology research and advisory company. Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year. We cover more than 500 technologies across 80 countries.

We focus on emerging trends that can shape a market, and model these trends using a mix of quantitative and qualitative tools in our proprietary research methodologies in order to build forecasts across market segments and geographies. These forecasts and analysis are used to help our customers identify new and existing opportunities in their markets. We also help customers assess their competitive position in a constantly changing technology market scenario.

TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Our analysts obtain the information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

Our large and growing base of happy customers include technology suppliers, end users, consulting companies, investment firms, research institutes and media worldwide.

Follow us on Twitter @TechNavio
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