Wearable Cameras Market Overview, Trends, Growth and Opportunities Forecasted till 2022
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Demand for wearable cameras has surged owing to the rising popularity of adventure sports such as hiking, mountain biking, trekking, skiing and sky diving among other. Participants use wearable cameras to record and live stream their experience. In addition, the expansion of the travel and tourism industry is also influencing the global wearable cameras market. Many broadcasting studios are now using wearable cameras during live telecast of sporting events to provide exclusive player perspective or viewpoint. Players are mounted with wearable cameras during the game to offer an infield view to viewers. Use of wearable cameras has also increased in the defense sector due to their efficiency and high performance. Moreover, growing attraction towards outdoor activities and higher emphases on improving safety measures is also expected to make a positive impact on the global sales of wearable cameras over the next couple of years. On the other hand, the small size of wearable cameras makes them fragile and expensive, which to an extent has been deterring the prospects of the global wearable cameras market. According to the latest report published by Fact.MR, the global wearable cameras market will surge at a staggering CAGR of 13.4% during 2017 to 2022.
Additional Highlights from Fact.MR’s Report on Wearable Cameras Market Include:
· On the basis of product type, the head mount wearable camera segment is expected to remain dominant throughout the forecast period followed by the body mount wearable cameras. The head mount wearable camera segment currently represent a substantial percentage of the global market in terms of revenue. By the end of 2022, this segment is estimated to surpass a market valuation of US$ 4,800 Mn.
· By distribution channel, the sport stores segment is expected to retain its top position over the assessment period. In terms of revenue, the segment is projected to command for more than one-fourth market share by 2017-end. Between 2017 and 2022, the sport stores distribution channel segment is anticipated to exhibit a strong CAGR of 14%.
· On the basis application, the industrial segment is expected to stay highly attractive in the foreseeable future. Currently, the segment represents close to 24% revenue share of the global market for wearable cameras. Towards the end of forecast period, the industrial application segment is set to reach a market valuation of over US$ 2,300 Mn.
· By price-based, the economy and mid-range price segments are expected to dominate during the forecast period. Both the segments are expected to collectively account for nearly two-third revenue share of the global market by 2017-end.
· Among regions, North America will continue to lead the global market for wearable cameras during the forecast period. Sales of head mount wearable cameras is significantly high in the region. The market for wearable cameras in North America is projected to reflect a CAGR of 15.7% during 2017 to 2022.
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North America to Spearhead the Global Wearable Cameras Market
The wearable cameras market in North America is expected to remain highly lucrative during the forecast period (2017-2022) and is projected to exhibit a double-digit CAGR. This is primarily owing to the presence of a large number adventure seekers and outdoor sport enthusiasts who prefer to use wearable cameras to monitor and capture their field experience. Further, rise in disposable income and availability of cutting-edge wearable cameras in the region is also driving the growth of the market in the North America region.
Head Mount Wearable Cameras Top Selling Product Type Segment
On the basis of product type, preference for head mount wearable cameras is significantly high and the trend is expected to continue over 2022. In terms of revenue, global sales of head mount wearable cameras currently account for more than 52% market share. Towards the end of the assessment period, around US$ 4,800 Mn worth head mount wearable cameras are anticipated to be sold globally.
Key market players profiled in Fact.MR’s report include Digital Ally, Inc., Garmin International, Inc., GoPro, Inc., iON America LLC, Narrative, Pinnacle Response, Axon Enterprise, Inc., VIEVU, Hitachi, Ltd., and General Electric Company.
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Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized Retail & Consumer Goods market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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