More than a Million Virtual Reality headsets were sold during 2017 and the total number of active virtual reality users are expected to cross 165 Million by 2018
“Global 360-Degree Camera Market Outlook: Industry Demand Analysis & Opportunity Evaluation 2016-2024”
In this era where the consumers are brightly looking for innovating technologies, 360-degree cameras are getting enormous attention across the globe. The growing number of VR gamers and introduction of technically advanced VR devices along with growing demand for 360 videos in media and entertainment sector are driving the growth of the global 360-degree camera market with a CAGR of around 34.3% over the period 2017-2024. Moreover, the increasing popularity of 3D and animated movies combined with the growing trend of using 360-degree cameras for recording adventure activities are predicted to expand the 360-degree camera market by reaching USD 19,008.5 Million by the end of 2024 from USD 1950.5 Million during 2016.
The global 360-degree camera market is segmented by application into residential, commercial, industrial, healthcare, defense, media & entertainment and others, out of which, the media & entertainment segment held the dominant share of around 22.5% during 2016 and is predicted to hold its dominant stance by expanding at a highest CAGR of 37.2% over the forecast period. Further, the healthcare segment held around 10.1% of market share in 2016 and is expected to achieve Y-O-Y growth rate of 42.1% by the end of 2024 as compared to previous years.
Increasing Popularity of Armchair Tourism to Escalate the Demand for 360-Degree Cameras in Future
The global 360-Degree Cameras market is thriving on the back of increasing popularity of virtual reality videos and technological advancements in 360-degree cameras around the globe.
Tourism Industry – Tourism industry in developed countries are using virtual reality videos to gain attention of maximum tourists. For instance, Tourism Australia, a government tourism agency to promote Australia touring for business and leisure activities, was the first tourism board in Hong Kong that used VR (Virtual Reality) to inspire travellers.
Security Surveillance – Rise in incidences of theft and robbery has led many industries such as banks, retails, hospitals and logistics to adopt 360-degree cameras for security purposes.
Wide Scale Applications – There are wide scale applications of 360-degree cameras in media & entertainment, residential, commercial and industrial sector among others.
Industry Players’ are Progressing towards Minimizing the Barriers faced by the Global 360-Degree Camera Market
According to Research Nester, the lack of awareness related to 360-degree cameras combined with its low adoption rate by consumers is envisioned to hinder the growth of the 360-degree cameras market across the globe.
High Cost – The cost of equipment is high and the video shooting with professional 360-degree cameras is a complex procedure.
Presence of Alternatives – Availability of low cost ordinary cameras is likely to dampen the growth of the market.
The Report titled “Global 360-Degree Camera Market Outlook: Industry Demand Analysis & Opportunity Evaluation 2016-2024” delivers detailed overview of the global 360-degree cameras market in terms of market segmentation by application, by end-user, by distribution, by connectivity, by price-range and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global 360-degree cameras market which includes company profiling of Samsung Electronics Co. Ltd., LG Electronics, Nikon Corp., GoPro Inc., 360fly Inc., Bubl Technology Ltd., Giroptic Corp., Sphericam Inc., Ricoh Company Ltd. and Nokia Corporation.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global 360-degree cameras market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.