The global 360 degree camera market size was estimated at US$ 0.92 billion in 2021 and is expected to hit over US$ 4.64 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 21.3% from 2022 to 2030.
A 360 degree camera has field of vision that encompasses almost the entire sphere or at least a full circle in the horizontal plane. In applications where vast visual field coverage is required, such as panoramic photography and robotics, 360 degree cameras are commonly employed in robotics for visual simultaneous localization and mapping and visual odometry challenges. Better results for optical flow and feature selection matching can be achieved due to its capacity to record a 360 degree image.
There are several 360 degree camera implementations available including cameras with more than 30 lenses and two opposing fisheye lens combinations. There are variety of 360 degree cameras available in the market are Z-CAM, MadV, Red Digital Cinema, Ricoh, FXG, Panono, Trisio, Vuze, Insta360, Gear360, GoPro, and Kandao.
The 360 degree cameras are also available as a standalone camera and single camera with many lenses that assist in recording and automatically merging together the content captured by the device. The greatest thing about utilizing the 360 degree cameras is that they are simple to use and in compared to other cameras, are inexpensive. As compared to standalone and single cameras, camera rigs with multiple cameras are responsible for separately recording content. As a result, they are bulkier and more expensive. The advanced software will be required to merge the content together.
Scope of the 360 Degree Camera Market
|Market Size||US$ 4.64 Billion by 2030|
|Growth Rate||CAGR of 21.3% from 2022 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2022 to 2030|
|Segments Covered||Connectivity Type, Resolution, Vertical, Region|
|Companies Mentioned||LG Electronics, Samsung Electronics, PONONO (Professional 360 GmbH), Digital Domain Productions, YI Technology, Immervision, Nikon, Xiaomi, GoPro, 360fly|
The expanding popularity of virtual and augmented reality content, as well as the increasing usage of virtual reality headsets, is propelling the global 360 degree camera market growth. The 360 degree camera market is also growing because of the rising demand for 360 degree films and photos in surveillance and security applications in public spaces. The increasing accessibility of the 360 degree cameras to global consumers has aided the 360 degree camera market’s constant growth in near future.
The growing deployment of 360 degree cameras in autonomous automobiles by several automobile manufacturers is likely to boost the market for 360 degree cameras significantly. The 360 degree camera industry is also being boosted by the increasing usage of these cameras in automobiles to provide smart views. The introduction of gadgets with simple functionality, as well as inventive design has been a major catalyst for the growth of the 360 degree camera market during the forecast period.
The ease of sharing across many platforms and high resolution of 360 degree footage are just of a few of the appealing characteristics that have helped the 360 degree cameras gain traction with end user sectors. The key market players are launching new products that are compatible with a wide range of mobile devices and enable for quick sharing on social media sites, boosting the demand for 360 degree cameras. The use of high-quality image sensors and expandable memory in 360 degree cameras adds to their popularity.
Connectivity Type Insights
Based on the connectivity type, the wired segment dominated the global 360 degree camera market in 2020, in terms of revenue. Wired cameras are connected to a power source and the internet connection by cable. This type of cameras is widely used in photo studios.
On the other hand, the wireless segment is estimated to be the most opportunistic segment during the forecast period. The wireless 360 degree cameras are widely used for commercial and residential purposes. This type of cameras is also used for the home security.
Based on the resolution, the high definition (HD) segment dominated the market in 2020. Due to high definition (HD) 360 degree camera’s increased clarity, the image on screen can be less blurry. Other advantages of high definition (HD) include better motion and brighter and more natural colors.
On the other hand, the ultra-high definition (UHD) is estimated to be the most opportunistic segment during the forecast period. The ultra-high definition (UHD) 360 degree camera are little expensive than high definition (HD) 360 degree cameras. The photos and videos taken by this camera is of high quality.
Based on the vertical, the consumer segment accounted largest revenue share in 2020. The use of 360 degree cameras is growing in a variety of applications including sports, photography, events, and festivals, indicating that the 360 degree camera market has capacity to grow.
On the other hand, the media and entertainment segment is estimated to be the most opportunistic segment during the forecast period. The multiple cameras are used in the 360 degree camera setups, resulting in exceptional 360 degree images. These setups are simple to use and incredibly durable, making them ideal for a variety of shooting scenarios.
Based on the region, the North America dominated the market with highest market share in 2020. The tendency of customers to adopt technologically advanced products, as well as the presence of large number of market players producing solo cameras and setups, are driving the market growth in North America.
On the other hand, the Asia-Pacific is estimated to be the most opportunistic segment during the forecast period. The growing demand for 360 degree cameras in virtual reality games will fuel the growth of the 360 degree camera market in Asia-Pacific region.
The major market players are coming up with new concepts and investing much in product research and development. During the projected period, the goal is to introduce these products globally by adding functionalities and features that meet the needs of a bigger audience.
Some of the prominent players in the global 360 degree camera market include:
Segments Covered in the Report
By Connectivity Type
By Camera Type
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