The 360 degree camera market is likely to witness momentous growth in forthcoming years. 360 degree or omnidirectional camera is a device having a field of view that covers the entire sphere or a full circle in the horizontal plane. It captures light coming from all directions falling onto the focal point and offers an uninterrupted view. It can be of great use in areas where large visual field extent is required. It allows users to capture the entire room, scene, and landscape in a single shot. Multiple lenses available in the product capture images from various angles and then stich them together to create a single 360 degree image or panorama image.
Introduction of omnidirectional product type by various manufacturers is anticipated to propel market growth. Increasing use of 360 degree images and videos on social media platforms, such as Facebook and YouTube, can also stimulate demand for omnidirectional cameras in the coming years. In addition, growing adoption of virtual reality (VR) based devices to watch videos shot through omnidirectional product types can impel the market growth. This is, in turn, likely to increase the purchase of these devices among consumers in order to have a high quality visual experience. Increasing use of panoramic cameras in movies to shoot action sequence can further boost market growth. Moreover, rising demand for safety and security arrangements in corporate companies, banks, and public places is anticipated to drive the market in future.
High price of 360 degree camera can restrict consumers from buying them for personal use, which is, in turn, likely to hamper the market growth in the coming years. In addition, low quality images captured from panoramic cameras using multiple lenses and then stitching them together can obstruct adoption of these devices.
However, advent of omnidirectional product type using single lens to capture videos and images can present lucrative opportunities for the market. For instance, 360Fly launched its smartest 360 degree 4K camera that uses single lens to shoot videos and capture high quality images. In addition, it is shockproof, dust proof, and water resistant in nature.
The market can be segregated on the basis of connectivity, resolution, and application. Based on connectivity, the market can be bifurcated into wireless and wired. High definition (HD) and ultra HD are the two types of resolutions available in the market. Leading applications in the market include military and defense, media and entertainment, digital photography, travel and tourism, healthcare, and automobile.
North America is a leading region in the market owing to high demand for omnidirectional cameras in industries, such as automotive, healthcare, and consumer electronics. Presence of a large number of market players and inclination of consumers towards technologically advanced devices are also anticipated to stimulate the regional market growth.
Asia Pacific is likely to emerge highly lucrative in coming years owing to fast adoption of VR devices in countries such as, Japan and China. In addition, increasing use of omnidirectional cameras in gaming and entertainment is anticipated to propel the market growth. Rising demand for omnidirectional cameras in defense sector to provide real-life simulation to soldiers during their training can boost the market growth in coming years. Moreover, increasing number of manufacturers launching panoramic cameras in developing countries is likely to have a positive impact on the growth. For instance, Xiaomi launched Mi Home Security Camera 360°, which is equipped with night vision, real-time two-way talk, and intelligent motion detection. In addition, the device offers two storage options, including micro SD cards (up to 64 GB) and network attached storage (NAS) devices.
Increasing investments by automobile companies in driverless vehicles is likely to drive the market. Automotive manufacturers, such as Volkswagen, BMW, and Mercedes, are expected to launch autonomous vehicles in the coming years, which could, in turn, boost demand for omnidirectional product type. For instance, Daimler collaborated with Uber and has planned to launch self-driving cars in the next few years.
Some of the leading companies operating in the 360 degree camera market are GoPro, 360fly, Nikon, Insta360, and Samsung Electronics.
Research Support Specialist, USA