Based on a research report named “360-Degree Camera Market by Connectivity Type (Wired and Wireless), Resolution (HD and UHD), Vertical (Media & Entertainment, Consumer, Military & Defense, Travel & Tourism, Automotive, Commercial, Healthcare), and Geography – Global Forecast to 2023”, created by MarketsandMarkets, the 360-degree Camera Market is constantly growing and the pace is extremely good. The market is set to reach around USD 1,569.2 million until 2023. Right now it stands at USD 473.6 million in 2018. That basically suggests a growth rate of around 27.1% in the next 5 years.
That also means there’s a need for better security and safety, but also prices that are more affordable. In the end results can be quite special here. The wired technology is still the most important piece here. The 360-degree Camera Market grows a lot more when it comes to the wired technology. Normally we used these only when a limited mobility was required. However, right now these 360-degree cameras work great for a variety of applications such as commercial, retail and even residential. The fiber optic connectivity is a lot better because the processing time is lower and you can also boost the picture quality in various ways too, which is always great here.
The entertainment and media market is set to grow at a very high CAGR in the next 5 years
According to the same study, the entertainment and media market is set to grow at a very high CAGR in the next few years. The 360-degree camera rigs are super powerful for movies, especially since you can combine multiple cameras to deliver some outstanding visuals. This also gives a great shooting experience and the audience is more invested at the end of the day.
“We expect the market to keep growing and are excited for the new footage to come out.” says a representative from VR Hump. “360 cameras can be used for so much more than just 360 panoramic shots. Video editors can get unique angles from any degree and get shots that were unavailable in the past.”
Most of the market share for 360-degree Cameras will be in North America
While there’s an increasing need worldwide, the NA has the highest growth in this regard. The demand is very high especially in the US. And multiple verticals are enjoying this, which include automotive, consumer electronics and so on. The industrial and automotive sectors in particular tend to have the most requirements and necessity for this type of thing.
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