360-Degree Camera Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

360-Degree Camera Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Market Overview 2023-2028:

The global 360-degree camera market size reached US$ 1,072.5 Million in 2022. Looking forward, McKinsey & Well expects the market to reach US$ 4,343.0 Million by 2028, exhibiting a growth rate (CAGR) of 25.66% during 2023-2028. The rising prevalence of virtual and augmented reality (VR/AR) in various video games, increasing number of social networking platforms to create and share content, and the growing integration into mobile devices represent some of the key factors driving the market.

Growing Demand for Improved Safety and Security Measures Fostering Market Growth

The growing incidences of security breaches and the increasing number of threat and burglary cases in various public and commercial spaces and residential complexes are driving the growth of the 360-degree camera market. Besides this, key market players are integrating technologically advanced and intelligent aspects into surveillance cameras to improve their efficiency and functionality. In addition, the increasing installation of 360-degree surveillance cameras in various facilities and industrial areas for surveillance of wide-open areas, such as loading bays, warehouses, parking lots, retail locations, and storehouses, is propelling the growth of the market of 360-degree cameras.

Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is consolidated with a limited number of global and regional players that have the resources to match the innovations of their competitors. The competition in the market is expected to intensify as vendors adopt advanced technologies to gain competitive advantages. The number of new entrants in the industry is high as the 360-degree camera market possesses a considerable growth potential and the rate of product differentiation is low as market players are manufacturing, developing, designing, planning, and expanding their existing facilities.

What is 360-Degree Camera?
360-degree camera refers to a small portable omnidirectional camera that can capture a 360-degree field view. It comprises a camera body, lower and upper mirror, aperture, glass housing, and cover. It functions by capturing an entire scene in a single shot by utilizing multiple wide-angle lenses arranged in a circular form. It is used in areas wherein extensive visual field coverage is required, such as panoramic photography, robotics, films, and vivid photos and videos. It can also film both monoscopic and stereoscopic videos to offer customized virtual reality (VR) experiences for marketing. It also finds applications underwater to create realistic content for educational and entertainment purposes. It is often integrated with smartphone-based VR headsets and placed around the sports and events arenas to enable fans to watch live games and concerts. It can also be connected to smartphones via wireless fidelity (Wi-Fi) or Bluetooth, which makes editing, transferring, post-processing, and sharing on various social media platforms easier and faster. A 360-degree camera is extensively utilized for monitoring and detecting suspicious activities in large areas, tracking the movement of people in public places and residential areas, strengthening security systems, and conducting indoor and outdoor surveillance.

COVID-19 Impact:
The outbreak of the coronavirus negatively impacted the 360-degree camera industry, causing a heavy dip in production and sales in the overall market. Due to lockdowns and social distancing, people could not move out of their houses to perform any business or professional event, shooting, and travel and food vlogging, which caused a decrement in demand for cameras. Besides this, the shutdown of production plants, supply chain disruptions, and transport restrictions hampered the 360-degree camera manufacturing process worldwide. Moreover, due to the implementation of transport restrictions and cancellation of flights during the pandemic, raw materials like semiconductors, capacitors, and processors could not be transported to the manufacturing units, which led to the loss of supply in the market. Furthermore, there was a considerable reduction in the import of various integral raw materials, such as sensors and chips, along with the shortage of labor in the production plants due to the occurrence of diseases, which negatively impacted the growth of the market.

360-Degree Camera Market Trends:
At present, the increasing demand for 360-degree cameras, as they are extremely effective and produce high-resolution images, represents one of the major factors influencing the market positively. Besides this, the rising utilization of virtual and augmented reality (VR/AR) in various video games and other forms of interactive entertainment is propelling the growth of the market. In addition, the growing integration of 360-degree cameras into mobile devices on account of the increasing preference for real-time 4K and high dynamic range (HDR) content is offering a favorable market outlook. Apart from this, the increasing number of social networking platforms, such as YouTube and Facebook, enabling users to create and share 360-degree camera content is strengthening the growth of the market. Additionally, the rising employment of 360-degree cameras in the automotive sector to provide drivers with a better understanding of their surroundings, obstruction awareness, and overall road safety is supporting the growth of the market.

Key Market Segmentation:
McKinsey & Well provides an analysis of the key trends in each segment of the global 360-degree camera market report, along with forecasts at the global and regional levels from 2023-2028. Our report has categorized the market based on connectivity type, resolution, camera type, vertical, application, and distribution channel.

Connectivity Type Insights:

Wired
Wireless

The report has provided a detailed breakup and analysis of the 360-degree camera market based on the connectivity type. This includes wired and wireless. According to the report, wired represented the largest segment as it assists in connecting the camera with any portable devices, such as smart phones, laptops, and tablets. In addition, wired connectivity assists in transferring, editing, and sharing files on social media easier and faster, which is propelling the growth of the respective segment.

Resolution Insights:

High-definition (HD)
Ultra-high-definition (UHD)

A detailed breakup and analysis of the 360-degree camera market based on the resolution has also been provided in the report. This includes high-definition (HD) and ultra-high-definition (UHD). According to the report, high-definition accounted for the largest market share as it offers increased pixel density and enables cameras to record images in a widescreen aspect ratio. In addition, the increasing integration of high-definition (HD) cameras in mobiles to record real-time HD content is strengthening the market growth.

Camera Type Insights:

Single
Professional

A detailed breakup and analysis of the 360-degree camera market based on the camera type has also been provided in the report. This includes single and professional. According to the report, professional accounted for the largest market share as it requires minimum installation time and costs. In addition, the growing utilization of professional cameras for sports photography and event photography is bolstering the market growth.

Vertical Insights:

Media and Entertainment
Consumer
Military and Defense
Travel and Tourism
Automotive
Commercial
Healthcare
Others

A detailed breakup and analysis of the 360-degree camera market based on the vertical has also been provided in the report. This includes media and entertainment, consumer, military and defense, travel and tourism, automotive, commercial, healthcare, and others. According to the report, media and entertainment accounted for the largest market share due to the introduction of technologically advanced virtual reality (VR) devices, along with the increasing number of professional gamers. In addition, the growing popularity of 3-dimensional (3D) animated movies and emerging trend of recording adventure activities is propelling the growth of the market.

Application Insights:

Traffic-Monitoring
Grid Layout
Aerial Scenery
Others

A detailed breakup and analysis of the 360-degree camera market based on the application has also been provided in the report. This includes traffic-monitoring, grid layout, aerial scenery, and others. According to the report, aerial scenery accounted for the largest market share as it provides complete view of an extensive property. In addition, the increasing utilization of 360-degree cameras in aerial scenery to map small ecosystems and dine-scale landscape features is contributing to the growth of the respective segment.

Distribution Channel Insights:

Online Stores
Single-Brand Stores
Multi-Brand Stores

A detailed breakup and analysis of the 360-degree camera market based on the distribution channel has also been provided in the report. This includes online stores, single-brand stores, and multi-brand stores. According to the report, single-brand stores accounted for the largest market share on account of the rising number of single-brand stores offering innovative 360-degree cameras that are convenient and easy to use. Besides this, the increasing number of relaxations in regulations for single-brand retailers, along with the thriving e-commerce industry, is propelling the growth of the market.

Regional Insights:

North America
United States
Canada
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for 360-degree camera. Some of the factors driving the North America 360-degree camera market included the rising adoption of technologically advanced virtual and augmented reality (VR/AR) systems for various forms of interactive entertainment, increasing utilization of 360-degree cameras for creating immersive and interactive gaming and viewing experience for various users, and the growing integration of innovative panamorph lens technology in surveillance cameras for enhancing the functionality, etc.

Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global 360-degree camera market. Some of the companies covered in the report include:

360fly, Inc.
Bubl Technology Inc.
Gopro Inc.
Insta360 (Arashi Vision Inc.)
Eastman Kodak Company
LG Electronics Inc.
Nikon Corporation
Nokia Corporation
Professional360 GmbH (Panono)
Ricoh Company Ltd.
Rylo Inc.
Samsung Electronics Co. Ltd.
Sony Corporation
Xiaomi Group

Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Questions Answered in This Report

1. What is the expected growth rate of the global 360-degree camera market?
2. What are the key factors driving the global 360-degree camera market?
3. What has been the impact of COVID-19 on the global 360-degree camera market?
4. What is the breakup of the global 360-degree camera market based on the resolution?
5. What is the breakup of the global 360-degree camera market based on the distribution channel?
6. What is the breakup of the global 360-degree camera market based on the connectivity type?
7. What is the breakup of the global 360-degree camera market based on the camera type?
8. What is the breakup of the global 360-degree camera market based on the vertical?
9. What is the breakup of the global 360-degree camera market based on the application?
10. What are the key regions in the global 360-degree camera market?
11. Who are the key companies/players in the global 360-degree camera market?