Market for 3D Cameras Expected to Hit $10.8 Billion by 2021
Over the previous year there’s been a number of analytical reports published on the virtual reality (VR) and augmented reality (AR) markets, and their expected growth over the next few years. The latest, published by Allied Market Research titled, “World 3D Camera Market – Opportunities And Forecasts, 2014-2021” expects the global 3D camera market could attain revenue of $10.8 billion USD by 2021.
This market is still in its early stages, contributing to about 2-3% of the overall 3D technology market the company suggests. This is now due to rise as adoption of the technology becomes more prevalent. Recording 3D content in media & entertainment applications is the main catalyst for the 3D camera market, but other factors involved include: enhancement of 3D scanning technology, improved user preferences, increasing adoption of home automation applications and enhancement in VR products.
Generating the largest revenue is the stereo vision segment, accounting for almost 60% during 2015. While stereo vision is still expected to maintain this lead in the coming years, due to cost effectiveness and simplicity in implementation, time of flight (ToF) technology is forecast to grow at the highest CAGR of 44.6%, during the same period.
Up until 2014 North America was the main revenue generating region for the market, since 2015 onwards however, Asia-Pacific leads the market. In terms of applications professional 3D cameras have been the largest contributor, accounting for almost 65% share in 2015. But its tablet applications that have exhibited the highest CAGR over the forecast period, as adoption of tablets rises.
VRFocus will continue to bring you all the latest news on 3D cameras, VR and more, as the market grows.