Creating 360-degree video has become one of the most popular and accessible means for creators to become involved in creating virtual reality (VR) content. Not only individuals but brands, businesses, marketing and creative industries have all embraced the technology as a new means to engage with audiences. According to a report by MarketsandMarkets, this trend is set to continue, leading to continued growth in the 360-degree camera market.
According to the report, the 360-degree camera market was valued at $347.7 million (USD) in 2017, and is expected to reach a value of $1,569 million (USD) by 2023, at a CAGR of 27.1% during the forecast period.
The 360-degree camera market comprises a large network of players who are involved in research and development, material suppliers, manufacturers, investors and distributors. Some of the biggest names in these areas include Samsung, Ricoh, GoPro, Insta360, LG electronics, Nikon, kokak and Xiaomi.
North America is expected to dominate the 360-degree camera market, in terms of value, throughout the forecast period. The projected growth of this market is attributed to high demand for cameras in various industries, including healthcare, automotive, industrial and consumer electronics.
The market for 360-degree cameras has been divided into several sectors in the report for easier analysis. Based on resolution, it has been divided into HD and UHD, with the UHD section expected to grow at a higher CAGR during the forecast period. This is due to the fast rate of innovation in this area hen compared to other photographic markets such as DSLR.
Based on camera type, the report has segmented the market into single and professional. The market for professional rated cameras is expected to grow at a high rate over the forecast period.