According to the research report on "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", published by MarketsandMarkets™ , the 360-degree camera market, the overall market is estimated to reach USD 1,569.2 million by 2023 from USD 473.6 million by 2018, at a CAGR of 27.1% between 2018 and 2023.
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The growing awareness about the need for safety and security at public places and affordable prices of 360-degree cameras are the major drivers for the growth of the 360-degree camera market.
Wired technology to hold major share of 360-degree camera market during forecast period
The cameras based on wired technology led the overall 360-degree camera market in 2017. Wired 360-degree cameras are ideal for the applications where limited mobility is required. These cameras are widely used for residential, retail, and commercial building applications. In the recent years, the fiber-optic connectivity has also been used to limit the processing time and to enhance the quality of pictures.
Market for media and entertainment to grow at high CAGR between 2018 and 2023
The 360-degree camera market for media and entertainment is expected to grow at the highest CAGR during the forecast period. The 360-degree camera rigs are mainly used in moviemaking. These camera rigs combine multiple cameras, which helps create unprecedented 360-degree visuals. Moreover, these rigs are relatively convenient to operate and extremely robust for a wide range of shooting situations.
North America expected to hold major share of 360-degree camera market between 2018 and 2023
North America is expected to hold the largest share of the 360-degree camera market during the forecast period. The projected growth of the North American market is attributed to the high demand for these cameras in various verticals such as healthcare, industrial, automotive, and consumer electronics in this region. The global automotive and industrial sectors have more growth potential in North America than any other region. These applications further boost the demand for 360-degree cameras in the region.
Samsung Electronics (South Korea), Ricoh (Japan), GoPro (US), Insta360 (China), 360fly (US), LG Electronics (South Korea), Nikon (Japan), Kodak (US), Rylo (US), Bubl (Canada), and Xiaomi (China) are the major players in the 360-degree camera market. The report profiles of companies such as Immervision (Canada), Digital Domain Productions (US), YI Technology (US), PANONO (Professional 360GmbH) (Germany), AITBOT (Shenzhen Hatoa Technology (China), Freedom360 (US), Jaunt (US), Facebook (US), Humaneyes (Israel), Sony (Japan), and Panasonic (Japan).
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