Global 360-degree Camera Market to Grow at an Impressive CAGR of Over 35% Through 2020, Says Technavio
The global 360-degree camera market is expected grow at a CAGR of close to 35% during the period 2016-2020, according to Technavio’s latest report. And also for more information and buyer's guide on VR cameras, take a look at Virtual Reality Reporter's VR Camera Guide.
In this report, Technavio covers the market outlook and growth prospects of the global 360-degree market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of 360-degree cameras for VR applications. It presents the vendor landscape and a corresponding detailed analysis of the top four vendors in the market.
“The growth of the global 360-degree camera market is driven by the growing popularity of virtual reality technology. The increased penetration of VR headsets is going to increase the addressable market for 360-degree cameras,” says Ujjwal Doshi, a lead analyst at Technavio for consumer electronics research.
Technavio’s media and entertainment research analysts segment the global 360-degree camera market into the following regions:
In 2015, with a market share of over 41%, the Americas dominated the global 360-degree camera market, followed by EMEA with over 38% and APAC with over 20%.
Americas: largest market for 360-degree cameras
The market growth in the Americas is driven by the growing popularity of VR games in the region. The adoption of VR technology by industry giants like Sony and Microsoft will drive the growth of the market during the forecast period. Companies such as Apple and Google have a large user base in the mobile gaming segment, which is likely to increase the adoption of VR content in the mobile gaming industry. The growth of the 360-degree camera market is likely to increase during the forecast period as more companies introduce technologically advanced VR devices in the market.
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EMEA: increasing popularity of gaming consoles to boost growth
The major factor influencing the growth of 360-degree camera market in the region is the increasing popularity of gaming consoles. Western Europe accounts for more than 80% of the market in this region. The growth is attributed to the high console-to-PC ratio as a gaming device.
Various sectors are adopting VR simulation, a technique that was specific for military training. For instance, Plextek, a UK-based company, conducted a project where a medical immersive simulation training system was created using the Oculus Rift.
APAC: fastest growing market during the forecast period
The market in APAC is highly influenced by Japan as it is the highest adopter of VR technology in the region. 360-degree cameras are in high demand as they are widely used in the gaming and entertainment segment. The growth of the segment is likely to be supported by the launch of the 360-degree theme park by Longze Electronic Technology in China. The launch is expected to happen by 2018. In addition, the release of several 9D films during the forecast period will likely support the growth of the market in the region.
“Furthermore, medical practitioners and the military use real-life simulation for training purposes. As the adoption of the technology increases, APAC is expected to be the fastest-growing market during the forecast period,” says Ujjwal.
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