360 degree cameras have transformed the way images and videos are recorded as these enable the users to shoot pictures and capture videos with 360-degree field of view in horizontal plane. The recorded videos and images can then be conveniently viewed through smartphones or laptops, after they are uploaded to major content platforms such as Facebook and YouTube. These cameras can usually capture videos in 4K resolution and above. They have emerged as potentially promising for virtual reality (VR) applications, where the content can be easily seen using virtual reality headsets. The 360 degree camera market is witnessing rapid evolution supported by the rising demand for 360 surround videos and images content in crucial application areas, notably in surveillance.
One of the most promising uses of 360 degree cameras is in the automotive sector. There is promising demand for 360 degree vehicle cameras in the sector for semi- and fully-autonomous vehicles, where these cameras can form vital part of the safety system. Other application areas include the industrial, healthcare, defense, and media and entertainment sectors.
The report on the global 360 degree cameras market presents critical assessment of the current avenues and promising pockets of investments. The findings and projections will guide stakeholders to get a holistic insight of the current outlook and future regional and global trajectories.
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The growing popularity of augmented and virtual reality content, coupled with the rising adoption of VR headsets, is a key factor fueling the expansion of the global 360 degree cameras market. The rising demand for 360 surround videos and images in surveillance and security applications in public places is also propelling the growth of the market. The growing affordability of these cameras among worldwide consumers has helped the market to make steady strides in recent years.
The ease of use, sharing on multiple platforms, and high resolution of 360 degree videos are some of the compelling features that have helped these cameras gather steam among end-use industries. Manufactures are unveiling products that are compatible with various mobile devices, which also allows easy sharing on social media platforms, thereby bolstering the demand. The incorporation of high-quality image sensors and expandable memory in 360 degree cameras further adds to the attractiveness of these cameras.
The 360 degree cameras market is expected to reap large, lucrative gains from the rising adoption of these cameras in autonomous vehicles by several prominent automakers. The growing use of these cameras in vehicles to enable smart views is also boosting the market. The advent of devices with intuitive features and innovative design and mounts is a key factor catalyzing the growth.
The report takes a closer look at lucrative avenues in key regions and assesses the key trends supporting the rising popularity of 360 cameras in emerging markets. Developed regions in all likelihood are expected to generate substantial revenues in the global market. For instance, North America and Europe are expected to account for sizeable shares over the assessment period. The growth of these regional markets will be increasingly fueled by the growing demand for 360 cameras in virtual reality games. The rapid strides that VR technologies are taking in developing regions such as Asia Pacific will also be crucial in the overall growth of the global market.
The study drills into recent product development initiatives by key manufacturers and assesses the factors that can influence the competitive dynamics of the market in a big way. The global 360 cameras market is expected to witness a dynamic ecosystem as numerous prominent players are focusing to unveil products with advanced image-stabilization feature and great designs. Several manufactures are offering products that enable users to live stream 4K videos to major platforms through Android or iOS devices. Prominent names in the market include Rylo, Inc., Samsung Electronics, GoPro, Inc., LG Electronics, Nikon, and Bubl Technology Inc.