Spherical Cameras Market Size, Share, Growth and Industry Analysis by Type (Professional Camera, And, Entry-Level Camera), By Application (Media & Entertainment, Commercial, Military & Defense, Automotive, Healthcare, And, Other), Regional Insights, and Forecast from 2023 to 2031

Updated On: 20 November 2023

Spherical Cameras Market REPORT OVERVIEW

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The global spherical cameras market size is expanded rapidly in 2022 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2022 to 2031.

A spherical camera is a type of camera which helps in capturing an image or a video providing 360 degrees of horizontal FOV and 180 degrees of vertical FOV. These cameras make use of two or more lenses to capture every detail of the environment around us. Such cameras are in high demand in the market.

Cameras are usually used in the film industry and in media. However, it is also being implemented for security purposes. The increasing crime rates have propelled the market growth and development. This is identified as the latest trend in the market currently.

These cameras very useful in automotive sector as they help the driver get a complete view of his surroundings. This will prevent an accidents or unforeseen situations. These devices are available at affordable prices. These act as the factors driving the spherical cameras market growth.

COVID-19 Impact: Decline in Live Events and Exhibits During Pandemic Decreased Market Share

The pandemic of COVID-19 brought down the global economy. The down fall of global economy can be attributed to the unfavorable conditions that were created due the rapid spreading of infectious coronavirus. Many industries suffered from low capital, less investments, and losses due to a sudden decline in demand for products from customers.

 Along with disruption in the economy throughout the world, other problems like lockdowns, and, travel bans bothered people. These factors reduced the outdoor activities like live events, and trade exhibits. Cameras are used in such events, and press meets. However, reduction in the number of such events also reduced the demand for spherical cameras during the pandemic period.

LATEST TRENDS

"Usage of Spherical Cameras for Security Purposes to Increase Market Growth"

Spherical cameras are very efficient in providing a complete or 360-degree view of the surroundings. This feature of the camera will be helpful in implementing it in the security surveillance field.

Apart from being used to capture videos, and, photos, it is also useful as a security camera. The number of crime activities like thefts, murder, and, other fraudulent activities are increasing day by day. All of these factors will propel the demand for these cameras. This is considered as the latest trend in the market.

Spherical Cameras Market SEGMENTATION

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• By Type:

The market can be divided on the basis of type into the following segments:

Professional camera, and, entry-level camera. The professional camera segment is anticipated to dominate the market during the forecast period.

• By Application:

Based on application, the market share is bifurcated into the following segments:

Media & entertainment, commercial, military & defense, automotive, healthcare, and, other. The media and entertainment segment are expected to dominate the market during the forecast period.

DRIVING FACTORS

"Implementation of Spherical Cameras in Automotive Sector to Amplify Market Growth"

Spherical cameras are highly versatile, and are used effectively in various industries like automotive, healthcare, and security. They can also be used for capturing high quality pictures and videos. This has increased the demand for the product among the customers. The awareness regarding such cameras have increased among people.

Spherical cameras are used more predominantly in the automotive sector because they provide the driver a complete view of his surroundings. This will enable him to comprehend his surroundings well. Therefore, the driver can anticipate any obstacles or dangers while driving. He can be well prepared for such obstacles.  This will ensure that the vehicle is safe. In case of any accidents or mishaps these cameras act as a good source of evidence. These factors will positively affect the market growth and development.

"Affordability of These Cameras to Impede Market Growth"

360 degrees camera uses two or more lenses to capture everything around it. However, this does not make them  expensive. They are affordable and have reasonable prices. This has increased the market share in recent years. With the evolution of technology, the need for smart devices has increased.

Spherical cameras are also considered to be smart devices. Another special feature of this product is that it can be integrated along with smart phones, and, mobiles. Social media is a flourishing sector, and many people have taken up social media influencing as their full-time job. This has increased the demand for real time 4K pictures and also HRD content. All of these factors have increased the spherical cameras market share.

RESTRAINING FACTOR

"Requirement of Large Bandwidth to Access High Quality Content to Bring Down Market Share"

360-degree cameras are affordable, can be used in many sectors, and are very effective in capturing high quality images and videos. However, the problem that is associated with these cameras is that a large bandwidth will be necessary to get access to high quality videos and shots.

In certain sectors and industries like media and entertainment, streaming high quality content is very important. Even when sport events, or live events are being aired people demand for pictures and videos with higher resolution and better quality. This would require higher frame rates and resolution monitoring. This can hamper the market growth and development.

Spherical Cameras Market Regional Insights

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"Asia Pacific to Dominate the Market Share in the Upcoming Years "

The region that is observed to lead the market during the forecast period is Asia Pacific. This is because, countries like South Korea, and Japan are the leading manufacturers of cameras and other related devices. Most of the top industry players are situated in this region.

Increasing advent of technology, and new innovations in the market have developed high quality cameras. Use of spherical cameras in media, film, healthcare, automobile, and security has further driven the market growth in Asia Pacific.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Samsung Electronics (South Korea)
• Ricoh (Japan)
• Nikon (Japan)
• 360fly (U.S.)
• Insta360 (China)
• GoPro (U.S.)
• LG Electronics (South Korea)
• Sony (Japan)
• Kodak (U.S.)
• Bublcam (Canada)
• Immervision (Canada)
• Panono (Germany)
• Xiaomi (China)
• Digital Domain Production (U.S.)
• Freedom360 (U.S.)
• Panasonic (Japan)
• YEOCHUN NCC (South Korea)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations.