LONDON--(BUSINESS WIRE)--Technavio’s latest media and entertainment industry report covers the present scenario and growth prospects for the global action camera market during the period 2016-2020.
In this report, Technavio’s consumer electronics research experts announce their key market highlights for the global action camera market. Their findings include:
Application for professional purposes in the action camera market will overtake application for casual purposes by 2020
The need for action cameras for professional usage has grown exponentially since 2011, as an increasing number of sports events are attempting to provide a better viewing experience. With action cameras replacing traditional cameras for recording closer details, the segment is expected to grow tremendously during the forecast period. Already major vendors such as iON and GoPro have signed major deals with FLW and NHL, and this trend is likely to boost the demand for action cameras during the forecast period.
With TV broadcasting companies extensively finding value in the use of action cameras, security departments are also finding significant value in the application of these cameras, due to which, the segment will grow further during the forecast period. Technavio research analyst Sharan Raj, expects action cameras used with drones to increase security situations globally. Drones enable aerial photography and live recording. LifeLine Response, a leading vendor of this market has developed a smartphone app that flies a drone to the required location under emergency circumstances. Similarly, many other vendors are likely to make similar product launches for leveraging this market during the forecast period.
Average price of an action camera is expected to decline to USD 226 by 2020
Growth in revenue from the market is expected to be slightly lower than market growth in terms of volume during the forecast period. This trend is attributed to a decline in prices of action cameras in 2014, which was primarily due to an increase in supply and technological advances.
The global action camera market is currently witnessing an increase in demand from developing countries. Rise in disposable income, rapid increase in adventure sport tourism, and growing interest in social networking are some of the factors boosting the sales of action cameras in these countries. Also, leading market vendors are sponsoring extreme sports events in developing markets to promote their brands.
As of 2015, the global action camera market by revenue was valued at USD 2.35 billion and Technavio’s market forecast predicts it to reach close to USD 6 billion by 2020.
Action cameras are the fastest growing segment among all cameras, such as digital cameras, camcorders, fixed lens cameras, CSC, SLR cameras, and DSLR cameras
The global action camera market has witnessed various advances in technology and product innovation over time to cater to various consumer requirements. Consumers can now capture high resolution videos, while product evolution, battery life, sturdiness of action cameras, and image quality have also increased exponentially.
Some of the main reasons for the popularity of action cameras are compact build feature, ease of use in rough conditions, and portability. A majority of its end-users are athletes, adventurers, filmmakers, security agencies, and insurance companies. These cameras not only ensure images of excellent quality but have long battery backup and waterproof features.
Sony has introduced a remote control accessory attached to the wrist, which enables users to view various angles through the action camera when connected with the help of Wi-Fi. Availability of image editing tools that help customize images in various innovative ways will hugely augment the demand for action cameras over the next four years.
Browse related reports:
- Global Smart Camera Market 2015-2019
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