LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global camcorders market to grow to USD 8.5 billion by 2021, at a CAGR of close to 8% over the forecast period, according to their latest report.
The research study by Technavio on the global camcorders market for 2017-2021 provides a detailed industry analysis based on product type (general and traditional camcorders and professional camcorders), storage (mini-DV, DVD, HDD, and flash memory camcorders), application (media and entertainment, R&D, and security and surveillance), and geography (the Americas, APAC, and EMEA).
|A camcorder is a portable electronic device that is used to record live videos and audios for later playback. It helps in the easy recording of events and is used by professionals for filmmaking. Professional camcorders are largely used in the growing entertainment and media industry. They are also used for security and surveillance in public places and various establishments.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global camcorders market:
- Growing tourism industry
- Growing global entertainment industry
- Increasing need for security
Growing tourism industry
The tourism industry has been witnessing continuous growth due to the growing economy. Tourism has become one of the major industries in international commerce because of the increase in the number of new tourist destinations.
“The increase in international tourism departures coupled with the minimal expenditure incurred by travelers has resulted in the growth of the tourism industry, which, in turn, is driving the camcorders market,” says Ujjwal Doshi, a lead analyst at Technavio for consumer electronics research.
Growing global entertainment industry
The entertainment industry has increased its focus towards covering projects for movie productions, television, live events, and concerts. The entertainment industry is dependent on not only the crew, but also on filmmaking equipment such as cameras, camcorders, and tripods. The swift growth of the film industry will have an impact on the entertainment industry. The resultant increase in the revenue generated from concerts and films will drive the demand for camcorders.
Increasing need for security
Safety and security have become very important owing to an increase in the number of crimes, which is leading to the increased demand for smart security systems. Security appliances are designed with the requirement to ensure the protection of people, establishments, homes, and buildings. Smart security systems have a built-in camera or video recorder to capture harmful and suspicious criminal activities.
“Security camcorders are useful for motion detection since they can record motion by detecting body heat. Some camcorders also have infrared illuminators for night vision. Such factors are driving the rising adoption of camcorders in the security sector,” says Ujjwal.
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