The report segments the global 360-degree camera market by application (filmmaking and events), by end-user (professional and non-professional), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global 360-degree camera market, according to Technavio media and entertainment researchers:
- Declining price of 360-degree cameras: a major market driver
- Development of virtual theme parks: emerging market trend
- In 2017, the Americas dominated the market with a share of approximately 46%
- In 2017, the filmmaking segment led the market with a share of more than 57%
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Declining price of 360-degree cameras: a major market driver
The declining price of 360-degree cameras is one of the major factors driving the global 360-degree camera market. These cameras were priced substantially high initially. At present, the 360-degree camera market is undergoing rapid evolution in terms of the selling price of these gadgets. This is primarily because of the influx of non-professionals grade devices in the market. Leading global brands had to reduce the market price owing to substantial competition.
According to a senior analyst at Technavio for research on consumer electronics, “The market is also changing on the professional front as certain vendors are manufacturing professional grade devices. The price of these cameras is expected to decrease further in the coming years, thereby driving significant adoption.”
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Development of virtual theme parks: emerging market trend
Virtual theme parks based on 360-degree technology are becoming a trend in the entertainment sector. These parks use a combination of the physical environment with 360-degree technology to give a real-life experience of the virtual world. Virtual zoos, aquariums, and museums are some of the aspects that can be explored. This can change the entire concept of theme parks and become nondescript warehouses where all the action and wonder take places in the VR headsets. These developments are expected to boost the growth of the global 360-degree camera market during the forecast period.
Global market opportunities
In 2017, the Americas dominated the market with a share of approximately 46%. It was followed by EMEA and APAC. APAC is expected to be the fastest-growing region during the forecast period as the market is growing in the emerging economies. The market is expected to be largely driven by the demand for non-professionals grade devices. In 2017, the US was the major revenue-contributing country in the Americas. In APAC, Japan accounted for the highest share in 2017. The market sizes of the Americas and APAC are highly dependent on the developed countries in these regions. The 360-degree camera market in the Americas is the leading market across the globe, but it is also significantly dependent on the growth of the VR market in the region.
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