LONDON--(BUSINESS WIRE)--The 360-degree camera market is expected to grow by USD 1.63 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The popularity of VR content has significantly increased across industries such as gaming and entertainment over the past few years. For instance, in 2019, VR games accounted for 8%-10% of the global gaming market and is expected to grow between 15% to 17% by 2024. Similarly, VR content is gaining traction in the entertainment industry with many production houses focusing on the development of fictional and animated series. These factors have significantly increased the global demand for VR headsets. Therefore, with the rising penetration of VR headsets, the demand for 360-degree cameras will increase considerably during the forecast period.
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As per Technavio, the enhanced consumer experience will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
360-Degree Camera Market: Enhanced Consumer Experience
VR technology lets users experience nature, outer space, underwater life, and visit other places in the comfort of an indoor environment. The technology is extensively being adopted by the military and aviation sector for training and educating students and trainees as it is much more economical than actual field training. It gives trainees and students practical experience in the subject. The growing popularity of VR videos is encouraging content creators to adopt 360-degree cameras. Therefore, the enhanced consumer experience offered by VR will have a positive impact on the growth of the global 360-degree market during the forecast period.
“Development of virtual theme parks and the emerging applications of 360-degree cameras will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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360-Degree Camera Market: Segmentation Analysis
This market research report segments the global 360-degree camera market by application (filmmaking, events, and others), end-users (professional and non-professionals), and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the 360-degree camera market in 2019, followed by Europe, APAC, South America, and MEA, respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the rising demand for next-generation video games and the increasing adoption of simulation techniques.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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