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360 Degree Camera Market Is Expected To Reach Around Usd 3863.09 Million By 2027
A 360-degree camera, also known as a omnidirectional camera, is a camera with a field of view that spans almost the entire sphere or at least a full circle in the horizontal plane in photography. Omnidirectional cameras are useful in applications that need a vast visual field of view, such as panoramic photography and robotics. The majority of commercial cameras are pinhole cameras that are modeled using a perspective projection. However, due to the severe distortion induced by the imaging device, there are some projection systems whose geometry cannot be explained using the traditional pinhole model. Omnidirectional cameras are used in several of these systems.
360-Degree Camera Market Size
The global 360-degree camera market was valued at USD 380.00 Million in 2017 and is expected to reach around USD 3863.09 Million by 2027, at a CAGR of about +26.1% between 2017 and 2027.
Covid -19 Impact Analysis
The COVID-19 pandemic has impacted every aspect of life and business. It has emerged as a global pandemic that has affected almost all countries across the globe and disrupted various business functions around ...
... the world. A drastic change in sales channels across different industries is observed. Multiple industries are experiencing economic slowdown or decline as a result of the COVID-19 crisis. The technology sector also experienced a multitude of challenges across supply chains, business and manufacturing operations. US, India, Italy, Spain, the UK, Brazil, Russia, and Germany are the most severely affected countries and have experienced a sharp rise in COVID-19 cases.
360 cameras are becoming increasingly popular as virtual and augmented reality (AR/VR) become more prevalent in video games and other types of interactive entertainment. Stereoscopic video, which is widely utilized in virtual reality applications, improves monoscopic imagery by constructing 3D reconstructions of each shot utilizing a distinct input for each eye. As a new form of visual communication and interface, Augmented Reality and Virtual Reality have evolved over time.
It broadens the scope of users’ interaction with the digital world and moves away from the screen's 2-D interface. It is possible to construct a user's own visual world by using a phone, camera, or glasses to supplement the surroundings. AR and VR technology allows for new forms of connection and communication with the virtual world, as well as merging the virtual and real worlds. The use of augmented reality and virtual reality is becoming more common.
At the regional level, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is dominating the 360-degree camera market this is due to the availability of advanced technological infrastructure, favorable research funding/grants by the government, high spending on technological innovations. For instance – The FDI positions in hi-tech industries in 2019 were USD 2 trillion and 23,80,200 jobs directly supported by majority-owned USA affiliates in the hi-tech sector in 2018. For the 2021 fiscal year, the U.S. federal government has budgeted USD 92.17 billion U.S. dollars for federal IT spending.
Presence of major market players in the region. For instance – USA has a presence of major 360-degree camera manufacturers like GoPro, Inc., Ricoh Company, Nikon, SAMSUNG, Eastman Kodak Company, insta360.com, Garmin Ltd., LG Electronics, 360fly, Inc. among others which are global leaders, swift adoption of advanced technologies, and increasing prevalence of video gaming and robotic innovations. For instance, the AR game Pokémon Go which was developed by San Francisco-based game developer is the market leader in location-based gaming with a revenue of USD 1.2 billion in 2020 and year-over-year growth of 33%.
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