What is driving up the demand for 360-degree cameras?
COMPANIES that are working on transforming their customer experience seem to love what virtual and augmented reality can do for their business.
Recently, companies like Ikea and Macy’s have created AR and VR experiences to help customers visualize how furniture would look in their room before they actually made the purchase.
Sotheby’s is also using VR to help clients book a visit to luxury properties in other parts of the world without leaving the comfort of their home or office.
Examples like these are plenty – and that’s what’s driving part of the demand for 360-degree cameras which are essential for the creation of these “experiences”. The other part of the demand is driven by gamers, of course.
According to a new Research and Markets study, the global 360-degree camera market is expected to flourish at a compound annual growth rate (CAGR) of 34.4 percent between 2017 and 2024.
The report cites the rising popularity of virtual reality games and the increasing demand for virtual reality headset as the key factors that will foster the growth of global 360-degree camera during the forecast period.
In terms of regions, the market research company believes that the global 360-degree camera market is segmented into five major regions i.e. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
In terms of market share, North America region stood tall with the highest share of global 360-degree cameras in 2016.
The study attributes this growth in North America region to various factors such as the rising reputation of virtual reality games and the presence of some of the major players of virtual reality gaming world such as Sony and Microsoft in this region.
However, analysts suggest that Asia-Pacific is expected to be the fastest growing region in the 360-degree camera market during the forecast period thanks to the quick adoption of virtual reality technologies in Japan and China.
Europe is also expected to witness a remarkable growth during the forecast period due to the rising sale of gaming consoles in this region.
The report suggests the rising penetration of 360-degree cameras in the virtual reality world to drive the growth of global 360-degree camera market in near future. Aside from the examples cited earlier, Uber and Volvo have also used VR for marketing their products and services in the recent past.
Construction of new VR theme park in China is also a major factor driving the growth of global 360-degree camera market. The country launched the very first VR theme park called SoReal Theme Park.
The rising popularity of VR in Asian countries such as China and Japan is likely to foster the growth of 360-degree camera market. Further, the rising adoption of 360-degree cameras in the defense sector in order to provide real-life simulation for training soldiers is likely to further support the growth of global 360-degree camera market.
A rising number of industries introducing technologically advanced virtual reality devices in the market is also likely to support the growth of the global 360-degree camera market during the forecast period. This is especially true with applications of the technology being discovered in healthcare – including in remote VR-powered surgeries.
However, problems associated with 360-degree cameras such as dull quality of video and the lack of compatibility with other technologies are likely to dampen the growth of global 360-degree camera market in near future. Their high cost is also a factor that might hinder the growth of global 360-degree camera market.