San Francisco, July 24th, 2020 – Despite the negative impact of the COVID-19 pandemic, the 360 and spherical video camera market will experience growth through 2024. This is largely due to the increasing adoption of new monoscopic camera systems and artificial intelligence that enables them to be utilized in a variety of roles — beyond simple point-of-view video capture. A new report from Greenlight Insights estimates the worldwide 360 and spherical video camera market will grow to $1 billion by 2024, up from $538 million in 2019, with a five-year compound annual growth rate (CAGR) of nearly 14%.
"360 and spherical video camera growth is being driven by the adoption of smart camera systems and the adoption of the artificial intelligence applications that enable them," said Clifton Dawson, CEO and principal analyst at Greenlight Insights. "Although the market is experiencing a short-term decline driven by COVID-19 impacts, the longer-term prospects will be driven by the increasing use of 360 and spherical video in hospitality, real estate, and healthcare."
360 cameras for consumers and the enterprise are quickly becoming critical tools to capture, create and share engaging personal content, as well as for achieving optimal employee performance in today's day-to-day business operations. As a major application of the Internet of virtual reality, 360 video is playing an increasingly important role in hospitality, real estate, and healthcare.
Key findings from Greenlight Insights' report include the following:
- In 2019, the 360 camera market grew 34.5% to $538 million, up from $400 million in 2018.
- Greenlight Insights estimates that in 2020, the worldwide market size for 360 cameras will reach $593 million in revenue.
- Overall, Greenlight Insights expects a compound annual growth rate (CAGR) of 14.2% for total worldwide 360 cameras revenue for the period from 2020 to 2024. This will result in revenue of just over $1 billion by the end of the forecast period.
- Software-based filming and post-production enhancements leveraging artificial intelligence offered by new 360 cameras are providing added stimulus to the rapid growth of the market.
The Greenlight Insights report, Worldwide 360 Camera Market Report, 2020, provides a forecast for the worldwide 360 Video Camera market during the 2019—2024. It measures revenue by geography and market vertical and provides insights into the drivers and inhibitors that have been considered when building the forecast details.
About Greenlight Insights
Greenlight Insights provides market intelligence on smart, virtual reality, and augmented reality display technologies through proprietary data, insights, and analysis. Greenlight Insights delivers critical strategic insights to the world's leading technology companies, publishers, service providers, institutional investors, and government entities.
Based in San Francisco, with offices in Los Angeles, Boston, and Denver, Greenlight Insights comprises a diverse team of highly skilled industry professionals who offer deep expertise about next-generation displays.