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360-Degree Camera Market Poised for Significant Expansion: Projected to Grow from USD 3.2 Billion in 2024 to USD 6.8 Billion by 2031: Market Research Intellect

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The 360-degree camera market is poised for substantial growth, driven primarily by advancements in camera technology and expanding applications across various sectors. Technological innovations such as higher resolution imaging, enhanced image stitching, and integration with virtual reality (VR) and augmented reality (AR) are significantly improving the capabilities and appeal of 360-degree cameras. These advancements enable more immersive and interactive content, which is increasingly in demand.

LEWES, Del., Sept. 23, 2024 /PRNewswire/ — The global 360-degree camera market is expected to grow from around USD 3.2 billion in 2024 to approximately USD 6.8 billion by 2031. This represents a robust compound annual growth rate (CAGR) of about 11.2%, driven by advancements in camera technology and increasing applications across various sectors.

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202 – Pages
126 – Tables
37 – Figures

Scope Of The Report

REPORT ATTRIBUTES

DETAILS

STUDY PERIOD

2020-2031

BASE YEAR

2023

FORECAST PERIOD

2024-2031

HISTORICAL PERIOD

2020-2023

UNIT

Value (USD Billion)

KEY COMPANIES PROFILED

Ricoh Company, Ltd., Insta360, Garmin Ltd., Kodak, Samsung Electronics Co., Ltd., Huawei Technologies Co., Ltd., Vuze (Humaneyes Technologies), and GoPro Inc.

SEGMENTS COVERED

By Type, By Application And By Geography

CUSTOMIZATION SCOPE

Free report customization (equivalent to up to 4 analysts working days) with purchase. Addition or alteration to country, regional & segment scope

360-Degree Camera Market Overview

1. Market Size and Growth Projections: The global 360-degree camera market is projected to experience substantial growth, expanding from approximately USD 3.2 billion in 2024 to around USD 6.8 billion by 2031. This growth reflects a compound annual growth rate (CAGR) of about 11.2%. The expansion is driven by technological advancements and the increasing adoption of 360-degree cameras in various applications, including virtual reality (VR), augmented reality (AR), and immersive media. As the technology becomes more affordable and accessible, it is expected to penetrate both consumer and professional markets, fueling significant revenue increases. The market’s growth is indicative of a broader trend towards enhanced imaging capabilities and immersive experiences, positioning 360-degree cameras as a crucial component in modern visual technology.

2. Technological Advancements: The evolution of 360-degree camera technology has been a key driver of market growth. Innovations such as higher resolution sensors, advanced image stitching algorithms, and improved stabilization features have significantly enhanced the quality and usability of these cameras. Integration with VR and AR technologies has further expanded their applications, enabling more immersive experiences and interactive content. Additionally, advancements in wireless connectivity and mobile compatibility have made 360-degree cameras more user-friendly and versatile, contributing to their increased adoption. These technological improvements are making 360-degree cameras more appealing to both consumers and professionals, driving demand across various sectors.

3. Consumer Adoption Trends: Consumer adoption of 360-degree cameras is on the rise, driven by the growing popularity of immersive content and interactive media. High-definition video capabilities, ease of use, and the ability to capture comprehensive views have made these cameras popular for personal use, including travel, events, and social media. The proliferation of platforms that support 360-degree content, such as YouTube and Facebook, has further fueled consumer interest. Additionally, advancements in camera design and functionality are making these devices more accessible and appealing to a broader audience. As more consumers seek to create and share immersive content, the demand for 360-degree cameras is expected to continue growing.

4. Commercial Applications: The commercial sector is a significant driver of 360-degree camera market growth, with applications spanning industries such as real estate, tourism, automotive, and retail. In real estate, 360-degree cameras are used to create virtual property tours, enhancing the buying experience and broadening market reach. In tourism, they provide virtual tours of destinations and attractions, appealing to potential travelers. The automotive industry utilizes 360-degree cameras for advanced driver-assistance systems (ADAS), improving vehicle safety and navigation. Retailers use these cameras for virtual store experiences, enhancing customer engagement. The diverse applications demonstrate the versatility of 360-degree cameras and their impact on various commercial sectors.

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5. Regional Insights: Regional dynamics play a crucial role in the growth of the 360-degree camera market. North America and Europe are leading the market due to high consumer spending on advanced technologies and strong adoption of immersive media. In North America, the presence of key technology players and a high rate of technological adoption drive market growth. Europe follows closely, with increasing demand for VR and AR applications. The Asia-Pacific region is also emerging as a significant market, driven by rising consumer electronics penetration, technological advancements, and growing interest in immersive experiences. The regional distribution of market growth reflects varying consumer preferences and technological advancements across different areas.

6. Competitive Landscape: The 360-degree camera market features a competitive landscape with both established players and new entrants. Key players include companies like Ricoh, Garmin, and Insta360, which are investing heavily in research and development to innovate and capture market share. The competition is driven by the need for differentiation through advanced features, such as higher resolution, better image stitching, and improved user interfaces. New entrants are also contributing to market dynamics by offering innovative solutions and competitive pricing. The competitive landscape is characterized by rapid technological advancements and a focus on delivering high-quality, user-friendly products to meet diverse consumer and professional needs.

7. Consumer Trends: Emerging consumer trends are shaping the 360-degree camera market, with a growing preference for high-definition, compact, and versatile devices. Consumers are increasingly looking for cameras that offer ease of use, portability, and compatibility with mobile devices. The rise of social media and content-sharing platforms has heightened the demand for immersive and interactive content, driving interest in 360-degree cameras. Additionally, there is a growing trend towards integrating these cameras with other technologies, such as VR headsets and drones, to enhance their functionality and application. Understanding these trends is crucial for manufacturers to align their products with evolving consumer preferences and market demands.

8. Challenges and Opportunities: The 360-degree camera market faces several challenges, including high costs, technical complexity, and competition from other imaging technologies. High prices can limit adoption, particularly in emerging markets, while technical complexities related to image stitching and stabilization can affect product performance. However, these challenges also present opportunities for innovation and market growth. Advances in technology are expected to address these issues, making 360-degree cameras more affordable and user-friendly. Manufacturers have the opportunity to capitalize on increasing consumer and commercial demand by developing cost-effective solutions and improving camera performance. By addressing these challenges and leveraging emerging opportunities, the market is set for continued expansion and evolution.

Geographic Dominance:

Geographic dominance in the 360-degree camera market highlights the leading regions in terms of market size, growth, and technological adoption. North America, particularly the United States, is a major player due to its high consumer spending, advanced technological infrastructure, and strong presence of key technology companies. Europe follows closely, driven by high adoption rates of immersive media and VR/AR technologies, with significant contributions from countries like Germany and the UK. The Asia-Pacific region is emerging as a rapidly growing market, propelled by increasing consumer electronics penetration, technological advancements, and rising interest in immersive content. Countries such as China, Japan, and South Korea are at the forefront of this growth. Regional dominance reflects varying levels of technological adoption, consumer preferences, and economic conditions, shaping the overall dynamics of the 360-degree camera market.

360-Degree Camera Market Key Players Shaping the Future

The 360-degree camera market is shaped by key players including Ricoh Company, Ltd., Insta360, Garmin Ltd., Kodak, Samsung Electronics Co., Ltd., Huawei Technologies Co., Ltd., Vuze (Humaneyes Technologies), and GoPro Inc. These companies are leading in innovation, production, and the global expansion of 360-Degree Camera products across various industries. Their strong market presence and continuous investment in R&D are positioning them at the forefront of the 360-Degree Camera market’s growth.

360-Degree Camera Market Segment Analysis

The 360-Degree Camera market is segmented based on By Type, By Application and Geography, offering a comprehensive analysis of the industry.

By Type

Consumer Cameras: Designed for personal use, offering user-friendly features and portability for capturing everyday moments.Professional Cameras: High-performance models with advanced features for professional applications, including higher resolution and enhanced image quality.

By Application

Entertainment and Media: Used in virtual reality (VR), live streaming, and immersive media content creation.Real Estate: Provides virtual tours and property showcases, enhancing the buying and selling experience.Automotive: Integrated into vehicles for advanced driver-assistance systems (ADAS) and safety features.Travel and Tourism: Captures panoramic views and virtual tours of destinations for promotional and immersive experiences.

By Geography

North America: Dominated by high consumer spending and advanced technology adoption.Europe: Notable for strong market presence and high demand for immersive media applications.Asia-Pacific: Rapid growth driven by increasing consumer electronics penetration and interest in immersive content.Rest of the World: Emerging markets with growing adoption and development in various applications. 

Electronics And Semiconductor:

The 360-degree camera market within the electronics and semiconductor sector is experiencing robust growth, driven by advancements in imaging technology and increasing demand for immersive experiences. The integration of high-resolution sensors, powerful image processing chips, and advanced stabilization technologies has enhanced the performance and appeal of 360-degree cameras. Semiconductor companies are crucial in providing the components necessary for high-quality image capture and seamless stitching. As consumer and professional applications for 360-degree cameras expand—ranging from virtual reality (VR) and augmented reality (AR) to advanced driver-assistance systems (ADAS)—the demand for innovative semiconductor solutions continues to rise. Key players in the electronics and semiconductor industry are focusing on developing cutting-edge technologies to support the evolving needs of the 360-degree camera market. This growth reflects a broader trend towards enhanced imaging capabilities and immersive content creation, highlighting the importance of advanced electronics and semiconductor components in driving market advancements.

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About Us: Market Research Intellect

Welcome to Market Research Intellect, where we lead the way in global research and consulting, proudly serving over 5,000 esteemed clients worldwide. Our mission is to empower your business with cutting-edge analytical research solutions, delivering comprehensive, information-rich studies that are pivotal for strategic growth and critical revenue decisions.

Unmatched Expertise: Our formidable team of 250 highly skilled analysts and subject matter experts (SMEs) is the backbone of our operations. With extensive training in advanced data collection and governance, we delve into over 25,000 high-impact and niche markets. Our experts seamlessly integrate modern data collection techniques, robust research methodologies, and collective industry experience to produce precise, insightful, and actionable research.

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Technology

Eyemart Express Rolls Out Digital and Ecommerce Strategy

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September 23, 2024

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Optical retailer to offer easy, online scheduling for in-store eye exams and sell ecommerce prescription glasses delivered nationwide with record speed

FARMERS BRANCH, Texas, Sept. 23, 2024 /PRNewswire/ — National optical retailer Eyemart Express has launched a new ecommerce site eyemartexpress.com that offers best-in-class web technology with a human touch and delivery speed that is unmatched in the industry.

The new ecommerce site, combined with Eyemart’s nationwide network of 250 stores with experienced optometrists and in-store labs, represents the most compelling omni-channel proposition in the optical market. Customers can use the site to easily schedule eye exams and order quality prescription glasses at a great value, delivered to home in just a few days. 

“The opportunity to offer our distinct value – which combines hyper-local community engagement with unparalleled service and speed – on a national scale will enable us to grow our business and tap into new markets,” said CEO Mike Nuzzo. “We will continue to elevate our brand, deepen our connections in the communities we serve, and strengthen our long-standing relationships with local doctors who are passionate about the care they provide.”

Eyemart Express also recently updated the look and feel of its brand, focusing on ‘See the Moment,’ which represents the speedy, high quality service that customers value, and the company’s dedication to ensuring customers don’t miss key moments in their lives.

About Eyemart Express
Eyemart Express is more than just a local eye care provider – we are eye care experts embedded in the fabric of our local communities. Doctor-founded in 1990, our team has grown alongside our customers and their families, bringing quality and accessible eye care services to each town we serve. Deep partnerships with local optometrists, on-site technicians, and in-house labs enable us to deliver over 80% of glasses in one hour in our 250 stores nationwide. We offer a seamless blend of the latest technology, comprehensive eye care, and genuine human connections to deliver glasses to any location in the U.S. that are “Made Today – Shipped Tomorrow,” faster than any other eyewear brand. The company ranks among the top optical retailers in the country with its family of brands: Vision 4 Less, Visionmart Express, and Eyewear Express. For more information about Eyemart Express, visit eyemartexpress.com.

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SOURCE Eyemart Express

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INOVAIT and the Government of Canada announce the latest recipients of the INOVAIT Pilot Fund for advancements in image-guided therapy and artificial intelligence

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2 hours ago

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September 23, 2024

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TORONTO, Sept. 23, 2024 /PRNewswire/ – INOVAIT, the pan-Canadian innovation network supporting advancements and commercialization in image-guided therapy (IGT) and artificial intelligence (AI), is excited to announce the latest recipients of its Pilot Fund. This competitive funding program is awarded to compelling medical technology projects that harness the transformative power of AI, machine learning, and big data analytics in IGT to advance medical innovation and streamline care.

INOVAIT has committed just under $730,000 to support six new projects involving collaborations between small- and medium-sized enterprises, hospital research centres, and academic institutions, creating jobs and launching healthcare innovation across the country.

The combined value of the six projects is over $2.2M, contributed by all participating companies, organizations, and partners. INOVAIT is proud to offer this non-dilutive financial support to Canada’s most innovative technologies in IGT. Funding was provided coast to coast to projects that demonstrated the highest commercialization potential and economic impact, including projects in British Columbia, Alberta, Manitoba, Ontario, Quebec, Nova Scotia, and Newfoundland.

Kullervo Hynynen, co-executive director of INOVAIT, proudly stated, “INOVAIT’s financial support promotes the practical application of research and development efforts, speeds up market readiness of innovations, generates high-impact jobs for Canadians and fuels the sector overall.” He added, “To date, INOVAIT has selected 88 IGT-AI projects for funding, leading to an expected infusion of $128 million into the burgeoning Canadian image-guided therapy sector.”

Sound Blade Medical leads one of the six announced INOVAIT Pilot Fund projects. In partnership with Dalhousie University, they are revolutionizing endoscopic healthcare through cutting-edge image-guided histotripsy and machine learning algorithms. Their INOVAIT Pilot Fund project focuses on advancing treatment and care for those suffering from obstructive sleep apnea (OSA). Current surgical options to treat OSA are performed blind, often leading to complications such as bleeding, infection, speech impairment, and tongue paralysis. Sound Blade’s project will further develop non-invasive, image-guided ultrasound ablation (histotripsy) technology as an alternative to tongue-base reduction surgery for OSA. With the help of AI, Sound Blade’s intra-oral image-guided ablation prototype will precisely and non-invasively liquify fatty tongue tissue, protecting vital neighbouring tissue and mitigating the complications associated with standard surgical OSA treatment.

“We are incredibly grateful to INOVAIT and the Government of Canada for their generous support,” said Jeremy Brown, CEO and founder of Sound Blade. “The INOVAIT Pilot Fund will accelerate our ability to bring innovative healthcare solutions to the market and improve patient lives.”

INOVAIT is able to enable projects like Sound Blade’s because of the support from the Government of Canada’s Strategic Innovation Fund (SIF).

“Our government understands the amazing potential of image-guided therapy and AI to revolutionize how Canadians receive medical care,” said The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry. “That is why we are excited to partner with INOVAIT to help support stakeholders working across this exciting new technological landscape and ensure that Canada remains at the forefront of cutting-edge medical innovations.”

For a complete list of companies funded to date through INOVAIT, visit www.inovait.ca/funding. For any inquiries regarding INOVAIT or its programming, please reach out to inovait@sunnybrook.ca .

About INOVAIT

Established in 2020, INOVAIT invests strategically in collaborative partnerships that build upon Canada’s strength in digital innovation and health science research to create a critical mass of world-leading image-guided therapy (IGT) companies focused on artificial intelligence, machine learning, and big data analytics. Led by the Sunnybrook Research Institute and supported by the Government of Canada’s Strategic Innovation Fund, the network brings together small, medium-sized, and large companies, research organizations, post-secondary institutions, and not-for-profit organizations to collaborate, connect, and work together. The network’s mission is to build a truly integrated IGT-AI ecosystem by fuelling continuous innovation, commercialization, and collaboration that revolutionizes healthcare globally.

About Sunnybrook Research Institute

Sunnybrook Research Institute (SRI) is the research arm of Sunnybrook Health Sciences Centre, an internationally recognized academic health sciences centre fully affiliated with the University of Toronto. With well-established programs in basic and applied sciences which span across three scientific platforms and ten clinical programs, SRI is developing innovations in care for the more than 1.3 million patient visits the hospital sees annually. Recognized as a Centre of Excellence in focused ultrasound, SRI has one of the most comprehensive and successful focused ultrasound research programs in the world, with technical, scientific, and clinical experts accelerating progress in the field.

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NEW Global Rideshare Report – First Half 2024: Obi’s Unique Datasets Uncover New Rideshare Trends

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2 hours ago

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September 23, 2024

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NEW YORK, Sept. 23, 2024 /PRNewswire/ — Obi, the global real-time aggregator for rideshares, today released an expanded and updated Global Rideshare Report incorporating additional first half 2024 data. This extensive report provides an unparalleled analysis of the rideshare industry, examining 85 million unique searches and over one billion data points.

The report offers a deep dive into the increasingly complex pricing models used by rideshare companies and market dynamics across major cities worldwide, including New York, London, Paris, and Delhi with unique insights on how to beat surge and weather pricing dynamics.

“This unprecedented report shows how complex pricing models and rideshare data have become,” noted Obi Chief Revenue Officer, Ashwini Anburajan. “We highlight never before seen data sets and trend analysis across the industry. We hope this report will open a few eyes and help consumers as well as companies make smarter decisions. The world of rideshare data has been very opaque historically and this is just the first step in helping to bring greater transparency with Obi’s unique insights.”

The updated Obi Global Rideshare Report – First Half 2024 highlights significant trends and insights across both driver side and rider side, reflecting the industry’s evolution post-pandemic. Combining proprietary data with public sources, the report explores critical topics such as driver pay, price fluctuations, competition amongst providers, and the growth of green rides.

Key takeaways from the new Obi Global Rideshare Report – First Half 2024 include:

Inflation And The Rideshare Price Rollercoaster: In the last four years in the U.S. market, rideshare prices have spiked, dropped and leveled out. An illustration of how prices have increased: a ride on Uber in 2020 that cost $30 would have risen to $35 in 2021 and $37 in 2022. In 2023 prices dropped, and the same ride would have cost users $33. In mid-2024 that same ride is now $31.50. In the period between 2020 and 2022, prices spiked by 23% if you took an Uber and 32% for Lyft. This has now come down and prices are 4.5% higher than they were in 2020 for Uber, while Lyft prices are 8.1% higher. Consumers are paying more per ride in the last three years than in the ten years prior when VC funding fueled growth over profitability. Gas prices, inflation and the push for profitability have all impacted consumers.As consumer prices increase, driver pay drops: We found that drivers earn a smaller percentage of the ride fare than they had pre-pandemic in 2019. Uber pays 10.5% less on average to their drivers. Drivers have gone from earning 72.6% of the ride to 60.7% in the first half of 2024.Rideshare Prices Rose By Over 9% In A 12-Month Period Nationally: Over the 12 month period from July 2023 through June 2024, rideshare prices continue to increase. Uber’s prices increased over this period by 9.75% from $28.18 to $30.93 nationally in the United States. Lyft’s prices also ticked up by 9.8% from $28.17 to $30.93. Consumers continue to travel slightly farther, with average distance for a trip increasing from 11.06 km (6.87 miles) to 11.3 km (7.02 miles)Earnings Per Ride Grows In New York City: Both rideshare companies in the New York City market are making more per ride than they were pre-pandemic. In 2019 Uber’s average earning per fare in NYC was $1.80. It has increased by 250% and is $6.29 in the first half of 2024. In 2019 Lyfts’s average earning per fare in NYC was $4.11. It has increased by 38% and is $5.65 in the first half of 2024.Competition Among Rideshare Providers in London Keeps Prices Low: Unlike New York City, London’s prices have stayed relatively stable over the last several years driven largely by price competition between multiple rideshare companies. It’s 68% more expensive to take a ride in NYC than in London. London riders have more brand loyalty than other cities, with 22% of users choosing their preferred brand even when the price difference is as high as £5.Uber Underestimates Trip Duration. Data shows trip duration has a relatively minor impact on ride selection. However, Uber appears to indicate that the trip will take less time than its competitors in New York City a staggering 85% of the time, estimating that a trip will be between 4 to 5 minutes shorter than other rideshare providers.Weather Drives Surge Pricing Across Cities: Rainy weather is driving surge pricing across cities globally. We see a difference between 6% to 10% depending on the city. Cities like London and New York where rain is a regular occurrence experience the highest surge. Good news for riders in snowy weather, rideshare companies often lower their prices to attract riders.Consumers Need Incentives To Take Green Rides. Uber and Lyft have done an admirable job in increasing the number of green vehicles available to consumers in global cities. However, even though green rides have the same relative wait times and prices, consumers still choose the standard vehicle option if the wait time is as little as 1 minute longer or $1 more in price. 37% of consumers feel that green rides should be cheaper than regular rides. Overall, 10% of rides in New York are green while in Paris and London over 20% of rides selected are green rides. We credit this to European cities enforcing tougher regulations to mandate more green vehicles on the road.Eager for Driverless Cars. 77.5% of rideshare consumers say they are ready to use autonomous vehicles. Safety was the biggest concern of consumers who wouldn’t choose to ride in an autonomous vehicle.

The updated Obi Global Rideshare Report – First Half 2024 is available for download at http://rideobi.com/report2024.

About Obi:

Obi is a global real-time aggregator that compares millions of pricing and pick-up (ETA) data points, providing consumers and businesses with actionable insights. The free Obi app allows riders to compare taxis, black cars, and major rideshare providers instantly. With over 650,000 users, Obi partners with numerous rideshare and taxi providers worldwide to ensure transparency in ride fares. The app is available for free download on iOS and Android.

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SOURCE Obi

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