The surge in the use of 360-degree cameras in the automotive sector and benefits of deploying these cameras in various applications are the major factors providing growth opportunities to the players in this market. The major factors driving the growth of the 360-degree camera market are the growing popularity of AR & VR content and increasing awareness about the need for safety and security at public places.
Key strategies adopted by the major players in the 360-degree camera market between 2014 and 2018 include product launches and developments, partnerships, collaborations, and acquisitions. Companies such as Samsung Electronics (South Korea), Ricoh (Japan), Insta360 (China), 360fly (US), and GoPro (US) have adopted these strategies to expand their customer base and enhance their product portfolio.
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Samsung Electronics is an established brand name in the market, which focuses on the development of consumer electronics, semiconductor, and information technology and mobile communications. It is a major manufacturer of electronics—such as TVs, laptops, cameras, and audio systems. The company is enhancing its competency in terms of quality, innovation, and brand awareness in the camera segment. Currently, Samsung focuses on adopting product launches and partnerships as the key growth strategies to sustain in the 360-degree camera market. In October 2017, the company launched 360 Round for specialists and enthusiasts demanding a superior virtual reality (VR) experience, a new camera for developing and streaming high-quality 3D content. It is a durable and manageable solution for viewing, capturing, and editing the VR content. In addition, the 360 cameras offered by the company provide immersive AR and VR experiences to the customers. Also, in June 2017, Samsung partnered with the internet media companies BuzzFeed (US) and NowThis (US), giving consumers access to new and immersive experiences with the Samsung’s Gear 360. This partnership would result in more than 140 pieces of content and reach over 300 million consumers. The company focuses on R&D to accomplish product innovations and technological advancements to expand its share in the booming 360-degree camera market.
Ricoh primarily focuses on product diversity and innovation. Its increasing investments in R&D are expected to enable it to offer superior-quality 360-degree cameras. The company strategically focuses on providing consistent, high-quality services, and solutions through its unified service offerings, innovations, and impact on customers worldwide. Ricoh continues to accelerate its global strategy alignment to enrich its service and solution portfolio. The company continues to boost its position in the 360-degree camera market through the adoption of strategies such as product launches. In August 2017, the company launched a high-end model RICOH THETA V, which is capable of high-quality, 360-degree 4K video and spatial audio recording. This new, compact model ensures high-speed transfer to easily browse large volumes of data and record high-quality sound compatible with 360° Spatial Audio; it can also shoot high-quality 360-degree videos that are equivalent to 4K resolution.
360-Degree Camera Market by Connectivity Type (Wired and Wireless), Resolution (HD and UHD), Vertical (Media & Entertainment, Consumer, Military & Defense, Travel & Tourism, Automotive, Commercial, Healthcare), and Geography - Global Forecast to 2023
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