360-degree Camera Market Size, Share, Growth Analysis, By Connectivity Type(Wired, and Wireless.), By Resolution(High Definition (HD), and Ultra-high Definition (UHD).), By Camera Type(Single, and Professional.), By Vertical(Media & Entertainment, Consumer, Military & Défense, Travel & Tourism), By Application(Traffic-Monitoring, Grid Layout, and Aerial Scenery.), By Region - Industry Forecast 2024-2031

Global 360-degree camera market was valued at USD 1.21 billion in 2022 and is expected to rise from USD 1.51 billion in 2023 to reach a valuation of USD 8.76 billion by the end of 2031 at a CAGR of 24.60% during the forecast period (2024-2031).

360-degree cameras use omnidirectional camera systems to simultaneously record views from all directions. The 360-degree capability of these cameras leads to an improved visual flow. This camera records a horizontal surface view of a 360-degree field. The excellent image quality allows for a high zoom level and potentially extremely high resolution. The usage of augmented and virtual reality in video games and other interactive entertainment is increasing, which is why 360 cameras are becoming more and more popular. These videos are often taken with one camera, or occasionally with a system of cameras and lenses. These camera setups are largely used in the film business.

The market for 360-degree cameras is being driven by the integration of these cameras with mobile devices as well as the growing tendency to watch real-time 4K and HDR video. In addition, an increase in the number of security lapses, theft, and burglary incidents in public, commercial, and apartment buildings is driving up product sales. These cameras are also used by the defence sector for monitoring and surveillance purposes. The lack of public awareness of 360-degree cameras is one of the key causes of their low adoption rate. These camera setups are too large to photograph close-up shots of small items or models. To provide a camera to track the surroundings, multiple lenses are positioned closely to one another in a ball or disk-shaped gear in a traditional 360-degree form in the camera.

The most difficult problems faced by 360-degree cameras include shooting in confined spaces and getting close-up shots of objects. The distance between the two cameras, which results in picture errors, generates the parallax effect. In the coming years, it's anticipated that hardware and software limitations, a lack of proper device compatibility, and high price of 360-degree cameras, may hinder the growth of this market.

Several 360-degree camera models are now being released by various tech businesses, each with their own price, ergonomics, size, and design. Customers can live stream 4K footage via Smartphone connectivity to prominent platforms with these solutions. This includes facial recognition, improved picture rates, night vision, and advanced image stability. High-quality picture sensors and expandable memory are also offered by the main rivals, which increases their efficiency and attracts a wider user base.

US 360-degree Camera Market is poised to grow at a sustainable CAGR for the next forecast year.