Aug 30, 2017
North America to Remain the Most Profitable Market for Wearable Cameras Over 2022
by Team Fact.MR
Fact.MR’s recent study reveals that the global wearable cameras market is set to surpass a valuation of US$ 9,120 Mn, by 2022, reflecting a robust CAGR during the forecast period (2017-2022). Demand for wearable cameras has escalated due to the increasing popularity of various adventure sports such as mountain biking, hiking, skiing, sky diving, and trekking among others. People who participate in these sports activities use wearable cameras for live streaming and recording their experience. Moreover, the growth of the travel and tourism sector is also reflecting favourably on the global market for wearable cameras. Broadcasting organisations are rapidly incorporating wearable cameras for live telecast of sporting events in order to offer player’s infield viewpoint or perspective to viewers. Wearable cameras are mounted on players during the game that stream the real time incidences happening with the player. Owing to their high performance and efficiency, military application of wearable cameras have also increased of late. However, most wearable cameras have fragile components that remain highly expensive, which to an extent is hampering their sales.
Additional Highlights from Fact.MR’s Report on Wearable Cameras Market Include:
On the basis of product type, the head mount wearable camera segment is expected to remain dominant throughout the forecast period followed by the body mount wearable cameras. The head mount wearable camera segment currently represent a substantial percentage of the global market in terms of revenue. By the end of 2022, this segment is estimated to surpass a market valuation of US$ 4,800 Mn.
By distribution channel, the sport stores segment is expected to retain its top position over the assessment period. In terms of revenue, the segment is projected to command for more than one-fourth market share by 2017-end. Between 2017 and 2022, the sport stores distribution channel segment is anticipated to exhibit a strong CAGR of 14%.
On the basis application, the industrial segment is expected to stay highly attractive in the foreseeable future. Currently, the segment represents close to 24% revenue share of the global market for wearable cameras. Towards the end of forecast period, the industrial application segment is set to reach a market valuation of over US$ 2,300 Mn.
By price-based, the economy and mid-range price segments are expected to dominate during the forecast period. Both the segments are expected to collectively account for nearly two-third revenue share of the global market by 2017-end.
Among regions, North America will continue to lead the global market for wearable cameras during the forecast period. Sales of head mount wearable cameras is significantly high in the region. The market for wearable cameras in North America is projected to reflect a CAGR of 15.7% during 2017 to 2022.
Garmin International, Inc., Digital Ally, Inc., iON America LLC, Pinnacle Response, VIEVU, General Electric Company, GoPro, Inc., Narrative, Axon Enterprise, Inc., and Hitachi, Ltd. are some of the top companies currently active in the global market for wearable cameras.