Oct 23, 2018
Manufacturers’ Focus to enhance Functionality and Rising Affordability opens Promising Growth Trajectories in Wearable Cameras Market Observes Fact.MR
by Team Fact.MR
The growing popularity of wearables in a range of adventure and extreme sports is a seminal trend driving the rapid evolution of the wearable cameras market. The wide range of applications of wearable cameras can be put to use is on account of their hands-free functionality to record images in high-resolution and live stream videos of the high-octane moments on the go. Relentless efforts of camera manufacturers to bring technology advancements are expected to sustain the growth momentum of the wearable cameras market. Over the past years, the advent of wearable cameras with robust design features, high-frame rates, hybrid-cloud features, and a long battery life has opened new avenues in the worldwide wearable cameras market. The rising use of these wearable among enthusiasts to capture family moments is also fueling the growth of the wearable cameras market.
With several exciting prospects shaping the contours of the dynamics, the global wearable cameras market is projected to proliferate at a robust CAGR of 13.4% from 2017 to 2022.
Wearable cameras are gaining popularity among users to record live events out of proclivity, curiosity, or mere self-aggrandizement. The growing number of product launches with higher processor speed that supports rapid sharing of content is a key factor aiding in the expansion of the wearable cameras market. In recent years, a slew of wearable cameras in the economy and mid-range price segments is catalyzing the steady evolution of the wearable cameras market. Both the sectors jointly accounted for around 67.0% of the global wearable cameras market in 2017.
The various application areas where wearable cameras are extensively used are the sports and adventure, industrial, and security. The rising use of wearable cameras by the militaries world over is fueled by the rising demand for high-tech cameras in the defense industry. Technological advances in the wearable cameras market are continuously improving the functionalities, thus bolstering the uptake in the sector. However, the low affordability of high-end wearable cameras in emerging markets is a key factor hindering the growth of the market.
The profuse demand for wearable cameras with a slew of advanced features in the sports industry is a notable factor boosting the wearable cameras market. This is increasingly supported by the sale of these camera through sports segment. By the end of 2017, the estimated share of the segment in the overall wearable cameras market was over 25.0% and the distribution segment is projected to rise at robust CAGR of 14.0% during 2017–2022.
The industrial application area in the wearable cameras market is also presenting large lucrative prospect for manufacturers and distributors. The current share of the industrial segment in the global wearable cameras market is close to 24.0%. By the end of 2022, segment is anticipated to reach a worth of US$2,300 Mn. On the basis of various product types, the demand for head-mount type in the global wearable cameras market is rising at a lucrative pace. Currently, it accounts for a sizeable share and by the end of the assessment period, this segment is expected to reach a worth of US$4,800 Mn.
Of the key regional markets for wearable cameras, the demand for wearable cameras in North America is potentially high and is expected to remain so throughout the assessment period. North America wearable cameras market is expected to rise at 15.7% in between the assessment period of 2017-2022.
The rising demand can be attributed largely to the burgeoning demand for wearable cameras among adventure seekers and outdoor sport enthusiasts. The growing affordability of wearable cameras among the regional population and the launch of technologically-advanced products in recent years are factors driving the regional market.
Some of the prominent players who view for leading shares in the wearable cameras market are Hitachi, Ltd., Axon Enterprise, Inc., GoPro, Inc., General Electric Company, General Electric Company, Pinnacle Response, iON America LLC, and Digital Ally, Inc.