Popularity of Adventure Sports and Motion Photography Bolsters Market for Wearable Cameras
The global wearable cameras market is expected to keep expanding at a boisterous pace over the coming years. The market is characterized by the presence of a large number of small-, medium-, and large-sized players of national and international accord. This makes the market highly fragmented and is expected to attract the entry of more players in the future. The influx of new players is due to the commendable growth opportunities resting within the market. As new players enter the market and the established players adapt to better business strategies, the competition is expected to intensify.
Product innovation and expansion of the product portfolio is likely to be the most sought after strategy of market players. Furthermore, the huge companies are expected to acquire the local or regional players in order to penetrate the regional markets. The prominent players in the market for wearable cameras include Axon Enterprise Inc., GoPro Inc., Garmin Ltd., Rollei GmbH, Contour, Narrative AB, LLC., Vievu LLC.,Pinnacle Response Ltd., Sony Corporation, and Xiaomi.
Transparency Market Research (TMR) prognosticates the growth track of the market by estimating key indicators such as market value and growth rate over the period from 2017 to 2025. The market value stood at US$2.71 bn in 2016 and is expected to touch a value of US$8.12 bn by the end of 2025. The market is expected to grow at a stupendous CAGR of 13%. Based on application, the sports and adventure segment reaped the highest revenue in 2016 due to wearable cameras can effectively capture action and motion shots. On a geographical footing, the market in Europe in expected to exhibit the highest growth rate, i.e., a CAGR of 13.7% from 2017 to 2025. The presence of several players who are introducing new types of products each day drives the regional market.
Several factors contribute to the growth of the market for wearable cameras. One of the key factors is the growth of sports and adventure industry wherein motion photography plays an important role. Sky diving, trekking, and mountain cycling are becoming popular across the world, which is propelling the market. The rise of social networking sites has underhandedly skyrocketed the demand for wearable cameras because people now show a propensity to upload pictures on social media platforms.
A physiological sense of inclination towards clicking pictures has gained momentum in recent times. In the past decade, photography has transcended as an important industry with lucrative opportunities, which contributes to the expansion of the market. Furthermore, the security concerns across various industrial, commercial, and residential longitudes has also been a prime contributor to the growth of the market. Gathering video evidence for analysis and testing, capturing crime scenes, and making news reports are amongst other factors that drive the market for wearable cameras.
Comments
Post a Comment