ABI Research eyes 360-degree camera market surge and forecasts 2 million professional and prosumer products to ship in 2021
Aug 23, 2016
Scottsdale, Arizona - 23 Aug 2016
While most new technologies experience a slow market entrance, 360-degree video will likely skip that trend, thanks to its ties to virtual reality (VR) and early investment from major technology players including Facebook, Samsung, and YouTube. ABI Research **** forecasts professional grade cameras and mid-tier, prosumer 360-degree cameras to hit nearly two million shipments by 2021, with consumer 360-degree cameras to top four million by the same year.
“The most prominent force driving 360-degree video content and hardware is VR,” says Eric Abbruzzese, Senior Analyst for ABI Research. “And though VR has been experiencing a period of content starvation due to its novelty, small early install base, and the high cost of premium VR, support from major content platforms will lessen this for 360-degree video.”
360-degree video market activity is abundant across both consumer and enterprise applications. In regards to enterprise, Nokia already signed a multi-year deal with content giant Disney to use its OZO camera, and stated that VR and 360-degree video is a core business component as it restructures around forward-looking technologies and product line expansion. Additionally, wearable camera market leader GoPro, experiencing a slowdown in its core market, has its own professional-grade, 360-degree multi-camera rig and will likely release a consumer-grade, 360-degree offering in the near future.
VR’s role in 360-degree video cannot be understated either. While viewing 360-degree content can be done on a computer or mobile device, the most compelling and natural viewing experience is in VR. And as the desire for content surges, ABI Research forecasts nearly 70 million mobile-based VR products to ship, like Google Cardboard and Samsung Gear VR, by 2021.
“It is rare to see a culmination of factors as powerful as what’s happening for 360-degree cameras and video,” concludes Abbruzzese. “Decreasing average selling prices for VR hardware and 360-degree cameras, the possibility for 360-degree camera integration with mobile devices, network and bandwidth improvements for 4K and HDR content that are also enhancing 360-degree video streaming, and a slowing wearable camera market all are creating a rich and promising next step for 360-degree video.”
These findings are from ABI Research’s Consumer, Prosumer, and Professional 360-Degree Cameras. This report is part of the company’s Smart Home, Transformative Technology, and Video, OTT, and AR/VR sectors, which include research, data, and analyst insights.
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