Presence of numerous players – both national and international – makes the global wearable camera market fragmented in nature. In the years ahead, the market is expected to see foray of new players which will likely heat up competition. In order to thrive in the market, companies are focusing on developing innovative products having unique features and better quality images. They are also resorting to competitive pricing to ensure sales.
In July 2016, for example, Xiaomi launched a new wearable camera having GPS technology and 360-degree technology that provides 85-degree wide vertical viewing angle.
GoPro Inc., Garmin Ltd., Xiaomi, Sony Corporation, Narrative AB, Pinnacle Response Ltd., Axon Enterprise Inc., Rollei GmbH, Contour, LLC., and Vievu LLC. are to name a few prominent participants in the global wearable market.
A report by Transparency Market Research forecasts the global wearable camera market to rise at a solid CAGR of 13.0% during the period between 2017 and 2025 to become worth US$8.12 bn by end of 2025 from US$2.71 bn in 2016
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Depending upon the sales channel, the global wearable camera market can be segmented in online and offline. Of the two, the online segment is predicted to outpace the offline segment vis-à-vis growth rate because of the growing number of booming e-commerce websites and rising penetration of the internet.
The key regions in the global wearable camera market are North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Of them, North America dominates in terms of market share because of the growing tourism and interest in adventures and sports in the region. Besides, stiff competition among big and small players resulting in products with superior features such as resistance to damage caused by water, GPS connectivity, 720p recording, and internal storage is also proving beneficial to the market. Another growth driver in the market is the competitive prices because of many players. The TMR report predicts the region to rake in a revenue of US$2.77 bn by 2025.
Popularity of Social Networking Sites Majorly Fuelling Market
Many things are serving to drive the wearable camera market. For example, the increasing interest in sports and adventure tourism, the increasing number of internet users, and soaring popularity of social networking sites where people flaunt their pictures are providing a major boost to the market. Apart from that, the healthcare sector too is boosting the market. Superior design, 360 degree technology, simple mechanisms, and most importantly compact size makes them ideally suited to record surgeries or carry out dental treatments.
Wide Array of Products Catalyze Demand
Wearable cameras available in the market range from small, low-resolution cameras to full HD ones meant for professionals. The wide array along with the rapid advancements in technology leading to unveiling of more sophisticated products every now and then is proving highly beneficial to the market. One factor posing a challenge to the market, however, is the surging popularity of smartphones that can be carried everywhere.