Worldwide 360 Camera Market Report, 2020

Worldwide 360 Camera Market Report, 2020
July 2020
Report Authors
Clifton Dawson Alexis Macklin
CEO & Founder Research Manager
Devices & Technology Devices & Technology
Natalie Yue
Senior Analyst
Devices & Technology
Version: 1.0
Release Date: July 21, 2020
© 2020 Greenlight Insights | Reproduction Prohibited
Photo credit: Peter Graham

Worldwide 360 Camera Market Report, 2020 2

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in this report is prepared from sources and data which we opinions and analysis of Greenlight Insights,
believe to be reliable, but we make no representation as and is the independent collaborative work of
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responsibility nor liability for any damages of any type
resulting from any errors or omissions.


Table of Contents

Table of Contents 3
List of Tables and Figures 4
Executive Summary 5
Introduction 6
Definition of 360 Cameras 6
Basic Differentiation of 360 Cameras 6
Market Segments 11
Situation Overview 13
Vendor Profiles 14
Insta360 14
GoPro 14
Ricoh 15
Samsung 15
KanDao 15
Others 16
Future Outlook 17
Methodology 17
Forecasts and Key Assumptions 18
Market Share 24
Market Analysis 25
Consumer Profile of 360 Camera Users 25
The Potential Enterprise Applications of 360 Cameras 27
Conclusions 29
Appendix 30
Research Methodology 30
About Greenlight Insights 31


List of Tables and Figures

Figure 1: 360 Cameras Primary Market Segments 12
Table 1: Worldwide 360 Cameras Revenue and Unit Shipments, 19

2019 – 2024
Figure 2: Worldwide 360 Cameras Revenue and Unit Shipments, 19

2019 – 2024
Table 2: Worldwide 360 Cameras Revenue by Product Category 19

2019 – 2024
Table 3: Worldwide Standalone 360 Cameras Revenue by Product Type, 20

2019 – 2024 ($M)
Table 4: Worldwide 360 Cameras Revenue by Segment, 2019 – 2024 ($M) 20
Table 5: Worldwide 360 Cameras Revenue by Region, 2019 – 2024 ($M) 20
Figure 3: Worldwide 360 Cameras Revenue Share by Region, 21

2020 and 2024
Table 6: Top Assumptions for the Worldwide 360 Cameras Market, 21
2020 – 2024
Table 7: Key Forecast Assumptions for the Worldwide 360 Cameras 22
Market, 2020 – 2024
Table 8: Historical and Projected Market Share of Major Vendors 24
Table 9: Gender of 360 Cameras Users 25
Table 10: Age Breakdown of 360 Cameras Users 25
Table 11: Electronics Spending of 360 Cameras Users 26
Table 12: Sources of Information for 360 Cameras Users 26
Table 13: Maturity of Enterprise Applications for 360 Cameras 27


Executive Summary

360 cameras for consumers and the enterprise are quickly becoming critical
tools to capture, create and share engaging personal content, as well as for
achieving optimal employee performance in today's day-to-day business
operations. Digital transformation trends have heightened the corporate
interest in virtual reality (VR) and 360 video, and the technologies
underpinning them. Vendors are leveraging artificial intelligence for filming and
post-production enhancements as well as partnering with more companies in
the video and social media distribution space. This worldwide 360 camera
market analysis provides a 2019 market sizing and a five-year market forecast
(2020–2024). The key findings in this
research include:

In 2019, the 360 camera market grew 34.5% to $538 million, up from
$400 million in 2018.
Greenlight Insights estimates that in 2020, the worldwide market size

for 360 cameras will reach $593 million in revenue.
Overall, Greenlight Insights expects a compound annual growth rate

(CAGR) of 14.2% for total worldwide 360 cameras revenue for the
period from 2020 to 2024. This will result in revenue of just over $1
billion by the end of the forecast period.
Overall growth of the global 360 cameras market is driven by the

increasing interest among consumers and firms in the entertainment
hospitality, real estate, healthcare, education, and telecommunications
sectors.
Software-based filming and post-production enhancements leveraging

artificial intelligence offered by new 360 cameras are providing added
stimulus to the rapid growth of the market.


Introduction

This study examines the worldwide 360 cameras market for the period from
2020 to 2024, with revenue and shipment trends and market growth forecasts.
Worldwide market sizing is provided for 2019. A five-year growth forecast for
this market is also shown for 2020–2024. This study also includes profiles of
leading vendors and identifies the characteristics that vendors will need to be
successful in the future.

The 360 cameras market is currently undergoing rapid change due to the global
pandemic, economic fallout, and multi-year trend of corporate consolidations.
However, despite this market flux, there are opportunities for growth in both
consumer and professional use.

General Definition of 360 Cameras

A 360 camera is created using multiple cameras or lenses to capture the
surrounding environment. This industry includes companies that manufacture
cameras, peripheral equipment, and software for making spherical 360° or
180° videos.

Basic Differentiation of 360 Cameras

The following sections describe the five major categories of spherical cameras.

Paired with Smartphones

Often considered phone accessories, cameras that are paired with
smartphones attach via the USB port, so the camera is controlled through the
phone. These cameras consist of two wide angle lenses to form the 360-degree
sphere. These cameras are basic in nature and do not offer stereoscopic video.
The cameras are controlled via a mobile application and many can publish and
live stream to social platforms like YouTube and Facebook from the apps.


(Left) Insta360 Nano S. (Right)Giroptic iO Pop. Source: Insta360 and Giroptic

Monoscopic Standalone

Monoscopic standalone cameras include one or more camera sensors and do
not provide stereoscopic capability. These cameras range widely in price, with
consumer and professional versions.

Professionals use lower-end monoscopic cameras to direct and test a shot
before recording, since the stitching is usually automatic and the finished video
can be seen almost instantly after recording. These cameras often are bundled
with a mobile application to view, edit, and publish videos without a computer.

(Left) GoPro Fusion. (Right) Ricoh Theta V. Source: GoPro and Ricoh
Stereoscopic Standalone

Stereoscopic standalone cameras include at least one pair of camera sensors
that capture a 3D image or video. Stereo-optic images add to the clarity and
immersion when viewed with a headset, but this feature also faces challenges.
The video is shot at a fixed distance and cannot be changed. This may not match
the viewer’s IPD (Interpupillary Distance), resulting in lower perceived image
quality.

180-Degree Cameras. Stereoscopic 180-degree cameras have two
camera sensors on the front of the camera. Lucidcam is currently the
best-known company in this sector, but Kodak, Lenovo, LG, and Yi
Technologies have also released stereoscopic 180-degree cameras.


NextVR is known for shooting stereoscopic 180-degree video. This is

accomplished with two RED Dragons in a rig, not a single camera.

360-Degree Cameras. Stereoscopic 360-degree cameras have at least
two pairs of camera sensors and offer useful features for both
consumers and professionals. However, the most distinct difference
between both cameras is the quality of resolution. Consumer-grade
cameras offer up to 4k resolution while professional-grade cameras
provide an 8k resolution.

(Left) YI Technologies VR180. (Right) Insta360 Pro. Source: YI Technologies and Insta360

Hybrid Standalone

Hybrid standalone cameras are capable of shooting in both monoscopic

360-degree and stereoscopic 180-degree video known as VR180. This is done
with a pair of adjustable lenses. These cameras are positioned for consumers as
the camera provides a variety of shooting options.

HumanEyes’ Vuze XR 5.7k Camera in the monoscopic 360-degree recording mode (left) and in the
VR180 stereoscopic recording mode (right).


Spherical Multi-Camera Arrays

Spherical Multi-Camera Arrays are generally comprised of two or more
standard, digital cameras with significant wide angle or fisheye lenses, rigged so
that they capture different portions of the spherical 180- or 360-degree scene.
Companies like 360Rize provide a range of holders designed for GoPro’s
popular series of rugged cameras. Generally, these rigs are aimed at the
professional market, provide no onboard processing or video stitching
capabilities, and require the operator to transfer and collate all captured
footage and stitch it to create the spherical 360-degree scene. Resolution and
quality of the footage are dependent entirely on the array’ cameras.

(Left) GoPro Omni. (Right) 360Designs Mini EYE. Source: GoPro and 360Designs

Professional filmmakers are also using arrays to obtain higher resolution by
using high-quality cinematic cameras. Companies like 360Designs specialize in
creating custom rigs for professionals. These custom rigs are just as, or more,
expensive than professional 360-degree camera solutions.
Standard. Standard arrays are sold by multiple camera manufacturers,
such as GoPro and Yi Technologies, and are priced to include the cameras.
Custom-Built. Custom-built arrays are available in a large variety of

configurations and specifications. These arrays can consist of action
cameras, DSLRs, RED Dragons, and various professional-grade cameras
and may have as many as 24 cameras. These rigs are often designed by
film production studios themselves for the purpose of filming specific
challenging shoots or a need for high resolution.


Volumetric

Volumetric video solutions bring 6 DoF to 360-degree video, creating a 3D

video with the ability to move through the captured environment. Lightfield
and LiDAR/volumetric sensors are two ways to accomplish this. Lightfield
systems capture information regarding the light rays in the environment.
Volumetric cameras capture the surrounding environment through LiDAR, a
technique used to measure space using lasers.

Lightfield and volumetric cameras capture content with various perspectives
within the scene. The viewer can move their head to look around objects in a
scene and see different viewpoints. Spherical videos captured by these
techniques are more immersive and decrease motion sickness, as users are able
to fully explore the space. The biggest challenge with these methods is the
amount of data and compression needed to produce a video.

Volumetric cameras of all types are still in early development. Lytro, a lightfield
camera manufacturer, was the closest to a commercial product but shuttered in
March 2018. Facebook is developing prototypes of lightfield and volumetric
cameras, but has yet to release a product. Currently, the biggest steps made
toward developing volumetric video is from the software side. Google, Visby,
NVIDIA, and OTOY are all working on solutions to create 6 DoF videos from
monoscopic or stereoscopic spherical videos.

HyperVR’s LiDAR VR volumetric rig. Source: HypeVR


Market Segments

The 360 cameras market taxonomy includes five individual technology markets
grouped within two primary segments.

The two segments include:
Consumer 360 cameras
Professional 360 cameras

Consumer 360 cameras feature cameras that are manufactured and

distributed on a large scale. Secondary markets include:
360 cameras paired with a smartphone target consumers who want easy
ways to self-capture engaging content for live-streaming, video chat,
and social media applications.
Standalone 360 cameras, consisting of both monoscopic and

stereoscopic varieties, offer some professional-grade features within
the camera product offerings at attractive consumer price points.
Hybrid standalone 360 cameras.

Professional 360 cameras, which includes cameras that are designed and sold
to satisfy specific, often niche, market requirements. Secondary markets
include:
Spherical Multi-Camera Arrays includes standard and custom-built

arrays.
Lightfield and volumetric cameras are currently designed and

implemented for experimental applications.

Note: The 360 cameras market taxonomy does not include any independent markets such as software,
applications, and peripheral hardware.


Figure 1: 360 Cameras Primary Market Segments

Source: Greenlight Insights


Situation Overview

In 2019, the 360 camera market grew 34.5% to $538.0 million, up from $400.0
million in 2018. Key trends that Greenlight Insights recognizes in this market in
2019 and 2020 include the following:

Artificial intelligence (AI) continues to drive vendor development
activities. AI-based deployments are opening opportunities for mass
consumer and SMB adoption.
New 360 cameras vendor development activities center around easier

shooting and post-production using AI (e.g., stabilization and automatic
framing).
Stabilization is available for multiple 360 cameras and is a major feature

that differentiates 360 cameras from traditional action cameras.
360 and spherical video is becoming a more prevalent requirement

especially in complex pre-purchase decision-making and specialized
knowledge transfer applications.
Where many companies started with VR headsets support, mobile

phone and desktop have now become a necessity for 360 camera
vendors.
Partnerships between 360 camera vendors and those that offer video
distribution have increased the attractiveness of 360 and spherical
video as a format for entertainment and advertising on mobile devices
and desktop.


Vendor Profiles

Insta360

Founded in 2015 and headquartered in Shenzhen, China, Insta360 is a leading
manufacturer of 360, VR, and action cameras, with global offices located in
Hong Kong, Japan, Germany, and the United States. Insta360 is well known for
its easy to use cameras, and its consumer and professional camera products are
available in more than 170 countries around the world. Insta360 is the first 360
camera brand to enter Apple stores globally. With the greatest share of the
global 360 camera market, Insta360 has raised $34.8 million over four rounds
and has announced plans to become a public company in 2020.

For 360 and VR cameras, Insta360 offers the Nano, Air, Pro, and Titan.
Insta360 also has a line of action cameras named the ONE series. Released in
late 2019, the Insta360 One R is an adaptive action cam co-developed with
Leica, a leading photographic and optics equipment company.

GoPro

Founded in 2002 and headquartered in San Mateo, CA, GoPro is a leading
manufacturer of action cameras and developer of mobile apps and
video-editing software. GoPro is well known for its flagship product series,
HERO, the versatile 360 and 4K action cameras. GoPro operates as one
operating segment focusing on consumers and has offices located in the United
States, Australia, China, and France.

For 360 cameras, GoPro offers GoPro MAX, GoPro MAX Exporter, and GoPro
Plus. GoPro Max is the company’s newest 360-degree waterproof camera with
three cameras in one. GoPro MAX Exporter is software for exporting standard
spherical .mp4 files into editing programs and can be shared on social media. In
April 2015, GoPro announced its acquisition of Kolor to strengthen its
offerings to combine multiple photographs or videos to produce high-res
panoramic or spherical content.


Ricoh

Founded in 1959 and headquartered in Tokyo, Japan, Ricoh is global developer,
manufacturer, and marketer of activities centering on the business segments of
Office Printing, Office Services, Commercial Printing, Industrial Printing,
Thermal Media and Other.

For 360 cameras, Ricoh offers Ricoh Theta and Ricoh Tours. Ricoh Theta is the
company’s line of lightweight 360 Degree spherical cameras. Ricoh Tours
provides virtual tours of properties services using Ricoh THETA 360° cameras.
In July 2011, Ricoh announced its acquisition of Pentax to strengthen its
position in the digital imaging market.

Samsung

Founded in 1938 and headquartered in Seoul, South Korea, Samsung is a global
electronics firm of 240 subsidiaries across the world.

Samsung is one of the first manufacturers of 360 cameras. The Samsung Gear
serves as a platform for Samsung's virtual reality offering. In April 2016,
Samsung launched the Samsung Gear 360 camera, which is a lightweight
spherical camera targeting consumers and amatuer filmmakers. Samsung has
gradually retired other products in the Gear portfolio, and is believed to have
exited this market.

KanDao
Founded in 2016 and headquartered in Shenzhen, China, KanDao Technology

Co. Ltd provides patented end-to-end solutions for virtual reality video
capturing and live streaming. The company has raised $12.9 million over four
rounds.

The KanDao line of 360 and VR cameras includes the QooCam and Obsidian.
The QooCam is an easy-to-use camera that captures in 8K and also offers 4K
slo-mo. The QooCam is targeted at vloggers and creative filmmakers who want
to capture everything and make editing choices later. The Obsidian is a
professional 8K video camera that can shoot 8K 360 virtual reality
photography.


Others

Many other players are in the 360 camera world, including 360Fly, Rylo, and
Vuze, as well as a number of other players that have been in this space for some
time and may have a specific industry focus. The "other" category continues to
be significant as many smaller players enter the market.


Future Outlook

Greenlight Insights expects the 360 camera market will reach $592.9 million in
revenues by the end of 2020. The market will exhibit modest growth with a
compound annual growth rate (CAGR) of 14.2% from 2019 to 2024, resulting in
revenues of $1.04 billion by the end of 2024.

Methodology

The quantitative and qualitative information contained in this study results
from Greenlight Insights' ongoing virtual reality and 360 cameras technology
research. Both primary and secondary sources of information were used in the
development of this study. Primary sources include interviews completed with
360 camera vendors, distributors, and resellers. Secondary sources include
vendors' publicly registered financial statements, news releases, and
vendor-provided marketing material.

All revenue figures are Greenlight Insights estimates that refer only to 360
camera products. These figures were modeled based on primary and secondary
research. Sources include but are not limited to vendor statements, vendor
financials, briefings, press releases, interviews, conferences, and internal
forecast models. Shipment information may have been provided by the vendor,
when available.

Note: All numbers in this document may not be exact due to rounding.


Forecast and Assumptions

Table 1 and Figure 2 shows worldwide 360 cameras revenue and unit
shipments for the 2019–2024 period, as forecast by Greenlight Insights.

Table 2 shows the worldwide 360 cameras breakdown by product category for
the 2019–2024 period, as forecast by Greenlight Insights. The product
category breakdown is by arrays, attached to smartphone, and standalone 360
cameras.

Table 3 shows the worldwide standalone 360 cameras breakdown by product
type for the 2019–2024 period, as forecast by Greenlight Insights. The product
type breakdown is by hybrid, monoscopic, and stereoscopic 360 cameras.

Table 4 shows the worldwide 360 cameras breakdown by segment for the
2019–2024 period, as forecast by Greenlight Insights. The segment breakdown
is by consumer and professional 360 cameras.

Table 5 shows worldwide 360 cameras revenue by the seven major geographic
regions for the 2019–2024 period.

Figure 3 provides a graphical comparison of the worldwide 360 cameras
revenue share by region for the years 2020 and 2024.

Tables 6 and 7 provide Greenlight Insights's top assumptions and key forecast
assumptions, respectively, for the worldwide 360 cameras market for the
2020–2024 forecast period.


Table 1: Worldwide 360 Cameras Revenue and Unit Shipments, 2019 – 2024
2019-2024
2019 2020 2021 2022 2023 2024
CAGR (%)
Revenue ($M) 538.0 592.9 686.3 794.6 914.5 1,043.3 14.2%
Growth (%) 10.2% 15.8% 15.8% 15.1% 14.1%
Unit shipments (M) 1.55 1.74 2.05 2.40 2.78 3.09 14.8%
Growth (%) 12.3% 17.5% 17.5% 15.7% 11.0%
Notes:
Revenues exclude software, peripheral hardware, and services.
See Table 6 for top assumptions and Table for key forecast assumptions.
Source: Greenlight Insights, 2020
Figure 2: Worldwide 360 Cameras Revenue and Unit Shipments, 2019 – 2024

Table 2: Worldwide 360 Cameras Revenue by Product Category 2019 – 2024
2019-2024
2019 2020 2021 2022 2023 2024
CAGR (%)
Arrays ($M) 8.0 8.2 9.1 10.4 12.0 13.7 11.3%

Growth (%) 2.3% 11.1% 14.1% 15.7% 14.1%
Attached to smartphone ($M) 94.7 88.7 81.5 75.0 68.7 52.2 -11.2%
Growth (%) -6.3% -8.0% -8.0% -8.6% -24.0%
Standalone ($M) 435.3 496.0 595.7 709.2 833.8 977.4 17.6%
Growth (%) 13.9% 20.1% 19.0% 17.6% 17.2%
Note: See Table 6 for top assumptions and Table for key forecast assumptions.


Table 3: Worldwide Standalone 360 Cameras Revenue by Product Type,

2019 – 2024 ($M)
2019 2020 2021 2022 2023 2024
Hybrid 4.1 4.8 6.0 7.9 10.5 12.0
Monoscopic 369.0 429.3 514.7 617.1 713.1 839.6
Stereoscopic 62.2 61.9 75.0 84.2 110.2 125.8
Total 435.3 496.0 595.7 709.2 833.8 977.4
Note: See Table 6 for top assumptions and Table for key forecast assumptions.

Table 4: Worldwide 360 Cameras Revenue by Segment, 2019 – 2024 ($M)
2019 2020 2021 2022 2023 2024
Consumer 360 Cameras 485.0 533.2 615.2 708.1 808.0 910.9

Professional 360 Cameras 53.0 59.7 71.1 86.5 106.5 132.4
Total 538.0 592.9 686.3 794.6 914.5 1,043.3
Notes:

Table 5: Worldwide 360 Cameras Revenue by Region, 2019 – 2024 ($M)
2019 2020 2021 2022 2023 2024
North America 191.7 209.0 241.1 279.3 321.5 365.2

Western Europe 91.0 99.2 115.5 133.7 154.2 175.5
APAC Developed 84.2 90.0 101.8 116.0 131.9 147.0
Latin America 14.9 15.7 17.9 20.7 23.9 26.8
Central & Eastern Europe 17.4 18.3 21.0 24.1 27.7 31.0
APAC Emerging 132.9 154.4 182.1 212.6 245.0 286.0
Middle East & Africa 5.9 6.3 6.9 8.2 10.3 11.8
Total 538.0 592.9 686.3 794.6 914.5 1043.3
Notes:


Figure 3: Worldwide 360 Cameras Revenue Share by Region, 2020 and 2024


Table 6: Top Assumptions for the Worldwide 360 Cameras Market, 2020 – 2024
Market Force Assumption Changes to This Assumption

That Could Affect Current
Forecast
VR headset Greenlight Insights projects the growth Downside only: Prolonged

adoption in VR viewing technologies worldwide pandemic conditions may
to reach a 37.4% CAGR for the dampen consumer and corporate
2020-2024 period. Although computer investments in VR headsets.
graphics-based VR have been the lion’s
share, the adoption of video-based
content will continue to drive the
growth predicted for the global market.
Camera Cameras prices have fallen slightly Upside only: Lower prices could
pricing since 2018. Greenlight Insights positively support increasing
projects unit pricing to stabilize demand for VR cameras among
beginning in 2022. consumer and enterprise buyers.
Vertical The demand for 360 cameras designed Downside only: Lingering
market to serve specific vertical market economic conditions could
expansion requirements continues to grow. negatively impact spending in
certain markets, such as the K-12
public education sector.



Table 7: Key Forecast Assumptions for the Worldwide 360 Cameras Market,
2020 – 2024
Market Force Assumption Impact
Economy The worldwide GDP will shrink by an High. A global

estimated 4.9%, a significant reversal recession would cause
from the 3.5% growth experienced in businesses to delay 360 camera
2019. The U.S. economy remains and VR upgrades and some new
fragile. Weaker growth in China projects; a rising economy does
could have negative implications for the opposite.
other economies, particularly in Asia.
Pandemic The anti-pandemic measures High. The global COVID-19

imposed by many governments that pandemic has created a persistent
have forced people to stay at home air of caution on the part of
and reduce face-to-face interactions buyers. If consumers and
have increased the consumption of businesses come to believe the
360 video content. risks are receding, they may
loosen their purse strings.
However, a return of "crisis mode"
in China, Europe, or the United
States could plunge the global
economy again.
Profits While camera sales are declining High. So long as profits continue
owing to COVID-19, earnings are to grow rather than decline,
improving. 2021 will likely be businesses will continue to invest
another year of tepid profit growth, in 360 video initiatives, but
especially in the United States and buying cycles may become
Europe. extended and spending patterns
will be more volatile.
Vertical Momentum has slowed in several key High. A downturn in major

industries industries. In particular, trends have contributors to IT revenue (e.g.,
weakened in the media production, the financial services sector)
industrials, and government sectors can have a major impact on IT
(where austerity measures have spending. Momentum in vertical
often triggered direct cutbacks in VR sectors (e.g., healthcare) can
and digital transformation spending). drive overall IT spending.
Digital To leverage data gained through High. The new content

transformation digitalization, organizations use VR creation and delivery models
and 360 video to deliver spatialized brought on by firms’ digital
information. transformation projects should
require new capabilities of 360
cameras. This should increase
overall pricing and demand.


Artificial The increasing digitization of society High. The key advantages to
intelligence and the mass availability of data artificial intelligence for 360
mean that, in theory, we can continue cameras are static image
to drive the performance of these recognition, classification, and
algorithms and grow it at an tagging. New AI-based features
exponential rate. could lead to new
competitiveness with non-360
cameras as well as create new
opportunities for vendors in SMB
and emerging markets.
Content First- and third-party content High. Expansive new software

management management and editing capabilities broaden vendors'
and editing applications are improving how they portfolios with content
solutions aid multi-clip workflows, identify management and editing
meaningful moments in users solutions to provide increased
footage, and suggest story value to customers and expand
compilations of 360 videos. the market.
Convergence VR and augmented reality are High. Convergence will drive

increasingly being used to unlock the new competitive dynamics, as well
value created by the convergence of as offer new applications and
the physical and digital worlds, functions to customers. It
driving demand for 360 cameras to will also drive increased VR and
create spatialized environments. 360 cameras spending.
Venture During the past 12 months, High. There doesn't seem to be
funding venture capital investments in VR a funding limitation to VR
companies have declined innovation that would alter 360
precipitously despite increasing cameras forecasts.
technology adoption trends.
Post-pandemic, funds will still have
money and were successfully raising
new rounds in 2019, buoyed by a
returning trend of successful exits.
Talent Prior to the global pandemic, there High. The scarcity of talent will
had been a sustained surge in increase the overhead costs of
demand for technical skills. finding, recruiting, and
managing talent from global
pools.
Supply chain All vendors rely on third-party High. A shortage of components

suppliers, some of which are can raise prices, limiting the ability
sole-source suppliers, to provide of vendors to maintain or lower
components for their products. prices and consequently having a
Supply shortage, long lead times for negative impact on demand.
components, and supply changes,
could disrupt supply chains and
increase costs.


Channels Many vendors sell directly to High. Direct channel share is
independent specialty retailers, big expected to shrink at a CAGR of
box retailers, and mid-market 1.7% over the next half decade
retailers, and all vendors sell to due to the strengthening of the
customers through an e-commerce indirect channel as new reseller
channel. Direct channels currently relationships and capabilities
account for 65% of total sales. required by specific market
segments result in distributor
sales.
Market Shares

This section examines the worldwide 360 cameras market in 2019 including
which vendors shaped the market and market shares. It also analyzes the main
players' strategies and the new dynamics we are seeing today and will see in
the future.

In terms of revenue, the 360 cameras market reached $538.0 million in 2019,
with a YoY growth rate of 34.5%. Insta360, Ricoh, and GoPro were the top
three vendors. Together, they accounted for 85.0% of the overall market share.

The market shares of 360 cameras vendors are presented in Figure 3. The two
leading players — Insta360 and Ricoh —accounted for a combined 68.0% of the
total 2019 market value, marking a high market concentration.

Table 8: Historical and Projected Market Share of Major Vendors
2017 2018 2019 2020* 2021* 2022* 2023*
Ricoh 25% 27% 28% 26% 25% 21% 20%
Samsung 29% 14% 3% 2% 1% 1% 0%
Insta360 8% 25% 33% 40% 46% 50% 50%
GoPro 5% 19% 24% 22% 20% 20% 20%
Others 33% 15% 12% 10% 8% 8% 10%
Notes:
2020-2023 market shares are estimates.


Market Analysis

There are over 500,000 videos hosted on major platforms YouTube, VeeR, and
Vimeo 360, and according to Greenlight Insights’ 1H’20 research, by 2021,
over 16.4 million users worldwide will be watching spherical video inside VR
headsets or over the Internet.
We believe consumer demand for compelling content combined with improving
capture technology and the continued popularity of various distribution
platforms, including social media sites, create significant demand for 360
cameras and spherical media.

Consumer Profiles
A survey was conducted in June 2020 with 1,000 reported 360 cameras online
respondents aged 18 to 60 years old. The survey was designed to develop a
basic demographic profile and assess the usage patterns of current 360 camera
users.

Table 9: Gender of 360 Cameras Users
Gender Ratio
Male 90.0%
Female 10.0%
Table 10: Age Breakdown of 360 Cameras Users
Age Group Ratio
Under 20 5.00%
20~30 15.00%
31~35 20.00%
36~40 15.00%
41~45 16.00%
46-50 19.00%
Above 50 10.00%


Table 11: Electronics Spending of 360 Cameras Users
Electronics Spend Ratio
Less than $300 3.50%
$300-$700 9.00%
$701-$1500 21.20%
$1501-$2000 17.90%
$2001-$3000 20.10%
$3001-$5000 11.10%
More than $5000 17.20%
Table 12: Sources of Information for 360 Cameras Users
Touchpoint Ratio
Official Site 27.00%
SNS Accounts 18.00%
Videography tech Sites/Apps 17.00%
Mainstream Media Sites/Apps 15.00%
Friends Recommendation 11.00%
Influencer 10.00%
Others 2.00%


Current and Future Enterprise Applications of 360 Cameras

360 camera use cases are growing in number and maturing in nature as the
technology itself is growing and maturing. The technology itself is relatively
new with use cases still in development.

Table 13: Maturity of Enterprise Applications for 360 Cameras

Application Description Domain Maturity Level
Filmmaking Making 360 videos for Entertainment Established

entertainment and advertising
purposes.
Broadcasting Transmitting programs in 360 Entertainment Emerging

videos, often of sporting events
Concerts and Live stream concerts and Entertainment Established

theatrical theatrical performances in VR
performances instead of visiting a venue
Pre-purchase Remotely view rooms and Hospitality Established

decision-making facilities before booking without
getting overloaded with
unnecessary descriptions and
information
Real estate tours Remotely view rooms and Real estate Established
facilities before booking without
getting overloaded with
unnecessary descriptions and
information
Medical training Medical training using 360 and Healthcare Emerging

spherical video to demonstrate
best practices and share
specialized knowledge
K-12 education Instructional 360 videos and Education Established

content for teachers and students
Employee Use 360 and spherical video to Military/Corporate Experimental

recruitment accurately illustrate the
complexity of jobs while
simultaneously awakening the
interest of potential candidates


On-boarding and Orientation where an employer Corporate Experimental

induction introduces the job and
organization to the new employee
and vice versa.
Health, safety, Preparedness training to provide Corporate Emerging

and emergency necessary skills to promote health
skill training and safety.
Employee Use 360 and spherical video to Corporate Emerging

Training train employees and work
collaboratively in
socially-distanced environments
without having to visit an on-site
location.
Soft skills Use 360 and spherical video to Military/Corporate Experimental
training accurately illustrate the
complexity of jobs while
simultaneously awakening the
interest of potential candidates.
Telepresence Location-based multi-user Telecommunications Experimental

immersive communication in real
time and pre-recorded 360 videos
allows anyone to meet together
anywhere in the world – saving
money and time without needing
anyone to be physically present.
Tours and Tours of artifacts, art, monuments, Informational Emerging

exhibitions or other works on display that
offer 360 video-enabled
alternative views, informative
text, video, or other media to add
to the knowledge of the
exhibition.

Notes:
Maturity Level Metric:
Experimental - In very limited deployments (less than 100) or is in patent/research and
development stages.
Emerging - In a small number of deployments (less than 1,000)
Established - In a significant number of deployments (more than 3,000)


Conclusion

360 and spherical video, and the cameras that produce them, aren't
pie-in-the-sky technology that's coming someday soon. It's here now, and it's
driving real-world use cases that will have industry-shaking ramifications in the
very near future. A large number of consumers and companies have already
recognized this technology and are moving fast to embrace it. In a diverse set of
areas — from social media to corporate training to entertainment and
marketing to military recruiting — disruption brought on by 360 cameras has
already started to take hold.


Appendix

Methodology

Greenlight Insights draws on extensive primary and secondary research, which
we aggregate, analyze, cross-check and present in an accessible format.
Review of in-house databases – Created using 50,000+ industry interviews

and consumer surveys, updated frequently, and supported by analysis from our
in-house team, Greenlight Insights’ in-house databases provide the foundation
for our industry profiles and findings.
Comparatory research – We also maintain extensive databases of news,

analyst commentary, company profiles and macroeconomic & demographic
information, which enable our researchers to understand and account for a
multitude of market influences.
Definitions – Market definitions are standardized to enable international

comparisons. Each definition is carefully reviewed to ensure it meets the
requirements of the market and our clients.
Companies interviewed - Insta360, HumanEyes, Radiant Images, Google,

NextVR, and Light Sail VR. These interviews were 30-60 minutes in length and
discussed the company's’ outlooks for the Spherical Camera market.
Extensive secondary research activities ensure we are always fully up-to-date

with the latest industry events and trends
Greenlight Insights aggregates and analyzes a number of secondary

information sources, including:
National/Governmental Statistics
Official International Data Sources
Company Annual Reports
Business Information Libraries and Databases
Modeling & forecasting tools – Greenlight Insights has developed powerful

tools that allow quantitative and qualitative data to be correlated with related
macroeconomic and demographic drivers. This enables us to create market
models and forecasts, that is informed by competitive and demand-related
factors.

Continuous quality control ensures that our processes and forecasts remain
focused, accurate and up-to-date.


About Greenlight Insights

Greenlight Insights provides proprietary market research, consulting, and
events about the future of virtual and augmented reality. Greenlight Insights
delivers critical strategic insights to the world's leading technology companies,
publishers, service providers, institutional investors, and government entities.

Based in San Francisco, with offices in Boston and Denver, Greenlight Insights
comprises a diverse team of highly skilled industry professionals who offer
deep expertise in virtual and augmented reality.

For More Information

To find out how Greenlight Insights can help you be successful every day, please
contact [email protected] or visit www.greenlightinsights.com.

Client Support

For information on hard-copy or electronic reprints, please contact Client
Support at [email protected].


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List of Tables and Figures

Table 1: Worldwide 360 Cameras Revenue and Unit Shipments, 19

Figure 2: Worldwide 360 Cameras Revenue and Unit Shipments, 19

Table 2: Worldwide 360 Cameras Revenue by Product Category 19

Table 3: Worldwide Standalone 360 Cameras Revenue by Product Type, 20

Figure 3: Worldwide 360 Cameras Revenue Share by Region, 21

Table 8: Historical and Projected Market Share of Major Vendors 24

Table 9: Gender of 360 Cameras Users 25

Table 10: Age Breakdown of 360 Cameras Users 25

Table 11: Electronics Spending of 360 Cameras Users 26

Table 12: Sources of Information for 360 Cameras Users 26

Table 13: Maturity of Enterprise Applications for 360 Cameras 27

Greenlight Insights estimates that in 2020, the worldwide market size

Overall, Greenlight Insights expects a compound annual growth rate

Overall growth of the global 360 cameras market is driven by the

Software-based ﬁlming and post-production enhancements leveraging

General Deﬁnition of 360 Cameras

NextVR is known for shooting stereoscopic 180-degree video. This is

Hybrid standalone cameras are capable of shooting in both monoscopic

Spherical Multi-Camera Arrays

Custom-Built. Custom-built arrays are available in a large variety of

Volumetric video solutions bring 6 DoF to 360-degree video, creating a 3D

The two segments include:

Consumer 360 cameras

Professional 360 cameras

Consumer 360 cameras feature cameras that are manufactured and

Standalone 360 cameras, consisting of both monoscopic and

Hybrid standalone 360 cameras.

Spherical Multi-Camera Arrays includes standard and custom-built

Lightﬁeld and volumetric cameras are currently designed and

Figure 1: 360 Cameras Primary Market Segments

New 360 cameras vendor development activities center around easier

Stabilization is available for multiple 360 cameras and is a major feature

360 and spherical video is becoming a more prevalent requirement

Where many companies started with VR headsets support, mobile

Founded in 2016 and headquartered in Shenzhen, China, KanDao Technology

Forecast and Assumptions

Growth (%) 12.3% 17.5% 17.5% 15.7% 11.0%

Source: Greenlight Insights, 2020

Table 2: Worldwide 360 Cameras Revenue by Product Category 2019 – 2024

Arrays ($M) 8.0 8.2 9.1 10.4 12.0 13.7 11.3%

Growth (%) -6.3% -8.0% -8.0% -8.6% -24.0%

Standalone ($M) 435.3 496.0 595.7 709.2 833.8 977.4 17.6%

Growth (%) 13.9% 20.1% 19.0% 17.6% 17.2%

Table 3: Worldwide Standalone 360 Cameras Revenue by Product Type,

2019 2020 2021 2022 2023 2024

Hybrid 4.1 4.8 6.0 7.9 10.5 12.0

Monoscopic 369.0 429.3 514.7 617.1 713.1 839.6

Stereoscopic 62.2 61.9 75.0 84.2 110.2 125.8

Total 435.3 496.0 595.7 709.2 833.8 977.4

Table 4: Worldwide 360 Cameras Revenue by Segment, 2019 – 2024 ($M)

2019 2020 2021 2022 2023 2024

Consumer 360 Cameras 485.0 533.2 615.2 708.1 808.0 910.9

Total 538.0 592.9 686.3 794.6 914.5 1,043.3

Table 5: Worldwide 360 Cameras Revenue by Region, 2019 – 2024 ($M)

2019 2020 2021 2022 2023 2024