Published Date: Mar, 2023 | 324 Pages | Report ID: RI_673826
Wearable Camera Market Size, Share & Trends Analysis, By Type (Head Mount, Body Mount, Ear Mount), Product (Accessories, Camera), Application (Sports & Adventure, Security, Healthcare, Industrial), By Region and Segment, Forecast Period 2023 - 2030
ID : RI_
673826 | Date :
Mar, 2023 | Pages :
324 | Region : Global |
Publisher : ReportsInsights
Wearable camera market size was valued over USD 5.4 Billion in 2022 and is estimated to exceed USD 19.7 Billion by 2030, registering a CAGR of 17.6% during the forecast period (2023-2030).
A wearable camera is a type of camera that is designed to be worn on the body, typically on a persons clothing, accessories, or equipment. Such cameras are compact in size and lightweight that allows users to easily carry and use the device while on the move. Further, wearable cameras are used among athletes, adventurers, and content creators for capturing first-person point-of-view footage. Such individuals use wearable cameras to capture action shots, immersive experiences, and unique perspectives that are not possible with conventional cameras.
Moreover, a rising rate of fraudulent activities is expected to boost the demand for wearable cameras, especially body cameras, among law enforcement and security personnel along with journalists. For instance, according to a report published by United Nations Educational, Scientific and Cultural Organization, the claims made by US President Donald Trump that media organizations and reporters are advocates of fake news resulted in increased activity and financial support in terms of transparency in journalism. Thus, the increased demand for transparency in journalism and law & enforcement is estimated to propel the market statistics during the forecast period.
The rising rate of criminal activities along with mishaps with police law enforcement fuels the demand for wearable cameras for improved officer communication and safety. Further, favorable adventurous outdoor activities by the population such as biking and mountain hiking also propel the market growth. Moreover, the growing focus on worker safety within manufacturing facilities boosts the demand for wearable cameras in terms of safe operation in industrial environments.
Restraint:
High costs of wearable cameras, especially for high-end models with advanced features limit the adoption of wearable cameras, especially among budget-conscious customers. Further, concerns related to privacy, especially in public spaces hinder the usage of wearable cameras as few users feel uncomfortable being recorded without their knowledge or consent.
Opportunities:
The scope of improvements in wearable cameras is anticipated to create favorable opportunities for journalists to capture breaking news and events at the time of occurrence without any disruptions. Such devices are also expected to allow journalists to cover protests, rallies, and other events in terms of providing real-time footage to news organizations. Furthermore, the growing popularity of live streaming, especially among the young population, is anticipated to offer creative opportunities for wearable camera Market growth for the creation of user-generated content for social media platforms.
Wearable Camera Market Segmentation:
By Type
The type segment is bifurcated into the head mount, body mount, and ear mount. The head mount segment contributed the highest shares to the wearable camera market statistics in 2022. The growing demand for head-mounted cameras across various industries such as aviation, gaming, engineering, and medicine supports the segmental growth. The factor attributing to such growth is in terms of the high usage of virtual reality headsets that consist of head-mounted displays (HMDs) and inertial measurement units (IMUs). Moreover, the body mount segment is projected to drive market growth in terms of both value and volume. The rising use of body-mounted cameras by law enforcement agencies to promote better interactions between police and citizens to increase transparency and legitimacy is estimated to boost the demand for body-mounted wearable cameras.
By Product
The product segment is bifurcated into accessories and cameras. The camera segment is anticipated to account for largest share contribution to the market growth in 2022. The ease of attachment to clothing results in wide adoption among enforcement officers, firefighters, and others security personnel to capture footage of surroundings and interactions as evidence. Also, cameras gain favorable preference among sports enthusiasts and adventure-seekers and are also used for training and analysis. However, the accessories segment is anticipated to witness the fastest CAGR during the forecast period. Growing preferences for accessories such as stabilizers to reduce camera shake and produce more stable footage, especially when filming action-packed activities is expected to support the increased demand for accessories such as mounts and clips.
By Application
The application segment is separated into sports & adventure, security, healthcare, and industrial. Sports & adventure are expected to contribute significant shares to the growth of wearable camera statistics during the forecast period. Favorable demand for wearable cameras among sports enthusiasts to capture the immersive experience and keep with moderate frames per second (FPS) ratio during recording is anticipated to boost segmental growth. Furthermore, the security segment is estimated to support the market growth in terms of volume. The implementation of body cameras in public areas to improve security and safeguard law enforcement officers along with the promotion of public trust in police accountability is anticipated to support the segmental growth.
By Region
The regional segment includes Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. North America accounted for highest share contribution to the market growth in 2022. The rising adoption of such wearable cameras among law enforcement officials to bring in transparency in investigation processes fuels the market demand.
Moreover, Asia Pacific is also anticipated to support the market growth in terms of value and volume. Growing preferences among the population to gain tourism experience by capturing immersive footage of landmarks, museums, and other tourist attractions, especially in countries such as India, Thailand, and Japan is expected to propel the demand for wearable cameras to create virtual reality experiences.
Wearable Camera Market Competitive Landscape:
The market of the wearable camera market is highly competitive due to intense competition among market players to capture a significant market share. The key players in the market offer a range of products designed for different use cases, and the competition is driven by factors such as price, features, and brand image. Further, the projected market growth is expected to create opportunities for emerging ventures to enter the market. Listed are the major market players that operate in the latest market environment–
• Vievu LLC
• Axon Enterprise, Inc.
• Pinnacle Response Ltd.
• Sony Corporation
• Narrative AB
• Garmin Ltd.
• Drift
• GoPro Inc
• Contour, LLC.
• Panasonic Life Solutions India Pvt.
• DJI
Recent Developments:
• In July 2021, Sony launched a mirrorless camera called ZV-E10 that is designed for vloggers and content creators. The camera features a flip-out screen, improved autofocus, and compatibility with interchangeable lenses.
• In September 2022, DJI, a global leader in creative camera technology and civilian drones, introduced the latest product named Osmo Action 3. The action camera is DJIs most powerful and content-friendly camera that is designed to capture high-quality footage even in extreme conditions. The camera features a long-lasting battery that enables users to film for extended periods, making the camera perfect for use in challenging environments.
• In February 2023, GoPro, Inc. introduced the latest firmware update v2.10 for HERO11 Black Mini. The update is responsible for the addition of support for the Pro 3.5mm Mic adapter that allows users to use a wider range of external microphones with the camera. Also, this update includes various improvements to the cameras usability to add to the user-friendly interface of the camera. Overall, the firmware update further helps to improve the capabilities of the highly popular and durable action camera.
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