Wearable Camera Shipments Will Grow to 24 Million Units Annually by 2021, According to Tractica
Sports Will Continue Driving Market Volume, Followed by Expanding Use
Cases for Consumer, Public Safety, and Enterprise Markets
BOULDER, Colo.–(BUSINESS WIRE)–The wearable camera market today includes cameras used for sports and
adventure activities, public safety, and consumer applications. Wearable
cameras have targeted specific niche use cases for capturing moments,
whether they be thrill seeking or security related, where hands-free
usage is a key requirement. According to a new report from Tractica,
sports and adventure cameras, also known as action cameras, remain the
biggest driver for wearable camera adoption. The market intelligence
firm forecasts that wearable camera shipments will increase from 7.4
million units in 2015 to 24.0 million units annually by 2021, creating a
market worth $3.4 billion by that time.
“Wearable cameras have gained acceptance in places where there is a
clear and well-defined use case, like in the case of sports or public
safety,” says research director Aditya Kaul. “However, in the case of
consumer lifelogging where there is a continuous capture of a person’s
day, wearable cameras have found it difficult to gain traction. Along
the same lines, wearable camera usage in industrial, enterprise, and
healthcare applications remains limited.”
Kaul adds that the market is entering an uncertain phase. GoPro is one
of the most well-recognized and successful wearable camera companies
today, responsible for introducing the action camera. However, GoPro has
seen declining sales over the last three quarters with Chinese companies
like Xiaomi catching up in terms of quality, while also competing
aggressively on price. Tractica’s analysis indicates that GoPro’s
weakness is likely to translate into an opportunity for other vendors,
as the market continues to grow, albeit at a slower pace. New exciting
technologies like 360 vision, virtual reality (VR), artificial
intelligence (AI), deep learning, and computer vision will enhance the
wearable camera experience, expanding the devices’ use cases and
applications.
Tractica’s report, “Wearable
Cameras”, examines the market opportunity for wearable cameras,
providing insight into the drivers and barriers that impact this
relatively new product category, in addition to shedding light on some
of the technology issues being faced by industry participants. The study
provides detailed forecasts and analysis of how wearable cameras are
being adopted in sports, public safety, consumer, enterprise,
industrial, healthcare, and other applications. An Executive Summary of
the report is available for free download on the firm’s website.
About Tractica
Tractica is a market intelligence firm that focuses on human interaction
with technology. Tractica’s global market research and consulting
services combine qualitative and quantitative research methodologies to
provide a comprehensive view of the emerging market opportunities
surrounding Artificial Intelligence, Robotics, User Interface
Technologies, Wearable Devices, and Digital Health. For more
information, visit www.tractica.com
or call +1.303.248.3000.
Contacts
Tractica
Clint Wheelock, +1-303-248-3000
press@tractica.com
