Wearable camera shipments to grow to 24 million units annually
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. ■