Sports and Adventure Activities to Bolster Growth of Wearable Cameras Market
Adoption of wearable cameras in applications such as adventure and sport activities is expected to drive market growth in the coming years. In the sports arena, use of wearable cameras for recording training gameplay to gain visibility on errors and mistakes in a bid to improvise gameplan is expected to influence growth of wearable cameras market. Likewise, use of wearable cameras in life threatening sport activities such as surfing, dirt bike riding and skydiving to record and share sporting moments is likely to impact sales of wearable cameras worldwide. Moreover, proliferation of wearable devices and connected wearables on the back of growing technological advances has significantly influenced individuals to use wearable cameras in their daily activities. Also, with the ongoing trend of live streaming on various online channels such as YouTube, individuals are inclined towards steaming their adventure activities with use of convenient and portable devices such as wearable cameras. In addition to portability, simple mechanics, wide view, robust design and enhanced functionality of wearable cameras coupled with use of GPS functions and instant sharing options through Wi-Fi is expected to fuel use of wearable cameras in adventure sports as well as recreational adventure activities, consequently bolstering growth of the wearable cameras market.
Wearable Cameras Market Growth Underpinned by Rising Adoption across Professional Applications
The wearable video, ones an upcoming technology, is being used in various applications across new industries and verticals, as law enforcement embraces the new-age tech, in turn influencing demand for wearable cameras. Integrating wearable cameras in the existing surveillance system can permit centralization of video footage that can be managed by VMS (Video Management System). This can add another coat to security protection and detection. Government officials and police department officials were the early adopters of wearable cameras, however, their adoption in other markets and functions such as validation, training, documentation, deterrence, employee safety and incident review is expected to drive the growth of the wearable cameras market. With perceived benefits of wearable cameras, their use in retail, private security, casinos, banking, event venues and public transportation is expected to increase in the coming years, consequently boosting their market growth.
North America Likely to Cement Dominance in the Wearable Cameras Market
The wearable cameras market in the developed economies such as the United States has witnessed significant growth pace on account of the federally approved law enforcement programs for body-worn cameras since 2014. In addition, about one third of 18,000 local and state police departments in United States are using wearable cameras and investment in wearable cameras is expected to rise in the coming years. For instance, New Orleans Police Department invested USD 1.2 million in wearable cameras with a vision to enhance safety of public and officers alike. Moreover, rising participation of individuals in sport activities in the region is expected to drive growth of the wearable cameras market. For instance, according to PAC (Physical Activity Council), rate of participation of individuals in outdoor and fitness sports, from 54% and 60% in 2013 grew to 59.2% and 66% in 2018 respectively. This is expected to give an impetus to the wearable cameras market in North America and manufacturers can expect good opportunities, given the growing GDP per capita in the region.
Wearable Cameras Market: Competitive Landscape
The market has become competitive owing to the presence of various medium to large sized players. Key players in the wearable cameras market are focusing on launching new products and strategic collaborations to gain an edge over their competition. For instance, in 2021, IONODE and Immervision entered into a collaboration wherein IONODE will use Immervision’s ultra wide lens in its wearable cameras. This collaboration will result in enhanced security and functionality that can capture potential threats in real time using high resolution. Likewise, in 2020, KC Wearable collaborated with transport hubs and police agencies to provide KC N901, a smart helmet that has a thermal camera to detect COVID 19 symptoms.
Overall, the market scenario is likely to remain optimistic. Key players in the wearable cameras market include Axon Enterprise Inc., Sony Corporation, GoPro Inc., Transcend Information Inc., and Panasonic Corporation.
Key Elements Included In The Study: Global Wearable Cameras Market
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