Consumer and enterprise business gravitating toward the 360-degree video, amid predictions of a promising next step for wearable cameras
While most new technologies experience a slow market entrance, 360-degree video will likely skip that trend, thanks to its ties to virtual reality (VR) and early investment from major technology players including Facebook, Samsung, and YouTube.
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As virtual reality becomes more mainstream, 360-degree video has increased the demand for 360-degree cameras to the point where they are expected to reach four million sold by 2021, with nearly two million shipments of the prosumer 360-degree camera [Prosumer is a consumer camera that isn't a digital single lens reflex camera. Some models blur the line between compact and prosumer but a compact digital is simply a small camera] expected in the same year, according to a new report by ABI research.
“The most prominent force driving 360-degree video content and hardware is VR,” says Eric Abbruzzese, senior analyst for ABI Research. “And though VR has been experiencing a period of content starvation due to its novelty, small early install base, and the high cost of premium VR, support from major content platforms will lessen this for 360-degree video.”
360-degree video market activity is abundant across both consumer and enterprise applications according to the research. The report cites Nokia as an example who have already signed a multi-year deal with content giant Disney to use its OZO camera, and stated that VR and 360-degree video is a core business component as it restructures around forward-looking technologies and product line expansion. Streaming video and user generated content provide a wealth of content across some major platforms, including YouTube and Facebook. Professional-grade 360-degree cameras are coveted by major content studios like Disney looking to expand their content offerings to 360 degrees. Additionally, wearable camera market leader GoPro, experiencing a slowdown in its core market, has its own professional-grade, 360-degree multi-camera rig and will likely release a consumer-grade, 360-degree offering in the near future.
VR’s role in 360-degree video cannot be understated either, the report suggests. While viewing 360-degree content can be done on a computer or mobile device, the most compelling and natural viewing experience is in VR. And as the desire for content surges, ABI Research forecasts nearly 70 million mobile-based VR products to ship, like Google Cardboard and Samsung Gear VR, by 2021.
“It is rare to see a culmination of factors as powerful as what’s happening for 360-degree cameras and video,” concludes Abbruzzese. “Decreasing average selling prices for VR hardware and 360-degree cameras, the possibility for 360-degree camera integration with mobile devices, network and bandwidth improvements for 4K and HDR content that are also enhancing 360-degree video streaming, and a slowing wearable camera market all are creating a rich and promising next step for 360-degree video.”