Rising demand for the convenience capabilities offered by the cameras has increased the penetration and growth of wearable cameras. Increasing smartphones demand, high speed data networks and accessibility of internet has resulted in adoption of wearable cameras globally. The product bundling strategy by the vendors is the emerging trend in the industry. Vendors bundle the cameras with variety of the accessories making it economical for the consumers as they need not to spend separately on the different accessories. This marketing strategy has raised the accessories sales alongside wearable cameras and is thus used by many companies such as GoPro and Canon which manufacture both cameras and accessories.
Wearable cameras offer numerous advantages such as simple mechanics, robust design, ultra-wide field views, and ability to be worn on the body thus providing high-quality videos. Advancements in sharing options such as GPS and Wi-Fi connectivity functions which enable users to keep track of their positions and speed has also supported the wearable cameras market growth.
Rising adoption of wearable cameras in numerous applications is expected to support the industry growth. Increasing demand for camera features such as hands-free operation and convenience is gaining attention of the consumers. This technology has emerged with impressive feature which lets user record their experiences in first-person and unique perspective.
Increasing popularity of wearable cameras is encouraging the manufacturers to invest in R&D for making better products. Manufacturers are making significant investments for simultaneously making new products in order to enhance the user experience by focusing on innovating, reliable and cost-effective products. Increasing popularity of social networking sites is expected to support the wearable cameras market growth owing to rising social media activities. In 2016, Twitter had about 350 million and Facebook had about 1.8 billion monthly active users. There are more than 350 million people on Instagram and Google Plus had 150 million users active monthly. Social media population are keen to share photos and videos with their friends through these sites thereby fuelling the wearable cameras market over the forecast timeline.
Rising popularity of smartphones may hinder the wearable cameras market. Emerging trend of dual camera setup provided by various vendors at an affordable costs may affect the wearable cameras’ offerings. The smartphones wars amongst Chinese manufacturers for offering technologically advanced features at an affordable prices may uptake the consumer’s decision of buying the phone instead of wearable cameras.
The wearable camera market can be segmented by type into body mount, head mount, ear mount, and smart glasses. Sports & adventure, healthcare, security and industrial segment characterises the applications. Rising popularity of adventure and sports activities is expected to fuel the sports and adventure segment with the highest growth over the forecast timeframe.
Rising need of consumers for digitizing medical records by tracking fitness has swelled the demand for wearable cameras used in medical applications. For instance, the wearable cameras embedded with various other hardware and software can determine the nutrition facts and helps categorize different types of food via image processing techniques. These features are expected to support the wearable cameras industry. These cameras are gaining popularities in various applications and are used by goalies, referees, umpires and catchers for live recording as well as skiers, skydivers, riders and surfers for recording and sharing their live experiences.