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Global Wearable Camera Market to Grow at a CAGR of 18.6% During 2022-2027, Aided by the Rapid Technological Advancements

According to a new report by EMR titled, ‘Global Wearable Camera Market Report and Forecast 2022-2027’, the global market for wearable camera attained a value of about USD 4.6 billion in 2020. The market for wearable camera is further expected to grow at a CAGR of 18.6% between 2022 and 2027.

The global wearable camera industry is being driven by the heightened advancements in the field of wearable camera technology. The leading manufacturers are introducing more efficient cameras with a wide range of features, which is expected to further propel the market growth. In terms of type, head mount wearable cameras are increasingly being utilised during sports and adventure activities such as hiking and dirt bike racing, among others. Moreover, new technological interventions such as the 360-degree view are increasingly in trend, which is expected to propel the demand for the product in the forecast period. In addition, wearable cameras are increasingly in demand for security applications.

The growing focus of leading players to develop wearable cameras by applying advanced technological solutions in order to enhance the user experience and expand their market presence is expected to significantly catalyse the industry growth. In June 2021, GoPro Inc (NASDAQ: GPRO) announced the launch of "Open GoPro", an open API initiative which allows the third-party developers to integrate GoPro's HERO9 Black firmware into their products. This camera offers a wide range of applications, such as underwater diving cinematography and has already been integrated with Amazfit smartwatches, and Centurion boats, among others. Furthermore, another leading manufacturer of wearable cameras, Garmin Ltd. (NYSE: GRMN), in March 2021, announced their debut in the powersports market with an all-new off-road product assortment, which includes BC 40 wireless camera that aims to help recreational off-roaders to roam and explore freely while staying connected in their ATVs and Snowmobiles, with one another. This camera offers a 3-month lasting battery with a single charge and is weatherproof while also providing 25 feet wide quality footage. These developments are expected to positively impact the growth of the wearable camera industry in the forecast period.

Market Breakup by Application, Type, Product, and Region:

  • The market is divided based on application into sports and adventure, security, healthcare, and industrial.
  • On the basis of type, the market can be distributed into head mount, body mount, and ear mount and smart glass.
  • Based on product, the industry is bifurcated into cameras and accessories.
  • Region-wise, the global market for wearable cameras can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for wearable camera is being driven by the increasing demand for the product for the purpose of sports and adventure.
  • The demand for wearable cameras in the law enforcement and healthcare sectors has significantly contributed to the market expansion.
  • Increased investments in the research and development of wearable camera technology are also aiding the industry growth.
  • The rapid advancements in the wearable camera mechanism, to enhance the picture quality and bolster the consumer experience, are further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for wearable camera for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the applications, types, products, and major regions of wearable camera.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global wearable camera market are GoPro Inc, Drift Innovation Ltd., Garmin Ltd., Narrative AB, and Pinnacle Response Ltd. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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