DUBLIN--(BUSINESS WIRE)--The "Wearable and Body-worn Cameras Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The wearable and body-worn cameras market was valued at USD 1.62 billion in 2020 and is expected to reach USD 424.63 billion by 2026 at 155.5% CAGR during the forecast period (2021 - 2026).
Companies Mentioned
- Axon Enterprise, Inc.
- GoPro, Inc.
- Garmin Ltd.
- Sony Corporation
- Xiaomi Corporation
- Digital Ally, Inc.
- Panasonic Corporation
- Pinnacle Response Ltd
- Transcend Information, Inc.
- Wolfcom Enterprises
Key Market Trends
Sports and Adventure Segment is Expected to Witness Significant Growth
- The wearables cameras are witnessing increased adoption in various applications in sports and adventure segments. They are being used by goalies, referees, catchers, and umpires for the live recording of the sport, as well as by skiers, skydivers, surfers, and riders for recording and sharing their adventurous moments. With the rapidly increasing popularity of these cameras and the growing interest of people in sports and adventurous activities, this segment's growth is to drive the market forward.
- Various factors, such as the increasing use of connected wearables, rise in extreme sports events, holidays, and music festivals, the growing trend of sharing content on social networking websites, and the booming consumer electronics industry, are driving the growth of these cameras in the sports and adventure segment.
- These wearable cameras are also witnessing increased usage among the broadcasting studios for live streaming of sports events from multiple viewpoints of the players on the sports field, thus boosting the demand of these cameras as these images and videos captured from multiple points are liked by viewers.
- These wearable cameras offer various advantages to consumers, such as simple mechanics, robust design, wide field of view, portability, and functionality to be worn on the body, and providing high-quality videos. Moreover, the technological advancements in sharing options, such as GPS functions and Wi-Fi connectivity that enable the users to keep track of their position and speed, have also led to the market's growth.
North America is Expected to Occupy Largest Market Share
- The market for wearable and body-worn cameras has evolved rapidly since federal funding programs in the United States for law enforcement body-worn cameras were announced in 2014. This funding and subsequent initiatives stimulated and accelerated increases in the shipments of body-worn cameras in the United States. More than half of the medium to large police departments in the United States use or are testing body-worn cameras in a present pilot program.
- Moreover, nearly one-third of the 18,000 state and local police departments in the United States are purchasing body cameras for their officers. This number is only expected to increase, fueling the market's growth positively. Also, the New Orleans Police Department plans to pay USD 1.2 million for body-cameras, with much of the cost going toward storage. According to the largest law enforcement agencies in Kern County, Calif, body-worn cameras would offer a valuable service for officers and the general public.
- Globally, the United States is expected to be one of the highly innovative wearable action camera markets. Most of the companies advancing in this technology are based in the United States. High technology exposure and ease of availability of smart devices have created a strong market for wearable and body-worn action cameras in the region.
- The increasing participation of individuals in extreme sports events is further supporting the market growth. Physical Activity Council (PAC), US, estimated that the percentage of individuals who participated in fitness sports and outdoor sports has increased from 60.1% and 53.9% in 2013 to 66.0% and 59.2% in 2018. Outdoor sports included trail running, cross-country skiing, stand-up paddling, and hiking, among others.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.3 Industry Value Chain Analysis
4.4 Assessment of Impact of COVID-19 on the Wearable and Body-worn Camera Market
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 High Demand from Adventure Tourism
5.1.2 Rising Crime Rate Across Various Regions
5.2 Market Restraints
5.2.1 Data Stored can be Tampered
5.3 Major Policies and Regulations (To include Coverage Pertaining To Major Country's Policies Related to the Utilization of Body-worn camera by Police and Law Enforcement Agencies)
6 MARKET SEGMENTATION
6.1 By End User
6.1.1 Local Police
6.1.2 Special Law Enforcement Agencies
6.1.3 Sports and Adventure
6.1.4 Other End Users
6.2 Geography
6.2.1 North America
6.2.2 Europe
6.2.3 Asia-Pacific
6.2.4 Latin America
6.2.5 Middle East & Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/arzq0c
