Wearable cameras are becoming increasingly popular thanks to thrill-seekers. After all, it’s much easier to record yourself skydiving or mountain climbing if you don’t have to worry about holding, and possibly dropping, the camera. The wearable camera market includes cameras used for sports and adventure activities, public safety and consumer applications. They’re essential for any moment where being hands-free is key, whether it be jumping out of a plane or for security reasons. According to a new report from Tractica, sports and adventure cameras, also known as action cameras, remain the biggest driver for wearable camera adoption.
Many people have negative comments to make about millennials. The one fact that cannot be disputed, though, is that they try to find a good balance between having fun, enjoying life and working. The “enjoying life” part often involves going on adventures, whether that involves traveling or doing adrenaline-inducing activities like bungee jumping. This emphasis on sports and adventure is one of the major reasons why wearable cameras are becoming so popular. Certain things require you to be hands-free, but everyone still wants to somehow record the memorable moments. The prevalence of this trend makes it no surprise that Tractica forecasts wearable camera shipments will increase from 7.4 million units in 2015 to 24.0 million units annually by 2021. This increase will create a market worth $3.4 billion by that time.
Although this forecasted increase looks promising for the wearable camera industry, research director Aditya Kaul has pointed out that the market is entering an uncertain stage. When you think of action cameras, your mind likely goes to GoPro (News - Alert). However, GoPro has seen declining sales over the last three quarters with Chinese companies like Xiaomi catching up in terms of quality, while also competing aggressively on price. The market is going to continue to grow, which could spell bad news for GoPro if they don’t shake up their practices. New technologies like 360 vision, virtual reality (VR), artificial intelligence (AI), deep learning and computer vision will enhance the wearable camera experience, possibly causing older, outdated cameras to become obsolete if they don’t keep pace.
People are always looking to try new things and go new places, and they need the best possible wearable camera functionality to help document their experiences. Especially now that they are becoming more commonly accepted, according to Kaul: “Wearable cameras have gained acceptance in places where there is a clear and well-defined use case, like in the case of sports or public safety.”
Tractica seems to think that the wearable camera market is on the rise. With new technologies abound, they’re likely right. We’ll just have to wait and see how these cameras help take us adventurers to new heights.