Marketing intelligence firm Tractica has estimated that by 2021 wearable camera shipments will grow from 7.4 million units in 2015 to 24 million units annually. The expansion in this period will create a market worth of $3.4 billion.
Tractica's research indicates that the high growth in part is attributable to the explosion in popularity of wearable body cameras that innovatively facilitate the recording of activities without having to use a hand-held device.
According to Aditya Kaul, research director of Tractica, “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.” Wearable body cameras offer that ability to record moments while the user can partake in high-level activities that requires usage of both hands.
According to Tractica's report, companies that are specializing in the technology of wearable body cameras have seen an inconsistency in sales and growth. GoPro, a successful wearable camera brand has seen a decline in sales. While Chinese company Xiaomi is growing and now approaching GoPro's level of success and quality.
Tractica predicts that newer technologies such as 360 vision, virtual reality, artificial intelligence, deep learning, and computer vision possibly will be integrated into wearable cameras to create an enhanced experience.
Tractica offers a report titled “Wearable Cameras” on their research into the wearable camera industry. The report discusses the trends as well as limits that impact the industry's growth. Issues with technology are also explained in detailed and how it has an influence on participating companies. Further uses of wearable body cameras in other fields such as public safety, sports, enterprise and etc. is also explained.