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The youngsters widely use digital cameras to capture classic and high-resolution photographs for their personal & professional usage. Mirrorless digital cameras are widely popular among film producers as they can efficiently capture high-resolution videos and images for their film shoots. Consumers largely seek to understand the various parameters such as device compactness, weight, cost, and resolution features of a particular digital camera during its buying process.
Therefore, companies are keenly focusing on developing innovative and customized digital cameras to attract users towards buying such products. In May 2019, Fujifilm Holdings Corporation, a Japanese multi-media company, launched a color reproductive technology-based mirrorless digital camera, ‘FUJIFILM GFX100’, equipped with an image sensor of 102 million pixels resolution to enable users to capture high-definition images and videos.
Regular technology upgradation in the design of the digital cameras is expected to drive the market growth. Additionally, the rising adoption of the different kinds of IoT connected devices is expected to drive the IoT-enabled DSLR cameras across the globe. Digital sensing cameras are widely used in the design of healthcare-related machinery and equipment. Therefore, the thriving digital healthcare industry is expected to drive the demand for such kind of products.
Additionally, the development of the film production facilities is expected to drive digital cameras' demand among film producers. For instance, in November 2020, Netflix Inc., an American over-the-top (OTT) content platform and production company invested USD 1 billion to expand its ABQ film production studio in Mexico. Besides this, digital cameras are widely used by people during their travel and tourism activities. Therefore, rising travel and tourism trends among the people further drive the demand for such products.
However, the rising demand for alternative products such as smartphones, tablets, etc., among the people for image & video capturing purposes is expected to restrain the market growth. Additionally, the uncertain occurrence of the COVID lockdown restrictions is expected to pose severe challenges to the overall travel and tourism industry, thereby hampering the market growth.
Key Market Driver -
Technology upgradation in the design of the digital cameras is expected to drive the market growth.
Key Market Restraint -
Wide availability of the alternative products is anticipated to restrain the market growth.
The prominent players associated with the global digital camera market are Sony Corporation, Fujifilm Holdings Corporation, Canon Inc., TAMRON Co. Ltd., Olympus Corporation, Panasonic Corporation, Apple Inc., Acer Inc., OMG Life Ltd., Nikon Corporation, Ricoh Imaging Company, Ltd., and others.
The global digital camera market is segmented based on product type, lens type, sensing technology, application, and geography.
Based on the product type, the market is segmented into the single reflex and non-reflex. A single reflex segment is expected to hold a major share of the market owing to its cost-effectiveness over to that of another type. Additionally, such a type of digital camera effectively allows users to place dedicated controls for various camera functions such as exposure compensation, white balance, ISO, etc. This is likely to fuel further segmental growth.
Based on lens type, the market is segmented into the fixed lens and interchangeable lens. The interchangeable lens segment is expected to hold the largest share of the global market as a lens can be swapped for another lens in such a type of camera. Additionally, interchangeable-lens digital camera provides a wider choice of image capturing capabilities to the users over to that of another type. This is likely to drive the segmental growth.
By sensing technology, the global market is segmented into CCD and CMOS. The CMOS segment is anticipated to exhibit a significant share of the market as CMOS lens-based cameras have faster-processing speed and sensitivity than the CCD type. Additionally, regular technology up-gradation in the design of the CMOS lens-based digital cameras is likely to attract the users towards buying such products. This results in higher revenues from the CMOS segment.
By application, the global market is segmented into personal and professional. A professional segment is expected to hold a major share of the market due to the large demand for advanced digital cameras among film producers. Additionally, higher prices of the professional application purpose digital cameras result in higher revenues from such a segment.
By geography, the global digital camera market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Digital image cameras are widely used in developing different kinds of medical devices such as microscopes, ophthalmological equipment, and others. Patient’s health can be easily monitored at the hospitals with the help of a computer program connected with the digital cameras installed inside these devices. This, in turn, increases the utility of such medical devices. Therefore, the fastest growth of the European region is attributed to the rising production value of the different kinds of medical devices in the countries such as Germany, France, and Italy, thereby supporting the consumption rate of the digital cameras in the region.
According to the data presented by the Federal Statistical Office, Government of Germany, in 2019, the production value of medical equipment in Germany reached USD 38,700 million, up from USD 37,900 million in 2018. Additionally, consumers commonly use digital cameras during different kinds of festival celebrations. Therefore, growing festival celebration trends among the population are further driving the market growth in the region.
The largest share of the Asia Pacific region is attributed to the large shipment volume of digital cameras in the countries such as China and India, which thereby support the revenue generation from such products in the region. According to the data presented by the Camera & Imaging Products Association, in 2018, the shipment volume of the built-in digital cameras in China reached 3,87,800 units.
Additionally, positive governmental support regarding the development of the film production hub in India, Singapore, China, and others is likely to support the smart cameras' demand for film applications in the region. For instance, in December 2019, Singapore’s Infocomm Media Development Authority (IMDA) invested USD 14.7 million to develop the film and TV content across South East Asia.
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