GoPro rugged and waterproof cameras for sports applications are leading the field at present but more general consumer, enterprise and public safety applications are not far behind and will drive strong growth in the second half of this decade, Tractica claims.
Wearable cameras are a logical extension of the smartphone camera, enabling hands-free functionality that allows users to capture both planned and spontaneous moments by using body or head mounts or by clipping the camera to clothing.
The market for wearable cameras is an early stage and experiencing rapid growth as the use cases for wearable cameras expand. Tractica forecasts that wearable camera shipments will increase from 5.6 million in 2014 to 30.6 million units annually by 2020. That is equivalent to a compound annual growth rate (CAGR) over the period of about 32 percent.
"While GoPro is driving the market for sports and adventure enthusiasts, we expect usage of consumer life-logging cameras like those from Narrative to mature over time to capture specific moments and support video streaming," said Aditya Kaul, research director at Tractica. "The public safety sector is also experiencing growth in the adoption of body-worn cameras for police officers provided by companies like Taser, Vievu, and Digital Ally. In addition, enterprise users are experimenting with applications like user experience research in retail and hospitality."
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