Digital Medium Format Camera Market: Wireless Security System, Smart Band and Electronics Industry
A digital camera is a multimedia device that is used to capture images in digital format either in an internal camera memory or the external memory card. Along with images, it also enables the user to capture pictures, record videos of different resolutions, such as 720P or 1080P. Digital cameras offer the flexibility of recovering or deleting images or videos from the memory. Still video and images clips can be simultaneously viewed over the display screen of the camera and transferred to other devices via a USB cable, Bluetooth or an inbuilt wireless system. Apart from this, it is efficient and user-friendly in nature as it eliminates the process of developing a film roll. Most of the digital cameras offer an inclusive variety of features including removable memory card, shutter priority, auto-focus, best-shot selector, panorama view, zoom-in and zoom-out options, etc. However, the demand for digital cameras has diminished in recent years due to the integration of cameras into other electronic devices such as smartphones, smart band, smart watch and laptops.
Apart from this, it is efficient and user-friendly in nature as it eliminates the process of developing a film roll. Most of the digital cameras offer an inclusive variety of features including removable memory card, shutter priority, auto-focus, best-shot selector, panorama view, zoom-in and zoom-out options, etc. However, the demand for digital cameras has diminished in recent years due to the integration of cameras into other electronic devices such as smartphones, smart band, smart watch and laptops.
Interchangeable lens camera dominates the market
The digital format camera market can be segmented on the basis of product type as interchangeable lens cameras and built-in lens cameras. Digital cameras have featured interchangeable lens are the most popular type, accounting for more than two-thirds of the total market share. An interchangeable lens camera is use for capturing high-quality as well as sharp images. They are further categorized into digital single-lens reflex (SLR) cameras, digital rangefinders, line-scan camera and security systems.
Smart Devices acting as a substitute for digital cameras hinder market growth
The manufacturers of digital camera are continuously experiencing challenges from the smartphone and smart band industry due to technological advancements made in the inbuilt cameras of these phones. While digital cameras serve only one purpose of taking pictures and videos, smartphones also offer several other functions like calling, texting, gaming, entertaining, etc. Apart from this, lack of innovations in digital cameras industry is further failing to intrigue the consumers to invest in new camera models. The emergence of rental services for these cameras has also resulted in their decreasing sales. In addition, they are associated with several working complexities which have led to a decline in their popularity amongst amateur photography enthusiasts. As a result, the digital camera market is anticipated to reach a value of US$ 8.9 Billion by 2023, registering a negative CAGR of nearly 11.5% during 2018-2023.