In the past few years, the market for handheld smart imaging devices has experienced significant growth, mainly benefiting from technological innovation, diversification of application scenarios, and strong market promotion by brands. For example, GoPro has established a solid market position in the extreme sports and outdoor adventure markets with its strong brand influence and product innovation capabilities. At the same time, domestic brands such as Insta360 have rapidly attracted a wide user base through continuous technological iteration and innovative content marketing.
With continuous breakthroughs in image stabilization, AI intelligent processing, low-light photography, and other technologies, the application scope of handheld intelligent imaging devices has gradually expanded from professional fields to daily life. These devices not only play a key role in film and television production and corporate promotion but have also successfully attracted the attention of ordinary consumers, meeting their diverse needs in areas such as travel and social media content creation. This trend indicates that handheld intelligent imaging devices are transitioning from their original professional positioning towards a broader consumer market, attracting the interest of a large number of new users, driving the expansion of market size, and the widespread application of devices in daily life.Based on the rapid development and changes in this market, Frost & Sullivan (Frost & Sullivan, abbreviated as 'Frost & Sullivan') conducted an in-depth study and released the 'Global Smart Handheld Imaging Device Market Development White Paper 2024'.
01 Definition of handheld intelligent imaging devices and classification of mainstream products
Handheld intelligent imaging devices refer to imaging equipment that has computing processing capabilities and can be used handheld. They evolved from traditional imaging equipment and are the result of the integration of traditional imaging equipment with computer technology, data processing technology, sensor technology, network communication technology, power electronics technology, etc. They mainly include panoramic cameras, action cameras, and other shooting devices.
Handheld smart imaging devices can be divided into consumer-grade and professional-grade handheld smart imaging devices. Consumer-grade handheld smart imaging devices mainly refer to those designed for individual customers, including consumer-grade panoramic cameras and action cameras. Professional-grade handheld smart imaging devices, distinct from consumer-grade devices, are primarily aimed at enterprise customers and are used in various production activities. These products possess stronger functionality and are more targeted, mainly including professional-grade panoramic cameras.
Source: Frost & Sullivan research
Panoramic cameras are one of the mainstream products of handheld intelligent imaging devices, divided into consumer-grade panoramic cameras and professional-grade panoramic cameras.
The implementation of the 360° image function in consumer-grade panoramic cameras depends on the simultaneous interaction and shooting of two high-precision fisheye lenses, which requires image stitching technology to generate panoramic images. In addition to special panoramic shooting capabilities, consumer-grade panoramic cameras also have advantages such as convenient portability and simple operation, and are commonly used for daily travel photography, extreme sports shooting, creative perspective photography, and other fields. In terms of product types, consumer-grade panoramic cameras include three categories: stereoscopic independent panoramic cameras, modular cameras, and monocular independent cameras.
Source: Frost & Sullivan research
Professional panoramic cameras generally come equipped with four or more optical electronic sensors to automatically generate high-resolution panoramic images while framing and shooting. The product advantages include higher resolution and automation. However, professional panoramic cameras are bulky and expensive, and are currently mainly used for live streaming or recording at large corporate events such as press conferences, concerts, sports events, and speeches. In terms of product types, professional panoramic cameras include film panoramic cameras and multi-dimensional stereoscopic cameras.
Source: Frost & Sullivan research
Analysis of the Business Prospect of Handheld Intelligent Imaging Devices
The expansion of the handheld smart imaging device market has been driven by multiple factors. Firstly, with the growing demand for content creation, especially on social media and video platforms, users are increasingly seeking high-quality, portable devices. Secondly, technological progress and innovation have continuously upgraded these devices in terms of performance, attracting more users. In addition, the application of such devices in various scenarios such as outdoor sports and extreme sports is becoming increasingly widespread, further driving the growth of market demand. Finally, leading brands like GoPro and Insta360 have enhanced consumer brand awareness and acceptance through strong marketing efforts.
In recent years, the market scale of handheld intelligent imaging devices has continued to grow. The global market size increased from 16.43 billion yuan in 2017 to 36.47 billion yuan in 2023, with an average annual compound growth rate (CAGR) of 14.2%. Currently, the market for handheld intelligent imaging devices has been initially established, and it is expected that the industry will enter a period of rapid growth.
Source: Frost & Sullivan research
03 Driving forces in the handheld intelligent imaging device market
(1) Product upgrades brought about by technological innovation
The rapid progress of technology is one of the important driving forces in the market for handheld smart imaging devices. In recent years, continuous breakthroughs in image processing technology, sensor technology, artificial intelligence (AI), and battery technology have led to a qualitative leap in the performance of handheld smart imaging devices. For example, advanced image stabilization technology can significantly reduce shaking during shooting and improve video quality; improved low-light performance enables devices to still capture clear images in dim light environments; AI intelligent processing technology can help users automatically identify scenes, optimize image effects, and simplify the operation process. These technological innovations not only enhance the user experience but also bring more extensive application scenarios to the devices, attracting more users to choose handheld smart imaging devices, thereby driving continuous market growth.
(2) Expansion of diverse use cases
The market expansion of handheld intelligent imaging devices is also due to their widespread use in diverse application scenarios. These devices are not only used by individual users for daily life recording and travel photography but are also widely applied in various fields such as outdoor sports, extreme sports, education and training, film and television production, corporate promotion, etc. For example, in outdoor and extreme sports, the durability and portability of handheld intelligent imaging devices make them the preferred tool for recording sports moments; in the field of corporate promotion, these devices are used to produce high-quality promotional videos. With the development of more emerging application scenarios, the market demand for handheld intelligent imaging devices continues to grow, driving the overall market development.
(3) Enhancement of brand marketing and consumer education
Brand promotion and market education are important drivers of the handheld smart imaging device market. Leading brands such as GoPro and Insta360 have successfully attracted a large number of consumers through powerful marketing strategies and innovative product releases. These brands have enhanced the market awareness and attractiveness of their products through various channels such as social media, influencer marketing, and video content collaboration. At the same time, brand manufacturers are also continuously conducting consumer education to help potential users better understand the functions and advantages of handheld smart imaging devices, thereby promoting consumers' purchasing decisions.
04 Introduction to Major Manufacturers
FilmStone Insta360
Founded in 2015, Insta360 is a globally renowned smart imaging brand based on panoramic technology. The main product categories of Insta360 include consumer-grade smart imaging devices, professional-grade smart imaging devices, accessories, and other products. Insta360 has also successively established strategic partnerships with brands such as German camera company Leica, American Google, Facebook, Twitter, and multimedia editing software service provider Adobe. In March 2018, Insta360 officially entered Apple's direct stores globally. To date, it has launched multiple products such as the X series, ONE R series, GO series, Ace series, and Flow, and remains the only panoramic imaging brand introduced into Apple stores.
Yingshi Insta360 offers a variety of products such as modular, standalone, and cinematic panoramic cameras, maintaining strong competitiveness in the entire panoramic camera market. Currently, the latest model of the Yingshi Insta360 X series panoramic action camera is the Insta360 X4, which features panoramic shooting capabilities with two lenses front and back, capable of capturing 360-degree views simultaneously and boasting an ultra-high resolution of 8K. It is more powerful in performance and easier to operate, with the selfie stick invisible in the image and requiring no post-processing, making it more suitable for professional content creation. With outstanding product performance and effective market promotion, Yingshi Insta360 has achieved rapid growth, with revenue growth rates exceeding 70% for two consecutive years.
GoPro
GoPro was founded in 2004 and went public on NASDAQ in the United States in 2014 (GPRO). It is headquartered in San Mateo, California and is a leading manufacturer of action cameras as well as developers of mobile applications and video editing software. GoPro is known for its flagship product series HERO, multi-functional 360-degree, and 4K action cameras. In 2023, GoPro's global sales of action cameras reached $1 billion, ranking first. However, with the rise of domestic smart imaging brands in recent years, GoPro experienced revenue declines for six consecutive quarters from Q3 2022 to Q1 2024.
DJI Innovations
The company was established in 2006 and is a global leader in the research, development, and production of unmanned aerial vehicle control systems and drone solutions. Its customers are located in more than 100 countries around the world. It is known for its excellent image quality in handheld imaging devices.
The DJI Pocket 3 features a powerful 1-inch CMOS sensor, a 2-inch rotating screen that allows for quick switching between portrait and landscape shots, combined with full pixel fast focus. It also has ultra-high shooting specifications of 4K/120fps and a three-axis gimbal mechanical stabilization. The device is lightweight, portable, intelligent, and equipped with an independent screen for easy shooting.
Seine AKASO
AKASO, a subsidiary of Shenzhen Saina Electronic Technology Co., Ltd., was established in Seattle, Washington, USA in 2011 and the brand AKASO was founded in 2013. AKASO manufactures high-quality, affordable sports cameras. In less than seven years, AKASO has become one of the world's leading sports camera brands, with annual sales exceeding 500,000 units. AKASO has also expanded its business into new areas, including IP cameras, baby monitors, dash cams, fitness trackers, projectors, video doorbells, and even drones.
The AKASO EK7000 Pro sports camera supports 4K 25fps image processing. In terms of battery life, the AKASO EK7000 Pro sports camera has a battery capacity of 1050mAh and comes standard with two batteries that can be switched at any time during outdoor activities for continuous recording. Additionally, there is an app for one-click editing, allowing you to directly connect the camera to your phone via Wi-Fi and share dynamic footage on social media.
Rikyo of Japan
Ricoh is a renowned Japanese manufacturer of office equipment and optical machinery, ranked among the Fortune Global 500 companies. Its product portfolio includes office image processing devices (such as MFPs and printers) that provide services and solutions such as document output management and IT solutions, production digital printing presses, supply products, digital cameras, and industrial products such as thermal media, semiconductors, and factory automation cameras.
Currently, the exterior material of Ricoh's latest product, the Theta X camera, is made of magnesium alloy. It features a 60 million pixel sensor, supports 5.7K 30p video recording, allows for the use of the editing application THETA+, WiFi and Bluetooth capabilities, and has an overall weight of only 170 grams. Ricoh in Japan has chosen Qualcomm chips for its panoramic camera chips, which are similar to those used in mobile phones. Qualcomm chips have excellent data transmission capabilities and high stability, but they are lacking in anti-shake calculations. As an established Japanese optical manufacturing company, Ricoh has its own lens factory, which is a unique advantage over other sports camera and panoramic camera manufacturers.
