Market Intelligence Study on 360-degree Cameras
Up until last year, it took expensive professional equipment consisting of multiple, separate cameras and powerful computers and software to create immersive video content like the kind Google Maps shows in its Street View mode. However, with the development and increasing penetration of smartphone technologies across various geographies, the camera, processor, and sensor technology have […]
Up until last year, it took expensive professional equipment consisting of multiple, separate cameras and powerful computers and software to create immersive video content like the kind Google Maps shows in its Street View mode. However, with the development and increasing penetration of smartphone technologies across various geographies, the camera, processor, and sensor technology have developed so rapidly that 360-degree cameras have now become more affordable for consumers looking to immerse themselves in new visual content. The first crop of 360-degree cameras started showing up last year, and with the advent of new technologies and products this year you’ll be able to toss one in your bag to shoot a video at your next wedding, birthday party, or travel adventure. At present, there are two distinct types of consumer-friendly 360-degree cameras that are available for the consumers – one with single-lens and the other offering dual-lens. Typically, single-lens cameras capture content with better quality, whereas, dual-lens offerings stitch content together with less than stellar results on some occasions.
Over the years, the sale of traditional film cameras has started declining in the global market owing to the advent of digital cameras. Among the different types of digital cameras available in the market today, 360-degree cameras are the latest rage in the world of technology, which transcends all age groups. The features that most of the consumers look out for in these cameras include clarity, focus, accuracy, sharpness, reliability, and range. In the Indian camera market, there are many 360-degree cameras available, but when it comes to buying a technologically advanced camera, most people prefer choosing trusted brands. On the other hand, grey market and the availability of substitute products like mobile cameras are likely to pose a significant challenge for businesses looking to build an effective market entry strategy.
The Business Challenge
With a keen eye on exploring future growth opportunities, the client – a Japanese imaging and electronics company – approached Infiniti to assess the market and competitive dynamics to understand the marketability of their products in India. The key objective of this market intelligence engagement was to understand the current market structure in India, analyze the marketability of their camera products (hardware and services), and help identify potential customers in the real estate industry who would pay for such services.
To meet the client’s requirements, Infiniti’s market intelligence team tracked recent developments and innovations in the market through secondary journals and reached out to relevant stakeholders, including industry experts, KOLs, product users, and procurement experts to understand their views on the market. Our market intelligence team also spoke to key stakeholders responsible for the sales and distribution of these products to understand how the market would grow in short and long term and also to validate the market size and opportunity model developed for this segment.
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Solution Offered and Business Impact
By evaluating a wide array of published literature to develop an initial hypothesis, our market intelligence team offered the client insights into the dynamic demand-supply landscape for the 360-degree camera market in India. Additionally, an analysis of the Indian real estate market and the 360-degree camera market was also carried out to develop a holistic assessment of the competitors currently dominating this market. By offering insights into the current market scenario, investments and acquisitions, real estate value chain, value chain for web portals, and web portals, we were able to help the multinational imaging and electronics company develop effective market entry strategies.
In just six weeks, the client – a Japanese multinational imaging and electronics company – was able to leverage the information gathered to understand the current market structure in India, analyze the marketability of their camera products (hardware and services), and help identify potential customers in the real estate industry who would pay for their products and services.
What do the clients appreciate about our approach?
In a relatively short period of time, just six weeks, the client was able to understand the current market structure and determine the marketability of their products and services in India. Not only was the service helpful in terms of revenue impact or analytics turnaround time but was unique in terms of the experience that was staged for them.
Here are some of the key points appreciated by our clients:
- Dedicated Market Intelligence Portal. A centralized platform for the collection, storing, processing, reporting, and dissemination of information with the specific purpose of assisting the decision-making process and developing actionable insights. This portal includes comprehensive information on quantitative and qualitative aspects on target markets, competitors and end-users.
- Collaborative learning. We leveraged the experience of our healthcare team and our technical capabilities to enable report-sharing and other collaborative features appreciated by client teams.
- Database Access. Access to a patient database containing information about 60+ medical diseases and conditions, such as patients undergoing treatment, untreated patients, and patients with chronic conditions.
- Interactive Dashboard. Using our Portal based solution for healthcare professionals, we took a design-first approach to problem solving and helped break through previously held assertions.
- Value for Money. Infiniti’s dedicated client management team customizes reports to suit business requirements and offers the best insights for every dollar spent.
A must-read case study for strategy experts and decision makers looking for insights on the 360-degree camera market.