Saturday, 27 July 2024
According to our latest market study on "USB Camera Controller Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Device Type, Connectivity, and Application" the market is expected to grow from US$ 1.82 billion in 2023 to US$ 4.87 billion by 2030; it is estimated to register a CAGR of 15.1% from 2023 to 2030.
The esports industry has seen tremendous growth in recent years. According to the report by Niko Partners, China is the world's largest esports market. Also, as per the Electronic Sports Committee (ESC) of the China Audio-video and Digital Publishing Association (CADPA), in 2022, the Chinese esports industry generated revenues of US$ 21 billion. In addition, various other countries in APAC are witnessing growth in their esports market. For instance, according to the forecasting by the International Trade Administration (ITA), the esports market in Japan is expected to reach US$ 71 million in 2022 and more than US$ 129 million by 2025. Similarly, according to the State of India Gaming Report 2022 from AWS and Lumikai, in 2022, the Indian esports industry was valued at US$ 40 million and is expected to reach US$ 140 million by 2027. Additionally, the number of esports players in India grew from 150,000 in 2021 to 600,000 in 2022, which is further expected to grow 2.5 times to 1.5 million by 2027. The esports industry in North America is witnessing tremendous growth. According to the Federal Reserve Bank of St. Louis, in 2021, esports generated ~US$ 243 million in the US.
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Source: The Insight Partners Analysis
The esports industry is also gaining recognition in European countries. In November 2022, the European Parliament (EP) announced that it is legally recognizing the esports industry. For this, the government has created a European Video Games Society, which will regulate the industry in the region. The government also announced that the European Union (EU) would fund esports through its Creative Europe project to further increase the number of European esports professionals, including XR studios, game producers, and audiovisual production companies. Thus, the growing esports industry worldwide is expected to raise the demand for USB cameras with controllers as it helps in better filming of esports events. The operator can capture every movement of the player and arena by just moving and focusing the camera through its controller in any direction it is needed. Hence, the growing esports industry is expected to create an opportunity for the USB camera controller market growth during the forecast period.
Infineon Technologies AG, Sony Group Corporation, Canon Inc, Realtek Semiconductor Corp, and Marshal Electronics are among the key players profiled during the USB camera controller market study. Several other major USB camera controller market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The USB camera controller market report provides detailed market insights, which helps the key players strategize their growth.
The COVID-19 pandemic significantly impacted the global economy during 2020 and the initial days of 2021. The pandemic hampered various business activities in almost every industrial sector. Before the outbreak, the USB camera controller market was experiencing notable growth owing to factors such as the increase in population, rise in popularity of video equipment, increased activities of cinematography and live sports, and rise in disposable income. However, with ease in restrictions and the reopening of business units, various recreational activities such as cinematography, professional video shooting, live sports, and other broadcasts resumed. From 2021, USB camera controller market players significantly invested in adopting advanced technology, leveraging the demand for professional camera equipment and making them more advanced and secure. Therefore, although the global camera market plummeted initially due to the adverse impact of the COVID-19 pandemic and related regulations, it achieved a strong recovery from the pandemic and is witnessing a notable rise in its adoption propelling the USB camera controller market growth across the globe.
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