Digital Movie Cameras Market Size is Expected to grow at higher CAGR 6.5% Over the Forecast Period.
Digital movie cameras, also known as digital cinema cameras and professional cameras, capture high-quality pictures and videos, which is why they are extensively used by professionals in the entertainment industry to shoot movies, short films, web series, and media broadcasting. Digital movie cameras are equipped with broadcasting and cinema cameras that are 4k, 5k, and 6k in resolutions.
Digital movie cameras are expected to witness a healthy growth rate. The rise of independent filmmakers and video game creators and the growing consumer base of online streaming platforms, such as Netflix, Hulu, and Amazon Prime, among others, are expected to act as tailwinds for the digital movie cameras market. China, India, Japan, the U.S., and Mexico are expected to be the most noteworthy contributors to the market during the forecast period, 2020–2029.
Growth in the global per capita income, from ~USD 9,538 in 2010 to ~USD 11,298 in 2018, is leading to an increase in disposable income. As a result, people are increasingly engaging in leisure activities, such as watching films. The number of cinema screens grew 8%, or by 164,000 screens. These factors are expected to positively affect market growth in years to come.
The global digital movie camera market is a relatively mature market, which is expected to reflect in its overall growth rate in terms of value and volume.
Globally, the media and broadcasting industry is revolutionizing at a rapid pace, which is further boosting the demand for digital movie cameras across the entertainment industry. Every year, a number of independent media houses are launched across the globe due to rapid digitalization and ease of access through social media platforms. For instance, Scroll, The Wire, Dkoding, ThePrint, TheCitizen, JantaKaReporter, Thelogicalindian, CatchNews, Nyoooz, and OpIndia, among others are some of the media houses launched in India in the last five years. The demand for movie cameras is increasing in the media industry, as several debates are held on a daily basis over different issues where professional cameras are installed at each member's location. In addition, interviews of celebrities taken by independent media houses such as Horizon Media, Inc., MKG, Omelet, CSE, Inc., The Wire, The Caravan, and Bollywood Hungama, are also supplementing the demand for digital movie cameras.
In the last few years, over-the-top (OTT) platforms have been gaining immense popularity as they provide streaming media services that enable viewers to watch content directly through the internet. Some of the major OTT platforms providing high-quality content are Amazon Prime Video, Netflix, Google Play Movies and TV, Hulu, and YouTube Premium. Additionally, several production houses are using superior digital movie cameras for shooting remarkable, life-like content. For instance, the famous Game of Thrones series was filmed using ARRI and RED cameras. Similarly, Stranger Things—a web series—was filmed using RED cameras. In line with this, umpteen leading players are investing heavily in the field to establish a strong foothold in the market. For instance, in the first quarter of 2019, Amazon invested about USD 1,700 million in producing video and music content. Netflix invested around USD 12,000 million on content in 2018. The competition is predicted to rise at a significant rate as technological and media giants such as Apple, Warner Bros, and Disney are launching several new products and channels. For instance, Apple is planning to launch Apple TV+, whereas AT&T’s Time Warner and Walt Disney have already introduced HBO Max and Disney+.
Globally, the technological revolution brought in by Artificial Intelligence (AI) has paved its way into the digital movie camera market. AI has given a great impetus to computational photography and created a number of new technologies, including face recognition and emulating hardware functions. When integrated with a digital movie camera, AI can drastically decrease the weight of the camera and the time required for the post-processing of the content by providing in-depth editing features in the camera. In addition to this, it can develop a neural network with the potential of recognizing patterns, which can speed up the analyzing process of the cinema. For instance, in April 2018, Canon integrated AI in its cameras to compete with smartphone photography. The company has used AI to identify the optimal bounce angle for the flash system. Similarly, Blackmagic Design has been using its neural engine technology to boost the AI component in its post-production software.
Digital movie cameras are used in the professional field, where high quality and high-resolution videos are required. They are available in various resolutions such as 1K, 4K, 5K, 6K, and 8K, and register the most significant demand from professional movie makers such as Fox Studios, Red Chillies, and Walt Disney. 1K cameras, normally referred to as 1080p resolution cameras, are about to attain maturity in the field of film or movie making. The demand for 4K is still high among amateur and new entrants in the film and broadcasting industry, such as independent media houses. 4K cameras are in the growth phase and about to enter the maturity phase. 6K resolution movie cameras register strong demand from professional users despite their high prices. Most Hollywood movies and web series are shot on 6K cameras nowadays. Other resolution cameras such as 8K are in the introductory phase. These cameras are used where high-end resolutions are required, whether it is movies, gaming, or in the medical field for CT scan and other footage.
The entertainment industry is growing at an unprecedented rate, which is subsequently increasing the demand for digital movie cameras. Increasing per capita income, changing lifestyle, and widespread adoption of digitalization are driving the growth of this industry. Several social media platforms, including Youtube, are also bolstering market growth as digital videos are popular content form among social media users. Today, people are increasingly watching movies, web series, and originals, which has further skyrocketed the scope of the entertainment industry. As per Nash Information Services, annual box office collection increased from USD 5 Billion in 1995 to USD 12 Billion in 2018. Moreover, an increasing number of film institutes, regional and local film industries, and favorable government policies are some of the factors driving the digital movie cameras market. For instance, the government of India has increased the Foreign Direct Investment (FDI) limit from 74% to 100% in the entertainment industry.
Digital movie cameras register strong demand in the entertainment and broadcasting industries. Asia-Pacific is the largest shareholder, with more than one-third of the overall market share. The regional market is characterized by a large number of key digital movie camera players. Most of the top global companies involved in digital camera manufacturing are Japanese; some of them are Canon, Nikon, Sony, Panasonic, and JVC. Moreover, the local and regional entertainment industries in Asia-Pacific, such as Bollywood and Cinema of China, are accelerating demand for digital movie cameras in the region.
North America and Europe are also key consumers and producers of digital movie cameras. The first photographic film camera manufacturing company, ‘Kodak,’ is an American company. The presence of Hollywood and other entertainment industries drives the market growth in North America and Europe.
Digital movie cameras find applications in various fields such as entertainment, broadcasting, medical field, gaming, and others. The trend of video games is increasing across the globe. Video games present an exceptionally lucrative opportunity for digital movie camera manufacturers. For instance, in 2018, the sale of video games experienced an exponential surge and generated about USD 43,400 million. In the U.S. alone, around 164 million adults play video games, as per the Entertainment Software Association.
Numerous regional, as well as national and international players, offer digital movie cameras. Some of the prominent manufacturers are listed below
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