Core Insights - The market for action cameras and panoramic cameras is experiencing unprecedented growth, transitioning from a niche segment to a broader consumer base driven by the "experience economy" and the rise of the "creator economy" [4][5][8] - The global action camera market is projected to grow from 31.44 billion yuan in 2023 to 51.35 billion yuan by 2027, with a CAGR of 13.0%, while the panoramic camera market is expected to increase from 5.03 billion yuan to 7.85 billion yuan in the same period [4] - The competitive landscape is shifting, with Chinese manufacturers like Insta360 and DJI challenging the traditional leader GoPro, as competition evolves from hardware specifications to AI and software ecosystems [4][8][16] Market Dynamics - The user demographics for action and panoramic cameras are expanding, targeting not only extreme sports enthusiasts but also travelers, vloggers, and families, thus redefining their market boundaries [5][6] - Current market penetration rates for these products remain low, indicating significant growth potential, with action camera shipments expected to rise from 14.1 million units in 2017 to 69.1 million units by 2027, and panoramic camera shipments from 0.882 million to 3.16 million units [6][8] Competitive Landscape - The market is currently dominated by three players: GoPro, Insta360, and DJI, with GoPro's market share declining due to slow innovation and a lack of responsiveness to emerging consumer needs [12][14] - Insta360 has achieved a leading position in the panoramic camera market with a 67.2% global market share and 86.5% in China, driven by a diverse product line and strong AI capabilities [13][14] - DJI has entered the action camera market leveraging its imaging technology from the drone sector, positioning itself as a significant competitor to GoPro [14] Future Trends - The integration of AI and software ecosystems is becoming a critical competitive factor, with features like smart recognition, automated editing, and personalized functionalities gaining importance [16][17] - The future of action and panoramic cameras may involve a shift towards "all-in-one" personal imaging devices, with cloud workflows and 3D sensing technologies expanding market opportunities [15][17] - The industry's focus is moving from hardware sales to high-value services, including cloud storage, AI processing, and content distribution, which will redefine how value is measured in this sector [16][17]