【Abstract】In the third quarter of 2025, the intelligent imaging device market found itself shrouded in a data haze, courtesy of two vastly contrasting market reports.

Frost & Sullivan's analysis positions Insta360 at the helm of the global panoramic camera market, boasting a commanding 75% share, while DJI lags behind with a mere 17.1%. Conversely, Meritco Group's data paints a different picture, with Insta360 capturing 49% of the market and DJI close on its heels at 43%. These significant discrepancies underscore the nascent state of standardized evaluation systems within the burgeoning tech industry.

Amidst this fierce market rivalry, Insta360's revenue soared by over 92% in the third quarter, while DJI swiftly expanded its market presence through aggressive pricing tactics.

Overall, the current competitive landscape has objectively spurred market expansion, with both entities showcasing distinct product strategies. The global intelligent imaging device market's competitive focus is shifting from hardware specifications to the cultivation of ecological capabilities.

The following is the main text:

01

Navigating Market Influence Amidst Data Ambiguity

2025 marks a pivotal juncture in the competitive dynamics of the intelligent imaging sector.

In July, Insta360, a long-standing player in the panoramic camera arena, announced its foray into the drone market, directly challenging DJI's traditional stronghold. Almost simultaneously, DJI unveiled its first panoramic camera, achieving a reverse penetration into Insta360's core territory.

This historic convergence of business frontiers signifies a transition from indirect to direct competition between the two giants. Third-party market data has emerged as a crucial metric for assessing the initial outcome of their clash, with significant data discrepancies further complicating the confrontation.

Frost & Sullivan's report crowns Insta360 as the leader in the global panoramic camera market with a 75% share, while DJI holds a modest 17.1%. In stark contrast, Meritco Group's data places Insta360 at 49% and DJI at 43%.

During its earnings announcement on November 4th, Insta360 publicly questioned the accuracy and authority of certain third-party data, a rare move that underscores the direct impact of market data on corporate valuations and investor confidence. According to Insta360, its third-quarter revenue skyrocketed by over 92% year-on-year, reaching RMB 2.94 billion, serving as compelling evidence against claims of a declining market share.

Research institutions attribute these data discrepancies primarily to differences in statistical methodologies. Frost & Sullivan's 'White Paper on the Development of the Global Smart Handheld Imaging Device Market' focuses on the overall global consumer panoramic camera market, whereas Meritco Group may concentrate more on specific sales channels or regional markets.

This divergence essentially reveals the immature state of evaluation systems within the emerging tech industry, where inconsistent statistical standards add a layer of uncertainty to market competition, enabling each party to cherry-pick data that supports its stance.

02

The Market Expansion Effect of the Price War

As a latecomer to the panoramic camera market, DJI has adopted a classic market penetration strategy.

According to Frost & Sullivan's white paper, 'In the third quarter of 2025, DJI, making its debut in the market, rapidly ascended through differentiated pricing strategies in the local market, with frequent price reductions helping it secure approximately 37.1% of the Chinese market share.'

This strategy of sacrificing price for market share has proven effective in DJI's early drone business development and is now being replicated in the panoramic camera market.

However, contrary to conventional market competition logic, the price war has not adversely affected Insta360's performance. Instead, Insta360's cumulative revenue for the first three quarters of 2025 reached RMB 6.611 billion, marking a year-on-year increase of 67.18%. The company's financial performance reflects sustained growth during the quarter. During the Double 11 shopping festival, Insta360's flagship product, the X5, dominated the Tmall panoramic camera bestseller list, showcasing robust brand loyalty and product competitiveness.

This phenomenon highlights the unique nature of the intelligent imaging market, where competition among leading companies collectively expands the industry's footprint.

According to monitoring data from the internationally renowned investment bank UBS, in the third quarter of 2025, the official apps of Insta360 and DJI witnessed significant year-on-year growth in downloads and monthly active users across major global markets (China, the United States, Japan, Germany, etc.).

In the fiercely competitive Chinese market, the growth curve even exhibited a 'vertical rise,' with Insta360's global app downloads surging by 78% year-on-year. This indicates that price wars and market education are occurring simultaneously, jointly driving market demand expansion.

03

The Logic Behind Differentiated Competition Paths

Insta360's ability to withstand DJI's aggressive offensive lies in its long-term cultivated product differentiation advantages, encompassing ecosystem construction that integrates hardware and software, along with continuous product innovation.

According to a review report by tech media PetaPixel, the Insta360 X5 allows users to swap lenses, offering greater cost-effectiveness and flexibility compared to DJI's Osmo 360. The X5 also supports modular repairs and comes with plugins for editing software such as Final Cut and Adobe Premiere Pro. This ecosystem construction that seamlessly integrates hardware and software forms Insta360's core competitive barrier.

From a technological development perspective, Insta360's rise stems from continuous product innovation. Through AI algorithms, multi-frame synthesis, and edge blending technologies, Insta360 achieves a 'drone follow-shot' effect, becoming a signature feature of its products. In the development of the Ace Pro 2, Insta360 incorporated two chips, one dedicated to 8K image quality and the other to night scene performance, reflecting its unwavering pursuit of product excellence.

DJI, on the other hand, fully leverages its brand influence and channel network advantages.

As the global leader in the drone market, DJI achieved revenue exceeding RMB 50 billion in 2024, with a valuation surpassing RMB 160 billion. Its robust financial strength supports aggressive strategies in emerging markets. DJI's panoramic camera products fully utilize its technological accumulations in stabilizers and drone imaging systems, achieving synergistic effects across technology platforms.

Meanwhile, DJI's extensive global offline retail network and mature online marketing system provide strong support for rapid product delivery to consumers.

Financially, both companies possess the capital strength for sustained competition.

According to third-party forecasts, Insta360's annual revenue is expected to surpass RMB 10 billion. Notably, Insta360's R&D investment in the third quarter of 2025 increased by over 160% year-on-year, indicating its acceleration in building technological moats.

DJI maintains ample cash flow through its mature drone business, with profitability levels providing sufficient ammunition for price wars. Simultaneously, it enhances supply chain autonomy and controllability through vertical integration of the industrial chain.

The differentiated competition paths of these two companies 'clash' in each other's traditional strongholds, making the entire industry even more eager to witness future market performance and landscape changes.

04

Strategic Layout in the Era of Ecological Competition

The '2025-2030 Research Report on the Market Status and Development Trends of China's Intelligent Imaging Device Industry' released by China Business Industry Research Institute reveals that the global market size for handheld intelligent imaging devices maintains rapid growth, with a compound annual growth rate of 23.55% from 2020 to 2024. The market size is expected to reach RMB 48.05 billion in 2025. This market prospect provides ample space for the coexistence and development of multiple enterprises.

The current competitive landscape in the intelligent imaging market mirrors the differentiation between the 'Apple and Android camps' in the smartphone sector.

Insta360 has built an active content-sharing community within its app, allowing users to directly edit and share panoramic videos, constructing an ecosystem through an unparalleled user experience and establishing deep moats beyond mere parameter competition. DJI, relying on its full-industry-chain advantages and scale effects, leverages the massive user base of the DJI Fly platform to create a mature content ecosystem, offering comprehensive imaging solutions from air to ground.

Future competition will further extend to areas such as software ecosystems, cloud services, and content communities. This trend of ecological competition necessitates companies to possess comprehensive capabilities for the coordinated development of hardware, software, and services to secure a foothold in future competition.

05

Epilogue

The data skirmish in the intelligent imaging device market is essentially a struggle for market influence and industry standard-setting rights. The data discrepancies from different institutions reflect that the market is in a stage of rapid evolution and definition formation. For Insta360 and DJI, the current competition is merely a prelude to long-term coexistence and development.

As Insta360 pointed out during its earnings briefing, 'The aggressive price competition from competitors has objectively driven market expansion,' while its own 'differentiated hardware and software advantages remain the cornerstone for user choice.' This perspective embodies the competitive wisdom of mature enterprises—seeking cooperation amidst competition and achieving win-win results through differentiation.

The global panoramic intelligent imaging device market has entered 'China Time.' The global competition between these two Chinese brands not only showcases the innovation capabilities of Chinese enterprises in the consumer electronics sector but also reflects the journey of Chinese brands transitioning from technology followers to standard setters.

Regardless of how market shares are distributed, this healthy competition will drive technological progress and experience upgrades across the entire industry, ultimately creating greater value for global consumers.