Samsung leaving the digital camera market

Samsung's last digital camera arrived back in 2015 when the South Korean tech giant released the mirrorless NX500. Now, the company moves on, and there will be no successor for the NX500. However, Samsung seems to switch the focus to virtual reality, thanks to the Gear 360 camera.

According to industry insiders familiar with the matter who spoke to The Investor, "Samsung Electronics has recently stopped producing and selling digital cameras, hinting at the Korean tech giant’s departure from the waning market." An unnamed Samsung official confirmed the rumor and also revealed an interesting fact about the company's plans for the future, saying "we will create a new camera product category to continue the business."

Samsung entered the digital camera market back in 1997, enjoying the boom of the entry segment of the market that faded in the mid-2000s. An anonymous source highlighted that "Samsung lost its competitiveness in the entry segment with the robust growth of smartphone cameras" and the company "seems to have no option but to leave the market."