This may be the era of smartphone cameras, but mirrorless camera sales are trending upwards.

Research and Markets forecasts the mirrorless camera market will grow by US$906.03 million (A$1.372 billion) to 2027, with a compound annual growth rate of 5.55 percent.

“The market is driven by rapid growth of mirrorless cameras, superior functional and performance benefits of mirrorless cameras, and increasing use of social media,” says Research and Markets in its report.

Its optimistic projection is based on growing online retails sales, along with mirrorless cameras being the preferred choice of professional photographers.

Sony A7 mirrorless camera

“4K resolution in mirrorless cameras will lead to sizable demand in the market,” the report says.

Mirrorless cameras are smaller and lightweight, generally have better video shooting capabilities, and offer faster autofocus and shooting speeds .They are suited to creating high quality images and video for social media. Shorter battery life, higher cost and a more limited lens selection are reported disadvantages.

Camera makers are supporting their market growth through product  launches and new innovations.