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Nikon buys sensors from Sony. It can't get ahead in any meaningful way there. Plus, sensor tech has plateaued a bit.

Nikon, if it were to survive, would need to move into new markets. dSLRs are dying, but imaging is exploding. Nikon and Canon ran into the innovator's dilemma: they didn't want to eat into their core market, so they released crippled products like the Nikon 1 or Canon M-mount. By the time they got into the game, their market was collapsing, they lost a lot of credibility, and Sony had a huge lead. It's probably too late, but we'll see.

Drones, industrial, teleconferencing, and hundreds of other markets are popping up, but Canon and Nikon are conspicuously absent.



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