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In this paper, a novel algorithm for parametric camera motion estimation is introduced. More particularly, a novel stochastic vector field model is proposed, which can handle smooth motion patterns derived from long periods of stable camera motion and can also cope with rapid camera motion changes and periods when the camera remains still. The stochastic vector field model is established from a set of noisy measurements, such as motion vectors derived, e.g., from block matching techniques, in order to provide an estimation of the subsequent camera motion in the form of a motion vector field. A set of rules for a robust and online update of the camera motion model parameters is also proposed, based on the expectation maximization algorithm. The proposed model is embedded in a particle filters framework in order to predict the future camera motion based on current and prior observations. We estimate the subsequent camera motion by finding the optimum affine transform parameters so that, when applied to the current video frame, the resulting motion vector field to approximate the one estimated by the stochastic model. Extensive experimental results verify the usefulness of the proposed scheme in camera motion pattern classification and in the accurate estimation of the 2D affine camera transform motion parameters. Moreover, the camera motion estimation has been incorporated into an object tracker in order to investigate if the new schema improves its tracking efficiency, when camera motion and tracked object motion are combined.