1. A method of generating a panoramic image, comprising: extracting a matching point to connect a base image captured by a first camera and a reference image captured by a second camera; geometrically transforming the reference image by determining a homography between the base image and the reference image based on the matching point; determining a change in image quality of the geometrically transformed reference image by inversely transforming the geometrically transformed reference image, setting a target comparison area for comparison in the base image and the reference image based on a location of the matching point with respect to the base image and the reference image, comparing an image quality of the set target comparison area in the base image or the reference image to an image quality of a target comparison area in the inversely transformed reference image, and estimating an image quality degradation occurring due to the geometrical transforming of the reference image based on a result of the comparing; and generating a panoramic image in which the geometrically transformed reference image is connected to the base image based on the determined change in image quality.