Projection Mapping Market Overview
Projection Mapping Market size is analyzed to grow at a CAGR of 22.3% during the forecast 2021-2026 to reach $8.1 billion by 2026. Projection Mapping is a technique that integrates multiple projectors to perform together on a surface to develop amazing visual displays. Nowadays more enterprises from every sector are turning to professional projection mapping applications as the Projection Mapping Industry for businesses is an effective communicating platform to retain audience’ attention. The growth in the market is primarily due to the emerging innovations of 2D and 3D projection mapping tools, Spatial augmented reality and other tools, such as digital micromirror devices that are widely used for immersive content, branding, advertising, entertainment, public art, live concert, gaming, trade show presentations and product launches. In fact, the strong presence of the leading market players, including Panasonic, Epson, BenQand others, and the augmentation of advanced technology such as Tangible user interfaces and microfabricated light valves, along with the increasing number of sports events offer promising opportunity for the market. Therefore, the escalating use of applications such as tangible user interface (TUI) and other alternatives to graphical displays across media events, coupled up with the significant investment in product advertisement as well as content events are driving the growth of the Projection Mapping Market.
Projection Mapping Market Segment Analysis – By Offering
By Offering, the Projection Mapping Market is segmented into Hardware and Software. The Software segment is analyzed to hold the largest share and grow at the highest CAGR during the forecast period 2021-2026 owing to the noteworthy integration of advanced software for projection mapping processes. For the ever more possibilities, the Projection Mapping Industry relies on computer technology, thereby, the adoption of latest and appropriate software is high in the industry for impressive projection displays for big events, such as building openings, concerts, product launches and more. In February 2019, FARO launched BuildIT 2019 Software Platform that provides exceptional value together with BuildIT Projector 2019, across various industry verticals in terms of imaging laser projection. In addition to that, to enhance the user experience, tangible user interface (TUI) software is widely used for interactive whiteboards, which again led the market growth. In November 2020, Flipkart acquired augmented reality firm Scapic to enhance user experience through immersive shopping experience capabilities. Therefore, all these latest additions and innovations like tangible user interface (TUI) for aiming mind-bending optical illusions are witnessed to drive the Projection Mapping Market.
Projection Mapping Market Segment Analysis – By Application
By Application, the Projection Mapping Market is segmented into Themed Entertainment, Television/ Movie Studio, Medical Imaging, Retail Design, Events/ Festivals, Home-based entertainment and others. The Events/ Festivals segment is analyzed to hold the largest share of 51%during the forecast period 2021-2026 owing to the comprehensive demand for big-screen visuals for entertainment and oversized audio-visual content across various business enterprises as well as home cinema entertainment. In January 2021, LG launched laser-powered 4K HDR projector with 2700 ANSI lumens at CES 2021 for providing impressive “real cinema mode”. Furthermore, the exceptional rising demand for a wide variety of markets and applications for digital projection, the leading projector manufacturer, Digital Projection launched the M-Vision 23000 projector, in February 2021, which is known to be the brightest single chip DLP laser phosphor projector in the world. Hence, the advancement in big screen projection solution and to deliver maximize entertainment market are some of the factors that drive the growth of Projection Mapping Market.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=505266
Report Price: $ 4500 (Single User License)
Projection Mapping Market Segment Analysis – By Geography
North America is analyzed to be the major region with a share of 44% in 2020 for the Projection Mapping Market. The legacies of offering immersive entertainment experiences, early adoption of virtual reality technology innovations, and enormous demand from high-profile projects from various enterprises are some of the factors that drive the market in North America. In May 2020, REscan launched 3D Mapping Technology to capture and digitize physical spaces from the human perspective. The introduction of this 3D mapping technology solution offers explorable 3D digital models to the sectors such as architecture, commercial real estate, entertainment and engineering, and helps them to digitize the physical world. The demand for 3D mapping technology across the U.S.A is massive as business organizations, including SMEs and large companies realize the value of virtual assets for various dynamic application areas, and the advent of various Spatial augmented reality (SAR) and digital micromirror devices. In November 2020, Abbott launched next-generation 3d Cardiac Mapping Platform, known as EnSite X System in Europe and Australia. The EnSite X System helps to navigate the cardiac anatomy in two different ways on one platform and thus, addresses several advantages during cardiac ablation process. Hence, the high-density opportunities of projection mapping technology accelerate the growth of the Projection Mapping Market size in these regions.
Projection Mapping Market Drivers
Growing adoption of projection mapping in media eventscontributing to the growth of the Projection Mapping Market
Over the last few years, the growing importance of adopting projection mapping across several media events such as conferences, gala dinners and many other impressive festive occasions is influencing the market tremendously. In spite of Covid-19 pandemic, some of the popular projects that went extremely successful due to the brilliant projection mapping events and installations. In October 2020, Vancouver artists collaborated with Beaumont Studios to develop ‘A Wicked Walkthrough Experience’, a fusion of art and technology for aiming an immersive and touch-free experience for the people. Moreover, in the Italian town Carpi, the exceptional mapping design along the porches of the Piazza Martiri had been organized during the time of Christmas till January 2021, designed by Luca Agnani, the mapping artist with the collaboration with Service2Service to attract the passers-by for an amazing New Year welcome. Therefore, all these incorporation of 2D and 3D cutting-edge projection mapping technology such as microfabricated light and digital micromirror devices to reinforce mind-bending projection are contributing to the growth of the Projection Mapping Market.
Rising integration of AI Assistants, Automation & Voice Control driving the growth of the Projection Mapping Market
In most of the technology, the integration of AI Assistants, Automation and Voice Control generates immense potential for consumer and commercial applications, resulting in growth opportunities for the Projection Mapping Industry. In March 2019, Nvidia launched the Project R.O.N, the first Ai virtual assistant made for gamers and gaming enthusiasts, and joined the Ai virtual assistant bandwagon. Powered by artificial intelligence, the project RON offers unparalleled experience to gamers. Furthermore,in October 2021, a leading autonomous building technology,BrainBox AI, announced a $24Millionto deploy its AI technology in the built environment and design the next innovation phase. Thus, a complete immersive experience is achieved with the AI virtual assistant, thereby, driving the growth of the Projection Mapping Market.
Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=505266
Projection Mapping Market Challenges
Lack of awareness about projection mapping technology hampers the growth of the marketThe opportunities of the Projection Mapping industry are extensive as several end-users are investing for incorporating campaigns and events. However, lack of expertise, unawareness regarding updated features and expensive sophisticated projection mapping application are some of the restraining factors that hinder the Projection Mapping industry outlook, globally. Furthermore, high price of the various devices and other respective parameters for implementing Projection Mapping technology are impacting the buying behavior of the consumers, negatively and also discourage many companies to invest more to introduce projection mapping products and services due to hefty amount is involved, which again hampers the current market landscape of the Projection Mapping Market Industry.
Projection Mapping Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Projection Mapping Market. Projection mapping top 10 companies include:
BenQ Corporation
Christie Digital Systems
Digital Projection Ltd.
Panasonic
AV Stumpfl
Epson
Lumitrix
Pixel Rain Digital
Resolume
Vivitek
Orbit GT
Acquisitions/Technology Launches/Partnerships
In June 2020, BenQ, the world-leading DLP projector brand launched GS2, a Wireless Portable LED Projector for Versatile Family Entertainment with optimized viewing experience in Singapore.
In July 2019, a worldwide Olympic and Paralympic partner, Panasonic Corporation launched real-time tracking and projection mapping compatible projector. This Real-time Tracking and Projection Mapping Compatible Projector was used for a highly innovative video performance at Tokyo in 2020 during the “One Year to Go” Ceremony and impressed the audience highly.
In October 2019, Orbit GT launched 3D Mapping Cloud v19.10, a flexible and comprehensive cloud platform for developing valuable 3D Content.
Key Takeaways
North America is analyzed to be the major region with a share of 44% in 2020 for the Projection Mapping Market, owing to the legacies of offering immersive entertainment experiences, early adoption of virtual reality technology innovations, and enormous demand from high-profile projects.
The growing adoption of projection mapping in media events accelerates the growth of the market.
The Events/ Festivals segment is analyzed to hold the largest share of 51%during the forecast period 2021-2026 owing to the comprehensive demand for big-screen visuals for entertainment and oversized audio-visual content across various business enterprises as well as home cinema entertainment.
Relevant Report Titles:
3D Mapping And 3D Modeling Market
https://www.industryarc.com/Research/3D-Mapping-And-3D-Modeling-Market-Research-505527
For more Electronics related reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
Media Contact
Company Name: IndustryARC
Contact Person: Mr. Venkat Reddy
Email: Send Email
Phone: (+1) 970-236-3677
Address:Madhapur
City: Hyderabad
Country: India
Website: https://www.industryarc.com/