The global head-up display market size was valued at USD 4.75 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 15.7% from 2023 to 2030. The growth of the market is primarily driven due to the low cost of products and easy integration with smartphones, which enhances the safety of drivers by reducing distractions. Innovative solutions such as global positioning systems and augmented reality that can be integrated with the head-up display system further drive the industry's demand. HUD is a transparent display that presents information in the driver's line of sight without looking away from the road. HUDs were initially developed for aviation and military applications but are increasingly used in automobiles, commercial aircraft, and other wearables.
The increase in the purchasing power of individuals due to growth in disposable income is expected to fuel the industry's growth. The modern-age population is becoming more tech-savvy and accepting technologically advanced products that promote safer driving practices. Furthermore, increasing awareness regarding safety is a major factor driving further growth.
Gather more insights about the market drivers, restrains and growth of the Head-Up Display Market
Market Dynamics
Distributed ledger technology, also known as the blockchain, forms the basis of technology used in decentralized identity management. Blockchain enables peer-to-peer data sharing and makes data private and secure using encryption. Cryptographic algorithms enable the creation of unique identifiers, using public and private keys that encrypt data, secure it, and minimize exposure to risks and vulnerabilities such as identity theft and cybercrime. Digital wallets are utilized to store and manage personal data, while smart contracts, a pre-defined set of software instructions, are leveraged to create agreements and execute transactions between involved parties. Users can use their digital wallet to generate a verifiable credential containing necessary information when they want to share their personal information with another party. The verifiable credential is then sent to the receiving party, who can use the public key in the user's DID document to verify the credential's authenticity.
Identity Type Insights
In terms of identity type, the biometric segment dominated the market in 2022 with a revenue share of more than 64.0%. Biometric identifiers, such as fingerprints, facial recognition, iris scans, and voice recognition, provide a high level of precision and security in authenticating an individual's identity. This type of identity verification offers a strong level of verification and is difficult to forge or replicate, making it highly reliable for forming trust in digital interactions. Biometric identity also offers convenience and ease of use for users. With biometric authentication, individuals can confirm their identity quickly and seamlessly by solely using their distinctive biological traits. This excludes the necessity for passwords or other traditional forms of authentication, which can be easily forgotten, stolen, or compromised.
End-user Insights
In terms of end-user, the enterprises segment dominated the market in 2022 with a revenue share of more than 65.0%. Growing concern for reducing business risk is a significant factor driving segment growth. Moreover, a decentralized identity framework enables enterprises to control users’ identities independently of the identity issuer. Furthermore, a decentralized identity eliminates the initial need for organizations to gather and store personal data.
Enterprise Size Insights
In terms of enterprise size, the large enterprises segment dominated the market in 2022 with a revenue share of over 67.0%. Demand for decentralized identity is rising among large enterprises as these enterprises are trying aggressively to avoid identity risk. For instance, in August 2022, Litentry, a multi-chain identity protocol, announced a partnership with Node Real, a blockchain infrastructure solution provider. Through the partnership, Litentry can incorporate NodeReal's MegaNode, which offers powerful real-time and historical data indexing on the Ethereum and Binance Chain networks.
Vertical Insights
In terms of vertical, the BFSI segment dominated the market in 2022 with a revenue share of over 19.0%. Banks are required to conduct KYC checks to confirm customers' identity and ensure they are not involved in any illegal activity, such as bribery or money laundering. In addition, the U.S. spends USD 25 billion on Anti Money Laundering (AML) compliances. Moreover, according to Forbes, in April 2019, major banks spent up to USD 500 million annually on cybersecurity.
Regional Insights
In terms of region, North America dominated the market in 2022 with a revenue share of more than 31.0%. North America region has a varied range of industries and sectors that can benefit from decentralized identity solutions. These comprise financial services, healthcare, government, and e-commerce, among others. The need for secure and effectual identity authentication, data sharing, and user verification in these sectors has driven the adoption of decentralized identity technologies. In addition, it has a huge and tech-savvy population that is progressively more aware of the significance of data privacy and digital security, which is also accentuating the market growth in the region.
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Recent Developments
• In February 2023, AeroBrigham acquired the SkyDisplay HUD division from MyGoFlight and rebranded it as AeroDisplay. The company intends to further enhance the HUD by developing configurations for more Part 23 aircraft and Part 27 helicopters. AeroDisplay plans to incorporate engine and external load information into the HUD's display for helicopters. Additionally, AeroDisplay integrates with thermal imaging systems, such as the Astronics Max-Viz enhanced flight vision system.
• In January 2023, HARMAN International launched HARMAN Ready Vision, a range of Augmented Reality (AR) head-up display hardware and AR software products. The AR software of Ready Vision integrates with vehicle sensors to provide immersive audio and visual alerts, delivering crucial information to the driver accurately and promptly without being disruptive. Additionally, the system utilizes computer vision and machine learning for precise 3D object detection, enabling the driver to receive non-intrusive warnings for potential collisions, blind spots, lane departures, lane changes, and low-speed zones.
• In May 2022, BAE Systems announced the launch of LiteWave, an innovative compact Head-Up Display (HUD) designed exclusively for aviation cockpits with restricted space. The HUD utilizes BAE Systems' unique waveguide technology and is flexible to accommodate different flying postures. This function allows pilots to maintain situational awareness even in adverse weather or low visibility scenarios.
• In February 2022, Continental AG launched a head-up display (HUD) for trams, developed by their in-house team at Continental Engineering Services (CES). This innovative display aims to enhance safety in urban traffic by allowing tram drivers to concentrate fully on the road, reducing the need for emergency braking. Additionally, the increasing prevalence of cellphone distractions among road users has contributed to a growing number of accidents involving trams, prompting the need for improved safety measures.
• In January 2022, Panasonic Corporation of North America announced the launch of Augmented Reality HUD (AR HUD) 2.0, incorporating an innovative eye tracking system (ETS) to enhance the AR experience. This exclusive technology is made possible by integrating an IR camera into the AR HUD projector and optics, eliminating the necessity for a separate camera focused on the driver. The ETS accurately detects the driver's gaze direction and optimizes the AR visuals to ensure clear and precise imagery, resulting in a more intuitive and enjoyable user experience.
• In January 2022, CY Vision announced the launch of a 3D Augmented Reality Head-Up Display (3D AR-HUD), a groundbreaking windshield technology that offers uninterrupted depth and authentic 3D functionality. This cutting-edge display surpasses all other augmented reality displays available in terms of its expansive field of view, catering to various distances and weather conditions.
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