Wireless Display Market Is Anticipated To Augment Due To Adoption Of Various Display Technologies In
The global wireless display market is expected to reach USD 6.3 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 11.2% during the forecast period. Wireless display solutions are mainly used for streaming and mirroring multimedia content through hardware electronic devices, software suites, managed services, and operating systems. Streaming devices include dongles, modems, adapters, and various other over-the-top (OTT) devices that use wireless connectivity technologies, such as Bluetooth, Wi-Fi, and Wi-Max.
Availability of advanced display technologies, low switching costs of consumer electronics, and changing consumer preferences are fueling the demand for consumer electronics used for streaming data. Furthermore, increasing popularity of on-demand digital multimedia content and affordability of wireless connectivity & mobility solutions are expected to boost market growth over the forecast period.
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Additionally, streaming devices used in enterprise ecosystem are opening new opportunities for collaborations and interactions with various stakeholders. Different commercial sectors including retail, banking, government, healthcare, and media & entertainment are investing in visual marketing, innovative customer engagement programs, and immersive & interactive support services across the ecosystem. Thus, digital transformation involving the adoption of various display technologies in commercial applications across the globe is anticipated to augment the wireless display market over the forecast period.
Over the past few years, high-speed internet connectivity to display content wirelessly has proven to be a key performance indicator to evaluate user experience in the market. Also, technical factors including lag ratio, waiting time to access data online, and transfer & display high bit-rate content volumes are likely to stir up the demand for streaming devices over the coming years.
Moreover, government initiatives across the globe are positively influencing the implementation of evolving technologies related to wireless display solutions. For instance, Made in China 2025, U.K. Digital Strategy 2017, and Digital India, among others, propose different policies and guidelines, thus offering massive growth potential to the wireless display market.
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However, incompatibility among different brands of display technologies, such as Apple- and Android-based streaming devices, is likely to challenge the growth of the wireless display market. Other factors such as availability of low-cost wired display options and insufficient awareness regarding selection of ports and cables can hamper the sales of wireless display solutions.
Further key findings from the study suggest:
• Widespread availability of wireless connectivity coupled with growing smartphone penetration and increasing spending capabilities of consumers in emerging economies is benefitting the growth of the market
• A few other prominent trends such as adoption of streaming devices in commercial applications and soaring need for on-demand content services are poised to boost the sales of wireless display solutions over the forecast period
• The software & services segment is likely to exhibit the highest CAGR over the forecast period. This growth can be attributed to spiraling demand for low-cost solutions suitable for dynamic business environments internationally
• The commercial segment is expected to expand at a CAGR of approximately 13.0% over the forecast period as technological innovations support high-quality content streaming, which is ideal for diverse applications such as communication and collaboration, interactive and support services, and marketing & advertising services
• The Google Cast segment accounted for a significant share in the market in 2018. It is estimated to experience the highest CAGR over the forecast period. It's being increasingly acknowledged for the compatibility that it offers to multiple brands across the globe at a low cost
• North America accounted for the largest regional wireless display market in 2018 as most of the wireless display providers are headquartered in this region
• The key industry participants include Apple Inc.; Google LLC; Marvell Semiconductor Group Ltd.; Intel Corporation; MediaTek Inc.; and Roku, Inc.
• Companies focus on investing in product innovation and market expansion to withstand competition and maintain their position.
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