Global Projection Mapping Market: Overview
The global projection mapping market is forecast to expand with rising adoption in media events since the past few years. Projection mapping is observed to be commonly used in government-sponsored events, product promotions/launches, sports events, concerts, and corporate events. To be specific, three-chip model-based projectors with high brightness are usually engaged in these events. Opening and closing ceremonies of popular sporting events such as Winter Olympics and FIFA U-20 Women’s World Cup could be great opportunities for players to increase their sales in the global projection mapping market.
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However, there could be some factors arresting the demand in the global projection mapping market. For instance, lack of awareness about projection mapping and expensive cost of the technology compared to conventional ones are envisaged to hinder the growth of the global market. Nonetheless, rising demand in the retail sector for providing engaging information about products and services to customers could offer lucrative growth prospects to players operating in the global projection mapping market.
Global Projection Mapping Market: Trends and Opportunities
The global projection mapping market is not only anticipated to increase growth in the retail sector but also entertainment. Both retail and entertainment companies use projection mapping to increase customer/viewer engagement and thereby business revenue. Theme and amusement parks, worship houses, museums, and other large venues are some of the profit-making applications that could significantly push the growth of the global projection mapping market. In some large venues, projection mapping is used to create visual effects in a 3D environment.
Among different projection mapping offerings, software products are foretold to show higher market growth in the foreseeable future. The software market could increase revenue with the need to frequently update software licenses. Thus, the rise of the software market is expected to bode well for the global projection mapping market.
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Global Projection Mapping Market: Market Potential
Use of projection mapping during festive seasons is envisioned to offer a whole lot of opportunities in the global market. This could be evidenced by the Karnataka Department of Tourism’s idea of using 3D projection mapping during the 2018 Dussehra festival to showcase the history of Mysore and Wadiyar dynasty on the walls of the 134-year-old Town Hall. The demand for projection mapping at the time of festivals is not limited to just India, the technology can also be used in other countries during festive seasons.
Global Projection Mapping Market: Regional Outlook
From a geographical standpoint, North America is predicted to gain a lion’s share of the global projection mapping market. The region could bank on its reputation as an important hub for various types of events including sports and corporate. On the other hand, the swelling demand for AR and VR in the region is projected to work in the favor of the projection mapping market in North America. Furthermore, the region could take advantage of the rising availability of 4D and 3D content. The need to create more attentive environments for various applications is expected to increase the demand for 4D content projection in the region.
Asia Pacific could be another region creating rewarding growth prospects in the global projection mapping market. The developing region is prophesied to increase demand for projection mapping with the improvement in infrastructure required to host corporate, sports, and media events.
Global Projection Mapping Market: Competitive Landscape
The global projection mapping market includes top players such as BenQ Corporation, Christie Digital Systems, Barco NV, Seiko Epson Corporation, and Panasonic Corporation. Players are envisioned to ride on the rising need for increased audience engagement, increasing investment in product advertising to increase their presence in the global projection mapping market.
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