The interactive projector market is gaining traction from increased demand being generated from the educational sector, where the interactive projector enables annotations directly onto videos. Due to this, there is significant growth in the interactive projector market. The global interactive projector market size was valued at $1.5 billion in 2018, and is poised to grow at a CAGR of 18.45% during the forecast period 2019-2025. The report covers interactive projector market size by product type and applications, interactive projector market share by top 5 companies and also the market share by start-ups during the forecast period.
IndustryARC’s report, titled “Interactive Projector Market: Global industry analysis by technology ( DViT, Infrared Optical, Electromagnetic, and Others), by Application (Education, Corporate and Government) & by region – Forecast (2019-2025),” offers an in-depth strategic analysis of the value chain, opportunities, product life cycle, suppliers & distributors market share. Additionally, the report documents the drivers, constraints, and challenges that will shape the future of the interactive projector market.
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Interactive Projector Market: Leading Segments
North America is currently dominating the interactive projector market. Adoption of internet-based teaching is gaining prominence in the region due to this demand for e-learning & virtual learning such as K-12 education in the United States is growing substantially. It offers advantages such as efficient user interaction, real-time learning needs, multi-touch collaboration, easy integration of materials, PC-free interactivity, and multi-user standards. These advantages make learning more interactive and productive. Furthermore, increasing investments into the educational sector by the governments in the U.S. and Canada is another essential factor driving growth of the interactive projector market in North America. Owing to these factors, North America held a 39.75% share in the interactive projector market in 2018.
The fastest-growing segment is the corporate sector, which is increasingly adopting interactive projectors for virtual presentations and conferences. The growing corporate sector is simultaneously increasing demand for the interactive projector market. This key segment is expected to grow at a CAGR of 22.78% during the forecast period.
Interactive Projector Market: Market Trends and Growth Drivers
· Smart Homes Industry Driving Growth for Interactive Projectors
The smart homes industry is gaining traction globally, leading to increased demand for interactive projectors. The growing technological advancement in regards to Internet of Things (IoT) in smart homes is anticipated to create several new opportunities. For instance, in 2019, Bosch announced the launch of an interactive projection module that enhances smart homes through utilization of virtual touchscreens.
· 3LCD Interactive Projector
3LCD projectors are more energy-efficient, have better resolution and produce images that are brighter than other projectors. The 3LCD projectors deliver images with vibrant and realistic hue. Owing to such technological advancements, there is an increase in the demand for 3LCD projectors from the corporate sector.
· Smart Laser Cinema Projector
The smart laser projector is an emerging trend in the interactive projectors market. These projectors can turn any flat surface into a touchscreen. These projectors are embedded with Bluetooth 4.0, portable Bluetooth speakers, dual antennas, and dual receivers and are being increasingly used in the smart home industry. Hence, the interactive projectors market is expected to grow substantially in the upcoming years.
· DLP Projection Technology
Digital light processing (DLP) is one of the leading technologies developed in the projectors. DLP projectors are being widely used in digital screens in the entertainment industry. Conversion of analog screens into digital screens is influencing digital projector to gain huge popularity. Owing to this, demand for DLP projectors is growing in the interactive projectors market.
Interactive Projectors Market: Competitive Landscape
Innovation is paramount to survive in this marketplace. Consequently, companies are investing in R&D activities to carve a niche for themselves. The major companies that are operating in the global interactive projector market are NEC Display Solutions, Ltd., Optoma Technology Inc., Touchjet Inc., ProVision Technologies, Texas Instruments Incorporated, Seiko Epson Corp. , Sharp Corp., Smart Technologies, Epson America, Inc., Dell Technologies Inc. , Panasonic Corp. Casio Computer Co. Ltd., and Mimio Boxlight (U.S.).
Top 3 Impacted Application Industries
· Construction Industry: According to the American Institute of Architects (AIA), the projected increase in the construction spending for nonresidential buildings is 4% and will continue to grow at the same growth rate through 2019. The Institution of Civil Engineers also estimates the volume of construction output to be $15.5 trillion by 2030. These factors are leading to growth of the smart camera market due to the growing need for video surveillance in residential and nonresidential buildings. Demand for smart cameras is expected to grow due to an increase in security-related concerns. Security is the fastest growing application segment of the smart camera market, growing at a CAGR of 9.4% through to 2025. Consumers are spending ample amount to increase the security of their premises. Increasing number of smart homes is simultaneously increasing demand for smart cameras such as Wyze Cam, Arlo, Nest, and D-Link. Launch of these products in the marketplace have increased the investments from the potential investor. One example that specifies the development in the construction industry is, in May 2019, Google launched its new unified smart home brand “Google Nest”. Google Nest is a wireless camera available in both outdoor and indoor variants. The Indoor Nest Cam is a lollipop-style camera with built-in Wi-Fi it that can be placed anywhere in the house. An outdoor version of the camera is shaped like a spotlight, can be screwed anywhere into the wall and rotate in all directions. These cameras provide three hours of image snapshots along with live-video feeds and face recognition. The camera is also embedded with Google Assistant providing virtual assistants. This technological advancement makes Google’s Nest Cam the smartest of all smart camera.
· Manufacturing Industry: According to the World Bank, the manufacturing industry contributed 15.6% to the global GDP in 2017. An important aspect of the growing manufacturing industry is the increasing interest and investments on smart infrastructure, where smart cameras are becoming highly essential. The benefits of the smart camera make them an ideal fit for the industrial application, where they can be commonly used for monitoring and controlling quality and increasing productivity. For instance, for bottling inspection, the bottles are filled, closed and labeled at a high speed in the manufacturing unit, which requires machine vision sensor along with smart camera ensures that the bottles are packed properly. The smart camera with machine vision systems are the most suitable and commonly used for reading barcodes and checking the position of the label in the bottles. Thus, increasing demand for smart cameras in manufacturing units is influencing the smart camera market growth.
· Automotive Industry: A variety of smart in-vision cameras are being used in automobiles to safeguard the driver and the other occupants. Some of the cars already in the market have 2D cameras and the ones that are newly being manufactured are embedded with 3D cameras. These smart cameras capture facial analysis and gesture interfaces that protect the car and avoid accidents. Smart cameras installed around the vehicle exterior offer a combination of benefits in terms of protection and convenience. A trend that struck in the automotive industry was in 2016, The Auto I, world’s smartest car security 360-degree dash camera was launched to maintain a record of the movement and impact of the vehicle via smartphone, where the vehicle’s owner receives notifications accompanied by a video of the event. In case of an accident between the vehicles, Auto I records the incident that becomes beneficial to be able to provide the law enforcement and insurance companies. According to the World Economic Forum, the total number of cars on the road are projected to be more than two billion by 2040. Growing technological advancements in the automotive industry are increasing demand for smart cameras and smart infrared cameras. For instance, in April 2019, a team from Cornell University developed a cost-effective stereo-camera that can detect objects for self-driving cars with LiDAR’s accuracy. LiDAR sensors use 3D maps to measure objects and follow maps. The demand for self-driving cars are continuously growing which is driving the growth of the smart camera market revenue.
North America: Emerging Smart Camera MarketNorth America is leading the global smart camera market, and registered a share of 34.85% in 2018. Augmenting infrastructural activities and expanding manufacturing units in North America are supporting growth of the smart camera market. According to the World Bank, the manufacturing industry in the U.S. contributed 11% to the nation’s GDP. The region is experiencing high growth in the manufacturing industry, and this is expected to propel demand for smart cameras in coming years. Furthermore, the need for smart homes are rapidly growing and becoming a major trend for the citizens of the region. Consumers are aware of the utility of smart products such as smart locks and smart security cameras, which have become an integral part of smart homes. The acceptance and huge demand from the military and defense sectors for video surveillance is leading to growth of the smart camera market in North America. The market is lucrative and is expected to receive an influx of new entrants.
The Major Frontrunners of the Smart Camera Market
Innovation is paramount to survive in this marketplace, and companies are investing in R&D activities to carve a niche for themselves. Key players in the global smart camera market are Raptor Photonics, Canon Inc., Samsung, Basler AG, Nikon Corporation, Panasonic Corporation, Olympus Corporation, Ata-Vision, Polaroid Corporation, FLIR Systems, and Omron Corporation. Many companies are introducing new products in order to increase their market share, or entering into strategic joint ventures and partnerships. Mergers and acquisitions are also a common strategy followed by companies in the smart camera market.
· Amazon Acquired Ring and Blink to Expand Product Portfolio
In 2017, Amazon.com Inc. acquired Ring, a home-automation and security vendor for $1 billion. Amazon also acquired smart camera maker Blink in December 2017. By these two acquisition in 2017, Amazon’s prime objective was to bolster the smart security product such as the smart camera. In 2016, Blink, a start-up, launched three smart products such as outdoor camera, doorbell smart camera, and battery-powered connected camera. This highlighted the Blink in the market, due to this Amazon acquired the start-up company in 2017. This has further grown smart camera market revenues globally.
· Motorola Signed Definitive Agreement to Acquire Avigilon In 2018, Motorola announced that it has signed a definitive agreement to acquire Avigilon, a Vancouver-based company for $1 billion. This acquisition will create opportunities for Motorola to expand its product portfolio coupled with Avigilon’s advanced video surveillance and analytics products for commercial customers.
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