According to a new report by Markets and Markets, North America is expected to hold the largest share of the wireless display market between 2017 and 2023.
The report "Wireless Display Market by Offering (Hardware, Software & Services), Application ( Consumer, Commercial - Corporate, Education, Healthcare, Signage, Government), Technology Protocols (Miracast, WiDi), and Geography - Global Forecast to 2023" valued the wireless display market at USD 2.86 Billion in 2017 and expected it to reach at USD 5.38 Billion by 2023, growing at a CAGR of 11.1% between 2017 and 2023. In terms of hardware volume in the consumer application, the market is expected to register shipments of 162.6 Million units by 2023.
The wireless display technology involves peer-to-peer media transmission between a compatible display device to a larger display without the use of wires. This facilitates better content viewing in the consumer application. The evolution of the wireless display technology to support higher resolution content, such as 4K, is further increasing its adoption in the consumer application. The ease of setup and reduction in time wasted to setup meeting rooms compared with wired solution is driving the adoption of the technology in the commercial applications. Digital signage application offers a good growth opportunity for the wireless display market as its increasingly being used by B2C firms from the retail, banking, and government sector.
Per the report, consumer applications held the largest share of wireless display market in 2016 and is expected to be driven by the increasing adoption of Over-The-Top (OTT)-based content across the world, especially in North America, Europe, and Asia Pacific (APAC). The technological innovations supporting higher video resolutions have also increased the adoption of the wireless display technology in the consumer electronics sector.
The hardware offering is expected to hold the largest share of the wireless display market between 2017 and 2023. The wireless display-related hardware is the principal component of the setup to facilitate effective peer-to-peer content transfer. The companies have been updating their hardware offerings to maintain a competitive edge in the market. A number of companies have customized their products to suit various applications in the commercial space.
The consumer electronics sector was the prominent contributor to the market in North America; however, the market in APAC is expected to show a good growth due to the faster adoption of wireless display technology in the consumer applications. The commercial applications of the technology in the corporate, healthcare, and educational segments are also contributing to the growth of this market in APAC.