Market Research Report
Projection Mapping Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
|Projection Mapping Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)|
Published: January 1, 2021
Mordor Intelligence Pvt Ltd
Content info: 120 Pages
Delivery time: 2-3 business days
The market for the projection mapping market is expected to register a CAGR of 20% over the forecast period (2021 - 2026).
Over the last decade, projection mapping has been experiencing tremendous adoption rates across the world majorly due to its seamless integration the physical and virtual world by superimposing computer-generated graphics onto real surfaces unlike the traditional augmentation technologies such as VR is that it allows many users to directly experience the augmentation without using any peripherals such as glasses.
The technical limitations of the traditional projector hardware including dynamic range, latency, spatial resolution, depth-of-depth, and color gamut make it difficult to display desired appearances in wanted visual quality even with the application of computational algorithms has initiated the adoption of projection mapping.
The tremendous advancements in the technological aspect of projection mapping including geometric calibration, radiometric compensation have allowed the expansion of its applications For instance, Target hired Chicago Projection Mapping, a production firm based in Chicago to design Halloween theme installation at Nokia Plaza, LA live entertainment complex. The installation used 11 projectors to augment the Skeleton Square with animations and choreography
Projection mapping now permeates public events including concert halls, product launches to hype up the excitement level of audience and also plays the key role by emotionally engaging the audience, increasing the wow factor and promoting greater participation.
The companies leveraging the technology are now able to bring event-goers and customer further closer to the brand by providing them engaging experience with compelling graphical content and images that resonate the users. Also, Guerrilla marketers believe that having projection mapping creates long-lasting experience on the audience.
However, Fitalls such as high upfront cost that on average cost as high as USD 10,000 per one-minute of 3D video content stream through projection mapping added to server, projectors, and hard drive hinder the adoption and growth of the market.
Additionally, due to the recent outbreak of COVID-19 contagion and announcement of lockdowns across the globe, the media busineses with all major events getting canceled is looming into recession which evidently is translating into devastating losses directly impacts the growth of the market.
Mapping Software is Expected to Witness the Fastest Market Growth
Asia-Pacific to Witness the Fastest Market Growth
The Projection Mapping market is moderately fragmented and consists of several major players owing to similar portfolio offerings, accounting as the threat of substitutes. The vendors are enhancing the product line leveraging strategic collaborative initiatives, acquisitions as a competitive advantage to further expand their customer base and gain market share.