COVID-19: Significant Shift in Strategy- Multimedia Projector Market 2020-2024| Growing Demand from Education and Corporate Sectors to Boost Market Growth | Technavio
The multimedia projector market is expected to grow by USD 8.22 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters - with a limited impact on the full-year economic growth.
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End-users in education and corporate sectors are focusing on going paperless for various activities such as presentations and discussion of project plans. Governments in developed regions such as North America and Europe are promoting the use of smart classrooms and e-learning to make the learning process fun, engaging, and easy-to-understand for students. This is increasing the adoption of interactive whiteboards and multimedia projectors in educational institutions. Similarly, in the corporate sector, multimedia projectors are used by presenters to make their content easy-to-understand and gain the audience's attention. Thus, the increasing demand from education and corporate sectors will fuel the growth of the global multimedia projectors market during the forecast period.
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As per Technavio, product launches will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Multimedia Projector Market: Product Launches
Over the years, the market has witnessed the introduction of technologically advanced multimedia projectors by key vendors. The launch of new products is crucial as it helps vendors expand their product portfolios as well as customer base. For instance, in November 2019, Maxell Ltd. introduced Lecture Capture Collaboration Station, the MA-XL1, designed specifically for K-12 and higher education facilities. It features interactive content switching, instant playback, record-stream-upload capabilities, remote classroom collaboration, and an interactive whiteboard to manage multiple videos inside the classroom or meeting room. Similarly, in August 2018, Optoma launched a new battery-powered portable 1080p LED projector, LH160 that can easily fit into a bag or backpack. Such innovative product launches are expected to boost the growth of the global multimedia projector market during the forecast period.
"Initiatives and supportive measures undertaken by governments to support digital transformation will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Multimedia Projector Market: Segmentation Analysis
This market research report segments the multimedia projector market by technology (DLP, LCD, and others) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the multimedia projector market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the rising adoption of smart classrooms in the region.
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