Factors such as the increase in demand for surface computing for enhancing businesses drive the growth of global market. In addition, evolution of touch-based product and increasing demand for augmented reality (AR) integration are also anticipated to enhance market growth.
NEW CASTLE, Del., Nov. 28, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Surface Computing Market by Component (Hardware and Software), Display Type (Flat Display and Curved Display), and Industry Vertical (Healthcare, BFSI, Automotive, Hospitality, Retail, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the surface computing industry generated $42.5 billion in 2022, and is projected to reach at $762.1 billion by 2032, witnessing a CAGR of 33.8% from 2023 to 2032.
Prime determinants of growth
The increase in demand for surface computing for enhancing businesses drives the growth of global market. In addition, surge in demand for cloud services and rise of digitalization are anticipated to propel the growth of the surface computing market during the forecast period. Moreover, evolution of touch-based product and increasing demand for augmented reality (AR) integration are also anticipated to enhance market growth. Furthermore, the surge in technological advancements, which in turn is expected to create numerous opportunities for the growth of the market. However, security concerns and costs and budget constraints hamper the growth of the market. Moreover, growth of work from home (WFH) policy is expected to provide lucrative growth opportunities for the market in the coming years.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $42.5 Billion |
Market Size in 2032 | $762.1 Billion |
CAGR | 33.8 |
No. of Pages in Report | 265 |
Segments covered | Component, Display Type, Industry Vertical and Region. |
Drivers | The increase in demand for surface computing for enhancing. Rise of digitalization. Evolution of touch-based product. Increasing demand for augmented reality (AR) integration. |
Opportunities | Surge in technological advancements. Growth of work from home (WFH) policy. |
Restraints | Security concerns Costs and budget constraints |
COVID-19 Scenario
- The COVID-19 pandemic has drastically affected businesses across the world. It has positively impacted adoption of surface computing owing to lockdowns imposed by governments of different countries. This causes the global market for surface computing to re-evaluate its traditional production methods, which primarily propels the digital transformation and industry 4.0 practices across the production lines.
- Furthermore, the manufacturers are also collectively forced to devise and deploy multiple new and agile approaches to monitor product and quality control. However, the pandemic has also created economic turmoil for small, medium, and large-scale industries worldwide.
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The hardware segment to maintain its leadership status throughout the forecast period
By component, the hardware segment held the highest market share in 2022, accounting for less than three-fifths of the surface computing market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to the rise in demand of digital technology in businesses to enhance operation. However, the software segment is expected to portray the largest CAGR of 35.1% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. Rise in demand for touch-based products and advanced application-based system are expected to provide lucrative opportunities for the market growth during the forecast period.
The flat display segment to maintain its lead position during the forecast period
By display type, the flat display segment accounted for the largest share in 2022, accounting of nearly two-thirds of the surface computing market revenue. Flat display surface computing offers several key benefits that contribute to its widespread adoption in various industries. The seamless and expansive display surface provides a natural and immersive user experience, allowing for intuitive interactions through touch, gestures, and stylus input. However, the curved display segment is expected to portray the largest CAGR of 36.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. Advancements in manufacturing technologies are making curved displays more cost-effective and accessible. The integration of curved displays with augmented reality (AR) and virtual reality (VR) applications is a prominent trend, creating more realistic and captivating environments.
The healthcare segment to maintain its leadership status throughout the forecast period
By industry vertical, the healthcare segment held the highest market share in 2022, contributing for more than one-fourth of the surface computing market revenue, and is estimated to maintain its leadership status throughout the forecast period. Advancements in technology have played a crucial role in the development of surface computing systems for healthcare sectors. However, the retail sector is projected to manifest the highest CAGR of 38.5% from 2023 to 2032 Through interactive touchscreens and immersive displays, surface computing technologies provide retailers with innovative tools to engage customers in-store. In addition, surface computing facilitates personalized customer interactions through features like facial recognition and targeted promotions, contributing to improved customer satisfaction and loyalty.
North America region to maintain its dominance by 2032
By region, the North America segment held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the surface computing market revenue. This region has advanced technological infrastructure and a thriving ecosystem of innovation contribute to the prominence of surface computing specially in the U.S. and Canada. However, Asia-Pacific is expected to witness the fastest CAGR of 37.5% from 2023 to 2032, and is likely to enhance the market growth during the forecast period. This region is witnessing a growing emphasis on local innovation and the development of cost-effective surface computing solutions to cater to a diverse market.
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Leading Market Players: -
- Microsoft Corporation
- Dell Inc.
- Samsung Electronics Co. Ltd
- Apple Inc.
- LG Electronics Inc.
- Planar Systems Inc.
- Lenovo Group Ltd.
- HP Inc.
- Fujitsu Ltd.
- Sony Corporation
The report provides a detailed analysis of these key players in the surface computing market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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