Having surpassed the billion-dollar valuation the year 2020, global docking station market awaits a stable growth prospect through the next few years. The market will remain significantly influenced by the deepening penetration of smart device culture.
Growing Ubiquity of Smart Devices to Provide an Opportunistic Landscape for Docking Station Market
Technology advancements such as the Internet of Things (IoT) have been revolutionising lives of individuals by introducing new developments. Companies across different sectors have been investing in a wide range of intelligent or smart devices apart from motion sensing and image recognition. These smart devices combine the sophisticated technologies like AI, and IoT to support educated and informed decisions by imitating intelligent behaviour with negligible human interference or interaction. Smart devices and gadgets are making their way into households on the global front. Safety, reliability, superior control, and convenience are the primary aspects influencing the purchases of such products, and docking stations are no exception. Global docking station market is expected to travel a promising growth trajectory.
Growth of the docking station market is mainly driven by increasing use of docking stations across gaming industry and IT industry coupled with rise in adoption of portable devices. Simultaneous linking of desktop computers, laptops, notebooks, and several other electronic peripherals can be facilitated by using docking stations. Moreover, these devices also provide charging facility apart from connectivity. In the coming years, sales of docking systems are projected to increase at a significant rate on the back of improvements in mobility, rapid charging, and wireless connectivity. This factor remains instrumental in driving the growth of the docking station market worldwide.
Rising Demand Across Professional Spaces, and Thriving BYOD Trend Shape Docking Station Market
Rising number of portable devices has been complementing the growth of docking station market. Moreover, owing to rampant internet penetration, several devices such as laptops, smartphones and desktops are being utilised simultaneously. This has significantly driven the demand for docking stations. Additionally, the trend of bring your own device (BYOD), and the choose your own device (CYOD) trend in workplaces has been shaping the docking station market. This is complemented by growth in global employment coupled with rising number of office spaces. For instance, according to World Bank, employment in services sector grew significantly to touch 50.58% in 2020. In the coming years, a multi-fold increase in the spending on IT equipment has been projected. This has propelled use of devices facilitating connectivity alongside battery charging, in turn supplementing growth of the docking station market.
Laptop Docking Stations to Gain High Ground in Global Docking Station Market
Demand for laptop docking stations is poised to increase at a momentous rate in the coming years. This is mainly owing to increasing reliance in portable devices such as laptops in flexible office spaces. Moreover, with growing workspaces and the rising trend of flexible co-working has provided an influx to the use of laptops, thus fuelling use of docking stations in upgrading meeting or conference rooms and lounges. This has propelled use of docking systems to allow connection and charging of laptops, thus making workspaces more convenient and productive. In this backdrop, docking systems for laptops are expected to gain wide traction, thus largely contributing towards value growth of the docking station market.
North America Poised to Maintain their Dominance in Global Docking Station Market
Developed nations in North America are expected to lead the docking station market in terms of value in the coming years. This can be attributed towards expanding IT sector across economies such as Canada and Untied States coupled with rising penetration of smartphones and laptops. Furthermore, higher inclination of individuals towards adoption of novel technologies and innovative devices has accelerated the use of docking stations, in turn influencing market growth in the region. In addition, economic factors such as rising GDP per capita, favourable tech environment and extended support from authorities have powered the growth of the consumer electronics sector in the region, consequently paving potential avenues for docking station market in North America.
Docking Station Market: Competition Scenario
The key companies in the docking station market are involved in new product launches to meet the growing demand alongside strengthening their position in the market. A few of the major players in the docking station market include Targus Corporation, Lenevo Group Ltd., Wellink Industrial Tech, Dynabook Singapore Pte. Ltd., ACCO Brands Corporation, StarTech.com LTD., Dell Technologies Inc, HP Development Company, Samsung Electronics Co. Ltd., Acer Inc., Toshiba Corporation, and Plugable Technologies.
Recent Notable Developments
The Global Docking Station Market Has Been Segmented As Below:
By Product Type
By Connection Technology
By Price Point
By Distribution Channel
Key Elements Included In The Study: Global Docking Station Market
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