According to a recent market research report published by Transparency Market Research, the global docking station market is expected to develop at a CAGR of 5.3% during the period between 2014 and 2020. The report, titled “Docking Station Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”, estimates the overall market to reach a valuation of US$6.02 billion in 2020. The global docking station market was worth US$4.20 billion in 2013.

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Docking station enables users to connect their portable devices such as mobile devices, hard drives, and laptops to a set of peripherals. Docking stations eliminate the need of peripherals such as speakers, monitors, mouse, and others to be connected to the portable devices through multiple cables. The report points out that the rising demand for smartphones, tablets, notebooks, and other handheld devices will push the growth of the global docking station market. Rising trend of bring-your-own-device (BYOD) and choose-your-own-device (CYOD) policies at workplaces will also augment the growth of the overall market during the report’s forecast period.

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However, the report states that the lack of standardization in docking stations will negatively impact the market. Availability of cheaper alternatives will further restrain the docking stations market. The report identifies the development of universal docking stations with superior features as a key opportunity for the market to grow in the coming years. The scope of growth of the market is particularly high in Asia Pacific and in the Middle East countries. The prevailing trends in the global docking stations market impel manufacturers to focus more on delivering optimal mobile computing experience. Increased adoption of wireless docks with USB 3.0 ports will create new growth avenues for the market during the forecast period.

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On the basis of product, the global docking station market has been segmented into hard drive (HDD) docks, laptop docks, and mobile devices docks. In 2013, laptop docking station segment held around 55% market share and emerged as the largest segment of the market. During the forecast period, the demand for mobile devices docks is expected to increase significantly.