May 09, 2022 10:00 ET | Source: Fior Markets Fior Markets
Newark, NJ, May 09, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global commercial display market is expected to grow from USD 43.5 billion in 2020 and to reach USD 75.36 billion by 2028, growing at a CAGR of 7.11% during the forecast period 2021-2028.
The commercial display market is witnessing significant growth form the past years. Commercial display is a kind of graphic advertisement on social media, websites or applications or in public places, retail stores, hotels, restaurants, transportation systems, museums etc. through banners or other advertising formats made of text, images, video, audio, or flash. Hence it can be said that Commercial display enables online advertising that enables to deliver promotional messages, brand messages and many more. Generally the main intension of commercial display is to draw the attention of consumers, way findings, marketing, exhibitions and outdoor advertising and also to support brand awareness etc. Apart from advertising Commercial displays provides information, entertainment and merchandising to targeted audience.
The commercial organizations are increasingly preferring large sized and commercial grade displays for trade shows, tutorials, conferences and other applications. The manufacturers of commercial displays are integrating the technological advancements like Artificial Intelligence (AI) into their products so as to enable the adoption of commercial displays globally. Market players are increasingly investing in Research and Development (R&D) of new technologies such as transparent panels in accordance to the growing demand for advanced display technology. Commercial displays are utilized in various industries like retail, healthcare, entertainment, transportation, corporate, hospitality, banking, stadium & playgrounds and education.
The global commercial display market is expected to witness significant growth, owing to rapid urbanization, rising demand for display based medical equipment including ventilators and respirators which is a result of Covid pandemic, growing demand for interactive displays in various applications, growing production of UHD content by advertisers for various advertising applications, rising demand for customized digital signage solutions in various types of sectors like healthcare & transportation, Massive investments from manufacturers for the development of high end specification products with increased efficiency. Commercial displays integrated with advanced technologies such as machine learning, AI is anticipated to propel the growth of market. The factors restraining the market growth are software & hardware compatibility in digital signage which is followed by connectivity issues, negative impact in demand for displays from retail sector due to drastic shift towards online advertisement & shopping, hindrance in manufacturing processes and supply chain due to outbreak of Covid, high costs. Outbreak of Covid has an adverse impact upon the display sector owing to the temporary suspension and restriction imposed by the government on all the operational activities. Growing adoption of foldable & flexible displays, product innovations and product launches will provide market growth opportunities. The innovations such as customized digital signage in health care sector to keep staff updated, track patients etc. helps the market growth.
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Key players operating in global commercial display market include Samsung Electronics (South Korea), LG Corporation (South Korea), Sony Corporation (Japan), NEC Corporation (Japan), BOE Technology (China), Leyard Optoelectronic (China), INNOLUX (Taiwan), AU Optronics (Taiwan), Sharp Electronics Corporation (Japan), Panasonic Corporation (Japan), Koninklijke Philips N.V., CDW Corporation, Omnivex Corporation, Dell Technologies Inc., Cisco Systems, Inc., Benq Corp., E Ink Holdings Inc., Corning Incorporated, HannStar Display Corporation, Intuiface, Sharp NEC Display Solutions of America, Inc., Planar, Elo Touch Solutions, BEO Technology Group Co., Viewsonic, Kent Displays Inc.
Smartphone segment dominated the market and held the largest market share of 41.09% in the year 2020 On the basis of product, the global commercial display market is segmented into Smartphones, Television Sets, PC Monitors, Laptops, Tablets, Smart Wearables and Digital Signage. Smartphone segment dominated the market and held the largest market share of 41.09% in the year 2020. This growth is attributed to the increasing adoption of OLED & flexible displays by smartphone manufacturers. Next to smartphones, Wearables hold the largest market share owing to the adoption of AR/VR technologies.
LCD Technology segment dominated the market and held the largest market share of 31.18% in the year 2020
On the basis of display technology, the global commercial display market is segmented into LCD, Direct View LED, OLED, Micro LED and Others. LCD Technology segment dominated the market and held the largest market share of 31.18% in the year 2020. This growth is attributed to the multitudinous uses of LCD based products by corporate offices, banks, retails and many more, reduced manufacturing costs.
Hardware segment dominated the market and held the largest market share of 43.72% in the year 2020
On the basis of component, the global commercial display market is segmented into Hardware, Software and Services. Hardware segment dominated the market and held the largest market share of 43.72% in the year 2020. This growth is attributed to the increasing demand for hardware when compared to that of software. Software accounted for a considerable market share owing to the launch of new and advanced software for digital signage.
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Regional Segment of Commercial Display Market
On the basis of geography, the global commercial display market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia- Pacific region holds the largest market share of 38.24% in the year 2020. This growth is ascertained by the Asia- Pacific region owing to speedy adoption of OLED Displays, growing number of display panel manufacturing plants, impact of Covid which resulted in the increase in demand for laptops & smartphones as the educational institutions adopt digital teaching methods, work from home etc. Many companies are attracted to establish new OLED & LCD panel manufacturing plants in Asia- Pacific due to the low manufacturing costs of display panel products as the cost of labour is low.
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About the report: The global commercial display market is analyzed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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