Commercial Display Market Will Grow at Highest Pace Owing to Rapid Rise in Digital Signage Industry

 

Commercial Display Market

The commercial display market comprises digital signage and display devices used for commercial purposes in various industries such as retail, transportation, hospitality, corporate offices, education, healthcare, and entertainment. Commercial display devices include digital signage displays, video walls, interactive whiteboards, menu boards, and point-of-purchase displays. Digital signage displays dominate the commercial display market as they allow businesses to display dynamic content and create brand exposure while conveying effective messaging to customers. The proliferation of digital signage is driven by advantages such as offering real-time information, multimedia capabilities, remote content management, and analytics.

The global commercial display market is estimated to be valued at US$ 90.61 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the commercial display market are Cdw Corporation, Cisco Systems, Inc., Dell Technologies Inc., Koninklijke Philips N.V., LG Display Co., Ltd., NEC Display Solutions., Panasonic Corporation, Samsung Electronics Co., Ltd., Sharp Corporation, and Sony Corporation. The key players dominate the market and are focusing on developing innovative display solutions to gain a competitive advantage.

The growing demand for digital signage from retail, transportation, and hospitality industries is a major factor fueling the commercial display market growth. Retailers are extensively deploying digital signage for branding, new product promotions, and interactive shopping experiences.

Advancements in display technologies such as thin-film transistor displays, LED displays, and OLED displays have enhanced picture quality, reduced power consumption, and minimized bezels of commercial displays. Many vendors are offering interactive commercial displays and video walls with touch, gesture, and voice control capabilities to enable more engaging experiences.

Market Trends

Large Format Displays: There is an increasing demand for large format Commercial Display Market Size  above 60 inches, primarily for applications such as exhibition stands, architectural installations, command and control centers. Key players have expanded their offerings in the large format display segment.

Interactive Technology: Vendors are integrating interactive technologies such as touch, multi-touch, gesture control, and digital pens with commercial displays to enable interactivity. Interactive displays are gaining traction in retail, education, and corporate sectors.

Video Walls: The adoption of commercial video walls for mission critical operations, control rooms, and exhibitions is growing. Leading vendors offer video wall solutions with various configurations of bezel sizes and panel sizes.

Market Opportunities

Outdoor Commercial Displays: With the growth of digital out of home advertising, there are opportunities for commercial-grade outdoor displays with enhanced brightness, color reproduction, and weather resistance capabilities.

AI and IoT Integration: Vendors can explore integrating technologies like AI, computer vision, and IoT with commercial displays to enable advanced advertising, analytics, and experiences. This allows real-time interaction and personalization.

The COVID-19 pandemic has significantly impacted the commercial display market in both positive and negative ways. On the positive side, as organizations shifted to work from home models, there was increased demand for laptops, desktops, and other devices with integrated or connected displays. This helped drive sales of commercial displays in 2020 and 2021. However, supply chain disruptions caused by lockdowns and factory closures impacted the production and supply of displays. Component shortages also led to increased prices of displays.

As the pandemic dragged on, other negative effects emerged. With more people working remotely, the usage of large commercial displays installed in offices, meeting rooms, lobbies, etc. saw a sharp decline. Various commercial projects involving installations of LED or LCD video walls were postponed or cancelled. Exhibitions, trade shows, and other events which are prime users of rental displays were either cancelled or moved online. This dried up an important revenue stream for display manufacturers. The hospitality industry which uses displays prominently also witnessed sharp falls in demand.

However, as vaccination drives progressed and businesses restart, the commercial display market is recovering. Many companies are now adopting hybrid work models involving both on-site and remote working. This is driving the need for high-quality collaboration solutions involving large displays. Interactive flat panels and video conferencing solutions integrated with displays are in high demand. Commercial projects are restarting. Meanwhile, opportunities in digital signage, retail, transportation are growing rapidly with changing consumer behavior. Future strategies for display makers include strengthening supply chains, focusing on value added solutions, penetrating into new applications and expanding services businesses.

In terms of geographical concentration, the commercial display market in North America is the largest, accounting for over 30% of global revenues. This is attributed to high technology adoption rates and large number of enterprises in countries like the US. However, the Asia Pacific region excluding Japan has emerged as the fastest growing market for commercial displays in recent years. This is because of manufacturing shift to countries like China and growing digital infrastructure in other developing economies. Countries like India and Indonesia are witnessing exponential growth in demand for commercial displays of all types and sizes.