The global interactive display market value stood at $9.2 billion in 2018, and it is predicted to rise to more than $16.4 billion by 2024. According to the estimates of the market research company, P&S Intelligence, the market will advance at a CAGR of 10.4% from 2019 to 2024 (forecast period). The market is being driven the mushrooming use of interactive displays in the education sector and falling costs of these displays all over the world.
Interactive display products, such as kiosks, monitors, and interactive whiteboards, are being increasingly deployed in schools, sports events, retail outlets, and museums. This has subsequently reduced the prices of display screens. Furthermore, the falling costs of touch-screen panels and light-emitting diode (LED) displays are positively impacting the industry. From 2019 to 2024, the prices of LED displays are predicted to fall by as much as 20%. Besides, the rising requirement for improved video and picture quality is also expected to propel the sales of full high-definition (FHD), 8K, and 4K displays around the world.
Depending on product, the interactive display market is divided into interactive kiosk, interactive whiteboard, interactive video wall, interactive flat panel, interactive monitor, and interactive table categories. Out of these, the interactive kiosk category held the largest share in the market in the past. This was because of the high requirement for self-service terminals, greater customer convenience, and expansion of the retail industry. These displays allow customers to avoid long queues and save time, particularly at service intensive places, such as malls and banks.
Moreover, rapid technological advancements in interactive kiosks are also fueling their sales across the globe. When end user is taken into consideration, the interactive display market is categorized into education, hospitality and healthcare, retail, banking, financial services, and insurance (BFSI), corporate and government, transportation, and industrial. Amongst these, the education category contributed the highest revenue to the market in 2018, owing to the increasing implementation of government initiatives aimed at encouraging the adoption of smart learning programs.
For example, the Vision 2021 plan of the U.A.E. government is heavily focusing on developing a first-rate education system in the country. Under this plan, the Ministry of Education (MoE) has launched the ‘Education 2020’ strategy for incorporating digital experience in its education system. Globally, the Asia-Pacific (APAC) region is predicted to demonstrate rapid expansion in the interactive display market throughout the forecast period. This is credited to the surging investments being made in the transportation and education sectors of various countries, such as India, Australia, and China.
For example, as per China’s Ministry of Transport, the country made an investment of $72.7 billion (488.9 billion yuan) in various transportation infrastructure development projects during the first quarter of 2019, registering an increment of 4.8% from the previous year. Currently, interactive displays are being increasingly adopted in transportation applications, such as passenger information display systems, ticket machines, and control panels. Hence, with soaring investments in the transportation sector, the demand for interactive displays will rise enormously in China in the coming years.
Thus, the sales of interactive displays are set to surge sharply in the coming years, mainly because of their growing requirement in the education, transportation, and retail sectors all over the world.
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