LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the global retail display market is expected to grow at a CAGR of almost 16% during the forecast period.
This research report titled ‘Global Retail Display Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
One of the most important factors driving this market is the advantages that retail displays provide over traditional advertisement methods. Retail displays are capable of effectively utilizing advanced audio-visual technologies and increase the impact of the advertisement on the customers. Additionally, using retail displays also means no wastage of paper, higher audience engagement, overcoming spatial limitations, and dynamic control over targeted content. Other key drivers of this market are the rising demand for convenient and a user-friendly shopping environment, and evolution of shopping as a form of entertainment.
The retail displays can have either touch-enabled displays or non-touch displays. An increasing number of retailers are adopting interactive display systems to increase customer interaction. After factoring all considerations, analysts at Technavio forecast the global retail display market to be valued at USD 11.2 billion by the end of the forecast period.
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Based on application, the report categorizes the global retail display market into the following segments:
- POS systems
- Digital signage
Point of sale (POS) systems help maximize the probability of sales within any given retail store. These systems can be used for carrying out promotional activities for both new and existing products, apart from being used for data entry by cashiers and operators. They allow for improved and more efficient store management and keep operators and customers updated about the latest offers, deals, and discounts.
“POS systems are slowly becoming a necessity for large and small retailers. With technological developments and reduction in hardware prices across the world, smaller retailers are also increasingly adopting POS retail displays, augmenting the revenue for the market. POS systems held the largest revenue share of the global retail display market in 2016, and is expected to showcase the highest growth rate, with a CAGR of 16.62% through the forecast period,” says Ujjwal Doshi, one of the lead analysts at Technavio for displays research.
Automated teller machines (ATMs) form the most important self-service channels of the retail banking sector. They act as a link between retail banks or money establishments and their customers through a single unit. With time, ATMs have become a key component in branch transformation of banks, with continuous innovation in line using the web and mobile banking channels.
The major growth for this segment of retail displays will be from APAC. APAC is home to swiftly developing economies like China and India. Setting up of new banks, branches, and ATMs in these countries is creating significant revenue for the retail displays market from the ATM segment. Other emerging economies like Indonesia and the Philippines are also driving the growth of this segment.
In any retail store, all employees will not be able to respond to queries on all the products the store stocks. Additionally, payroll pressures render it difficult for retailers to employ every store with product specialists who can provide informative help. This is solved by digital signage which facilitates face-to-face consultation with the subject material through video, voice, and online screen sharing, from specialists across locations.
“All kinds of retail stores use digital signage to improve client service and capture new business opportunities. This technology provides retailers the opportunity to interact directly with customers at the retail level, thus helping them in expanding their customer base. The evolution of marketing alternatives, combined with equipment like digital video recorders, helps customers gain control over the advertisements viewed,” says Ujjwal.
The traditional bulky interactive kiosk machines are increasingly being replaced by tablets that are much more handy, sleek, and user-friendly. Interactive, self-service kiosks have been long established in the retail market and have gained widespread acceptance globally. With the digital world undergoing the miniaturization trend, the kiosks are also being reintroduced in their compact form, which results in free movement, portability, and lower maintenance costs.
Tablets are being increasingly used as kiosks in pubs, bars, restaurants, cafes, and hotels for multiple purposes like checking-in, placing orders, and collecting feedback from customers. On the other hand, retailers use customized software to facilitate the integration of different platforms by using tablets. Such versatile utilities of the device are expected to drive the market in the forecast period.
The top vendors highlighted by Technavio’s research analysts in this report are:
- ADFLOW Networks
- AU Optronics
- Cisco Systems
- LG Electronics
- Samsung Electronics
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- Global Advertising Display Market 2016-2020
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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