The global interactive video wall market was valued at USD 4.9 billion in 2020 and is anticipated to expand at a CAGR of 12.2% during the forecast period, 2021-2028. The growth of the market is attributed to rising growth in the hospitality sector, changing consumer lifestyle and increasing number of malls.
Interactive video walls offers engaging interactive displays at public transportation/shipment spaces, such as bus stops, railway station and airports. These walls offer high image resolution and high touch screen sensitivity. They also provide multiple screens and real-time content sharing.
Retailers and educational institutes are one of the initial end-users of the interactive video walls. In the recent years, these walls have witnessed their usage in museums, restaurants, medical institutions, and science fields. Interactive video walls are also gaining popularity in police departments, as they use these walls to access and process information gathered from crime reports, cameras, and gunshot detections devices.
Global Interactive Video Wall Market Segment Insights
On the basis of layouts, the product is segmented into standard and custom. The standard segment is divided into landscape and portrait. The standard layout segment is anticipated to account large market share during the forecast period owing to its increasing usage in education sector, trade shows and hospitality sector. Moreover, increasing demand for high resolution multi-touch displays is expected to drive the market segment in the projected timeline.
On the other hand, custom layouts offer flexibility as they provide features such as preview options to ensure the view of the layout. Thus, the rising demand for custom layouts owing to the such features is anticipated to result in a healthy growth rate during the forecast period.
Based on displays, the market is segmented into light emitting diodes (LEDs) and liquid crystal displays (LCDs). The LEDs segment accounted for a large market share in the year 2020. This is due to the increasing demand for Curved LED interactive video walls in the retail and hospitality sector.
In terms of end-users, the market is divided into retail, corporate and hospitality. The retail segment accounted for more than 20% market share in the year 2020 and is anticipated to experience rapid growth during the forecast period. Increasing number of commercial spaces such as malls and shopping complexes are driving the segment growth. Moreover, recent technological advancements such as introduction of LED walls that offer high definition picture quality and two way communication is positively impacting the growth of retail segment.
Based on regions, the interactive video wall market is classified into North America, Latin America, Europe, Asia Pacific and Middle East & Africa. North America accounted for over 25% of the market share in 2020.. This region is home for a large number of interactive video wall manufacturers due their early adoption of interactive display technology. Europe accounted for considerable market share, in terms of revenue, in the year 2020. Increasing demand for landscape, portrait, and 3D walls are the key factors driving the market growth in this region. Moreover, Asia Pacific is anticipated to register a substantial market growth due to the increasing investments in the digital sector.
Market Drivers, Restraints, Trends, and Opportunities
- Growing need of providing immersive customer experience in the retail stores is anticipated to propel the market growth.
- The COVID-19 pandemic had negatively impacted the growth of the market in various regions. However, the market is anticipated to recover until the mid of 2021.
- Lack of awareness in the low and middle-level countries is anticipated to restraint the growth of the market.
- Reducing cost of interactive video walls owing to technological advancements is anticipated to hinder the market growth.
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