CHICAGO, Dec. 13, 2023 /PRNewswire/ -- The Commercial Touch Display Market is projected to grow from USD 5.8 billion in 2024 and is estimated to reach USD 8.7 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.6% from 2024 to 2029 according to a new report by MarketsandMarkets. The commercial touch display market is driven by a convergence of factors, including a rising appetite for interactive experiences across industries, ongoing digital transformation initiatives in sectors like retail, healthcare, education, and hospitality, and continuous technological advancements such as improved touch sensitivity and higher resolutions.
Lowering costs, and making touch displays more accessible, have expanded their adoption, while the trend towards larger display sizes for applications like digital signage and collaborative workspaces further propels market growth. Touch display manufacturers' customization and personalization capabilities cater to diverse industry needs. Moreover, the heightened emphasis on health and safety considerations has fueled demand, prompting innovations in touch display technology to address hygiene and touchless interactivity, making them integral solutions across various commercial applications.
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Commercial Touch Display Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $5.8 billion |
Estimated Value by 2029 | $8.7 billion |
Growth Rate | Poised to grow at a CAGR of 8.6% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By product, touch technology, aspect ratio, screen size, resolution, industry, application, and region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Compatibility and integration with existing infrastructure can pose a significant challenge |
Key Market Opportunities | Integration of artificial intelligence in touchscreen display devices |
Key Market Drivers | Growing demand for interactive displays in various applications |
Retail, Hospitality, and BFSI segments to lead the industry segment during the forecast period.
Due to several compelling factors, retail, hospitality, and the Banking, Financial Services, and Insurance (BFSI) sectors are poised to lead the commercial touch display market. In retail, touch displays enhance the in-store customer experience, offering interactive product information, self-service kiosks, and seamless checkouts. The hospitality industry leverages touch displays for streamlined guest services, interactive menus, and self-check-in/out systems, contributing to operational efficiency and improved customer satisfaction. In BFSI, touch displays are integral to modernizing banking services, facilitating interactive ATMs, digital signage, and interactive teller machines, enhancing customer engagement and reducing waiting times. The demand for contactless transactions and self-service options, accelerated by the COVID-19 pandemic, further propels the adoption of touch displays across these sectors. Commercial touch displays' versatility, customization options, and efficiency gains make them pivotal in transforming customer interactions and operational processes, positioning these industries at the forefront of market leadership.
By product, the medical display is likely to record the highest growth rate during the forecast period.
For several compelling reasons, medical displays are projected to achieve the highest growth rate in the commercial touch display industry. The increasing adoption of digital healthcare solutions and the transition towards more advanced medical imaging technologies are propelling the demand for high-resolution, interactive touch displays in medical settings. Enhanced visualization, precise diagnostics, and improved patient engagement are critical factors driving the integration of touch displays in medical devices and diagnostic equipment. The global emphasis on healthcare digitization and the growing demand for telemedicine and remote patient monitoring solutions further accelerate the need for intuitive touch interfaces. Additionally, the ongoing developments in medical touch display technologies, including multi-touch capabilities and seamless integration with medical software applications, contribute to their widespread adoption, positioning medical displays as a key growth segment within the commercial touch display market.
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By aspect ratio, the wide segment is expected to exhibit the highest CAGR during the forecast period.
The higher CAGR observed in the wide aspect ratio displays compared to square aspect ratio displays can be attributed to several key factors. One significant driver is the wide aspect ratio displays' versatile range of applications. They find utility in gaming, content creation, and productivity enhancement, appealing to a broader spectrum of industries, including entertainment, corporate, and design. The growing consumer demand, particularly in the gaming and entertainment sectors, has been pivotal in boosting wide aspect ratio displays' adoption rates.
Asia Pacific is likely to account for the largest market share in the global commercial touch display market by 2029.
The Asia Pacific region is anticipated to secure its position as the largest market by 2029, driven by a multifaceted set of factors. Beyond its economic dynamism and burgeoning population, the region's rapid technological adoption, particularly in influential countries like China, India, Japan, and South Korea, significantly contributes to the rising demand for commercial touch displays. Government-led initiatives, emphasizing smart city development and comprehensive digital transformation, underscore the strategic importance of touch-enabled solutions across diverse industries. Moreover, the region's increasing disposable incomes and the expansion of the middle class create an environment conducive to substantial investments in cutting-edge technologies, solidifying the Asia Pacific region's pivotal role in driving robust growth within the commercial touch display market.
Key Players
LG DISPLAY CO., LTD. (South Korea), SAMSUNG (South Korea), LEYARD (China), Sharp Corporation (Japan), NEC Corporation (Japan), ViewSonic Corporation (US), Elo Touch Solutions, Inc. (US), Innolux Corporation (Taiwan), AUO Corporation (Taiwan), and BOE Technology Group Co., Ltd. (China). are the dominant companies in the commercial touch display companies.
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