The video wall market is expected to register a CAGR of 11% CAGR during the forecasted period of 2019-2025.
- Currently, the advertising has changed from the traditional media to digital media, and with the emergence of digitized Out-of-home advertising (OOH), the demand for the video wall has poised the market growth.
- For instance, in January 2020, one newly launched Apple store in Stamford was installed with a video wall to attract more customers in their stores.
- Also, rising tourism is one of the significant factors surging the demand for video walls globally. To keep crowd informed, video walls for transport serves a great purpose at such places and thus, the adoption of video walls is higher
- For instance, in January 2020, the video wall from Philips was installed in the cruise ship terminal in Zeebrugge, Belgium. This port manages over 150 cruise arrivals and departures annually, and to manage the crowd, and the video wall helps in keeping the passengers informed about their departure and other information.
- However, the initial setup cost of the video wall is much higher, and this is likely to pose a challenge for the market in the near future.
Key Market Trends
Transportation Industry Offers Potential Growth
- The video wall is the most common digital technology being utilized across the transportation sector by critical hubs of the transportation industry, such as airports, railways, bus stations, etc.
- The increasing demand for digital content and information, which are relevant to travelers, has led to interactive ads through a video wall that has accounted for a significant share of growth in transportation media revenues.
- Also, due to this, there is a shift in consumer behavior in terms of customer engagement across all the modes of transportation, thereby strategically building their brands in the customer mindset. This is expected to drive the video wall market in the forecasted period.
- The companies are seeing this as an opportunity, and vendors are coming up with new products or doing partnerships to gain competitive advantages.
- For instance, Airports such as Orlando International Airport installed a 700-display video wall that delivers cinematic video content and automatically updated flight information at the curbside, check-in, Automated People Mover (APM) Grand Hall, and in wayfinding locations throughout the APM and North Terminal. This helped to deliver relevant visual content to the passengers.
- Therefore, these factors are expected to fuel the video wall market in the transportation sector over the forecast period.
Asia-Pacific to Witness Fastest Growth
- The Asia-Pacific is one of the fastest-growing markets and also one of the most innovative markets, mainly due to changing consumer preference with increasing innovation in the market.
- According to the Advertising Expenditure report by Zenith, the APAC region is also expected to become the highest contributor in the global ad spend market, with a contribution of 33.8% of the global market by 2020, up from that of 32.6% in 2017. This is expected to have a positive outlook on the market.
- Owing to the significant opportunities in the region, many global companies are also expanding their footprint through product launch or by doing strategic partnerships.
- For instance, in November 2019, Barco NV announced its partnership with six new partners across the Asia-Pacific region to deliver its display technology in the healthcare sector. The partners include SigmaJones AV in India, Heytech in Thailand, GET Medical in Taiwan, MedEqual in the Philippines, Cetech in Vietnam, and Rutledge AV in Australia. With these partnerships, Barco NV aims to expand its presence in the Asia-Pacific region.
The video wall market is segmented in nature because of the presence of players such as Sony Corporation, Samsung Electronics, and LG Electronics and many more. Product launches, high expense on research and development, partnerships and acquisitions, etc. are the prime growth strategies adopted by these companies to sustain the intense competition in the video wall market. Few recent developments are:
- January 2020 - LG Business Solutions USA launched two new 55-inch LCD video wall panels that have 0.44mm bezel for virtually seamless video wall installations and a new embedded Smart Calibration tool that reduces both installation and maintenance time. This reduces time and maintenance cost savings of up to 97 percent
- March 2019 - Barco NV launched LVD5521B. With this launch, the company has strengthened its product offerings in video wall segments. This video wall can be used in control rooms, broadcast studios, corporate lobbies, experience centers, meeting rooms, and other signage applications.
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