Market Trends of Video Wall Industry
This section covers the major market trends shaping the Video Wall Market according to our research experts:
Transportation Industry Offers Potential Growth
- The video wall is the most common digital technology 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.
- Global air traffic has witnessed a strong recovery post the pandemic, and air travel continues to increase. For instance, according to ICAO, the number of air passengers carried from January to April 2022 grew by 65% compared to the same period in the previous year, while aircraft flight departures increased by 30%.
- As such, the amount of flight information has also been increasing simultaneously, and manually operated display boards are no longer effective in coping with the increasing updates. In contrast, a video wall system can quickly meet the requirement of displaying updated fight information in real time.
- Moreover, video walls can help keep the passengers entertained throughout their way to the terminal and can also serve as a source to generate additional revenue for the airports. Most video walls support content in all formats, including video, image, or 3D graphics.
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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 preferences with increasing innovation in the market.
- Further, digital advertising spending continues to grow at a fast pace in Asia. For instance, as per Dentsu, spending in the Asia Pacific was expected to reach USD 250 billion in 2022, with digital accounting for a large share of this amount. With a growth rate of 16% in 2022 and predicted increases in advertising spending of 15.2% in 2023 and 15.7% in 2024, India is witnessing the highest growth in the market.
- Owing to the significant opportunities in the region, many global companies are also expanding their footprint through product launches or by doing strategic partnerships.
- For instance, in October 2021, Barco India expanded its innovative LED video wall portfolio by launching the new IEX series. With each tile having a 16:9 aspect ratio, the new series can be used to create native Full HD or UHD screens, which would allow customers to display videos in the most common formats in full, without distortion or unused canvas.
- Moreover, investments in the region's hotels & hospitality market continue to grow steadily, creating new opportunities for growth for the market. For instance, as per CBRE, investment in Asia Pacific hotels reached USD 10.1 billion year-to-date as of August 2022, an increase of 17% year-over-year.
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