According to a new MarketsandMarkets research report “Interactive Display Market by Product (Interactive Kiosk, Whiteboard, Table, Video Wall, Monitor), Application (Retail, Education, Healthcare, Entertainment), Panel-Size (17″ – 32″, 32″- 65″, Above 65″), & Geography – Global Forecast to 2020” the total interactive display market is expected to reach $14,964.5 Million by 2020, at a CAGR of 12% between 2015 and 2020.
The report notes that there is growing adoption of interactive displays in the retail, hospitality, industrial, healthcare, government/corporate, transportation, education, and entertainment industries. In addition to conventional touch screen devices, interactive walls, interactive kiosks, interactive monitors, and interactive whiteboards have also witnessed an increased adoption. The interactive touch provides an intuitive and fast interface for users and these industries are adopting the application to elevate the customer experience.
Millenials are spearheading this move to interactive engagement. They are the 20th century’s last generation and its first truly digital one. Approximately 80 million Americans fall into the Millennial demographic, and they spend around $600 billion annually. In fact, projectionists say they will account for 1/3 of spending by 2020. This makes them a very powerful demographic, prompting businesses to find new ways to understand and connect with them.
The growing demand for easy and flexible human-machine interaction is just one of the factors driving the interactive display market. Advancements in technologies involved in human-machine interaction is another factor that is further fueling market growth. The flexibility and accessibility of interactive systems are also appealing to business that are moving towards automation of various processes. The reduced price of the interactive display devices, assured ROI from interactive display products, increasing panel sizes, and the popularity of HD displays also promote the market.
The market also face challenges in the form of installation and maintenance issues. There are also major restraints in the form of higher cost of customization, and low implementation of interactive whiteboards.
In spite of these challenges, the interactive display market also presents many opportunities for growth. The exponential rise in the need for minimizing human involvement in manufacturing and business processes has called for the need for easy and reliable human-machine interaction. Interactive displays being user-friendly, and being able to facilitate information easily, are increasingly finding applications in multiple verticals.