A research report from Technavio has said that the firm expects the global retail display market to grow by 16% annually in the period to 2021. It believes that this is because retail displays are capable of effectively using advanced audio-visual technologies and can increase the impact of the advertisement on the customers. Additionally, using retail displays means no wastage of paper, higher audience engagement, overcoming spatial limitations, and dynamic control over targeted content. Other key drivers of this market are the rising demand for convenient and a user-friendly shopping environment, and evolution of shopping as a form of entertainment.
An increasing number of retailers are adopting interactive display systems to increase customer interaction. After factoring all considerations, analysts at Technavio forecast the global retail display market to be valued at $11.2 billion by the end of the forecast period.
Based on application, the report categorizes the global retail display market into the following segments:
- POS systems
- ATMs
- Digital signage
- Kiosks
POS systems
Point of sale (POS) systems help maximize the probability of sales within any given retail store. These systems can be used for carrying out promotional activities for both new and existing products, apart from being used for data entry by cashiers and operators. They allow for improved and more efficient store management and keep operators and customers updated about the latest offers, deals, and discounts.
“POS systems are slowly becoming a necessity for large and small retailers. With technological developments and reduction in hardware prices across the world, smaller retailers are also increasingly adopting POS retail displays, augmenting the revenue for the market. POS systems held the largest revenue share of the global retail display market in 2016, and is expected to showcase the highest growth rate, with a CAGR of 16.62% through the forecast period,” said Ujjwal Doshi, one of the lead analysts at Technavio.
ATMs
Automated teller machines (ATMs) form the most important self-service channels of the retail banking sector. They act as a link between retail banks or money establishments and their customers through a single unit. With time, ATMs have become a key component in branch transformation of banks, with continuous innovation in line using the web and mobile banking channels.
The major growth for this segment of retail displays will be from APAC. APAC is home to swiftly developing economies like China and India. Setting up of new banks, branches, and ATMs in these countries is creating significant revenue for the retail displays market from the ATM segment. Other emerging economies like Indonesia and the Philippines are also driving the growth of this segment.
Digital signage
In any retail store, all employees will not be able to respond to queries on all the products the store stocks. Additionally, payroll pressures render it difficult for retailers to employ every store with product specialists who can provide informative help. This is solved by digital signage which facilitates face-to-face consultation with the subject material through video, voice, and online screen sharing, from specialists across locations.
Kiosks
The traditional bulky interactive kiosk machines are increasingly being replaced by tablets that are much more handy, sleek, and user-friendly. Interactive, self-service kiosks have been long established in the retail market and have gained widespread acceptance globally. With the digital world undergoing the miniaturization trend, the kiosks are also being reintroduced in their compact form, which results in free movement, portability, and lower maintenance costs.
Tablets are being increasingly used as kiosks in pubs, bars, restaurants, cafes, and hotels for multiple purposes like checking-in, placing orders, and collecting feedback from customers. On the other hand, retailers use customised software to facilitate the integration of different platforms by using tablets. Such versatile utilities of the device are expected to drive the market in the forecast period.
