Touch Panel Market SWOT and PEST Analysis 2021-2031
The touch panel market size is projected to reach US$ 221.84 billion by 2031 from US$ 84.73 billion in 2023. The market is expected to register a CAGR of 12.8% in 2023–2031. The growing adoption of touch panels in the education and retail sector is likely to remain a key touch panel market trend.
Touch Panel Market Analysis
The touch panel market is growing at a rapid pace due to the growing adoption of touch technology in commercial spaces and expanding medical, retail, hospitality, and BFSI industries. The market is expanding steadily, driven by the growing digitalization and government initiatives to support digital education. Moreover, consumer preferences toward the adoption of technologically advanced solutions are providing lucrative opportunities for market growth.
Touch Panel Market Overview
Touch panels are display technology that allows users to operate computers through direct touch. They consist of both an input device (the touch panel) and an output device (a visual display). These panels are widely utilized in a variety of digital devices, including smartphones, tablets, computer screens, and digital cameras, among others. The primary advantage of touch panels is their easy operation. They allow users to easily interact with devices using icons and buttons, even if they are unfamiliar with computers. Moreover, the growing demand for user-friendly devices in the industry is boosting the market.
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Touch Panel Market: Strategic Insights
Market Size Value in US$ 59.06 Billion in 2019 Market Size Value by US$ 137.1 Billion by 2027 Growth rate CAGR of 12.0% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Touch Panel Market: Strategic Insights
| Market Size Value in | US$ 59.06 Billion in 2019 |
| Market Size Value by | US$ 137.1 Billion by 2027 |
| Growth rate | CAGR of 12.0% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Touch Panel Market Drivers and Opportunities
Growing Adoption of Touch Technology in Commercial Spaces is Driving the Market
The rising installation of interactive kiosks, touch-based point-of-sale systems, and digital signage in a variety of industries, including retail, hospitality, and education, is driving the market. Touch panels are commonly used in commercial spaces, particularly meeting rooms and conference centers, for controlling audiovisual equipment, lighting, and collaborative tools. Businesses across the globe are integrating touch panels in commercial spaces to transform business operations by offering intuitive and engaging user interfaces. Growing demand and adoption of interactive screens in commercial spaces are fueling the market during the forecast period. This demand is attributed to the rising employee and customer engagement in commercial spaces for meetings, discussions, and data sharing.
Consumer Preferences Towards the Adoption of Technologically Advanced Solutions – An Opportunity in the Touch Panel Market
Technological advancements and shifting consumer preference towards the adoption of technologically advanced solutions are driving the market. Manufacturers are continuously engaged in improving the durability, multitouch capabilities, and touch sensitivity of touch panels to meet consumer demand for smooth user experiences. Additionally, incorporating cutting-edge technologies such as virtual reality (VR) and augmented reality (AR) in touch panels are creating opportunities in the market during the forecast period.
Touch Panel Market Report Segmentation Analysis
Key segments that contributed to the derivation of the touch panel market analysis are technology, product type, and application.
- Based on technology, the touch panel market is divided into resistive, capacitive, and infrared. The capacitive segment held a larger market share in 2023.
- In terms of product type, the touch panel market is divided into consumer and commercial and industrial. The consumer segment is segmented into smartphones, tablets, notebooks and PCs, LCD touch monitor, and others. The commercial and industrial are segmented into control panel, monitor and computers, kiosks, and others. The commercial and industrial segment held a larger market share in 2023.
- On the basis of application, the market is segmented into consumer, medical, retail, industrial, and others. The medical segment held the largest share of the market in 2023.
Touch Panel Market Share Analysis by Geography
The geographic scope of the touch panel market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In terms of revenue, Asia Pacific accounted for the largest touch panel market share, due to the presence of a large number of manufacturers, including Samsung, FUJITSU LIMITED, Hitachi, Ltd, LG Display Co., Ltd., and others. These players are engaged in developing new innovative products to attract new customers across the globe. Moreover, rising urbanization, growing disposable income, and expanding retail industry are fueling the market in the region. A variety of touch panels such as kiosks, digital signage, and touch-based point-of-sale systems, are highly adopted by the retail industry for enhancing customers’ experience. These factors are anticipated to propel the market in the near future.
Touch Panel Market Report Scope
Touch Panel Market News and Recent Developments
The touch panel market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for touch panel and strategies:
- In March 2023, SHARP CORPORATION and E Ink Holdings Inc announced their collaboration to bring ePaper posters using E Ink's technology to market. This partnership also supports SHARP CORPORATION to offer digital poster options to replace paper posters in locations where digital signage has been previously difficult to install. (Source: SHARP CORPORATION, Press Release, 2024)
Touch Panel Market Report Coverage and Deliverables
The “Touch Panel Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology ; Product Type ; Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global touch panel market was estimated to be US$ 84.73 billion in 2023 and is expected to grow at a CAGR of 12.8% during the forecast period 2023 - 2031.
The growing adoption of touch technology in commercial spaces and expanding medical, retail, hospitality, and BFSI industries are the major factors that propel the global touch panel market.
The growing adoption of touch panels in the education and retail sectors is anticipated to play a significant role in the global touch panel market in the coming years.
The key players holding majority shares in the global touch panel market are 3M, Samsung, Xenarc Technologies Corporation, Renesas Electronics Corporation, and FUJITSU LIMITED.
The global touch panel market is expected to reach US$ 221.84 billion by 2031.
The incremental growth expected to be recorded for the global touch panel market during the forecast period is US$ 137.11 billion.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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