Blockchain technology and smart cloud services company Taoping Inc. (NASDAQ: TAOP) is continuing to accelerate growth in China’s large smart panel market. Taoping is able to do this by leveraging active promotion from Taoping’s smart Cloud and alliance networks, combined with its wholly-owned subsidiary, iASPEC Bocom IoT Tech. Co., Ltd.’s (“Bocom”) over 20 years of proven track record in the country’s multi-screen industry.
About Taoping Inc. (NASDAQ: TAOP)
Taoping as an organization is dedicated to blockchain technology and digital assets, with a focus on continuing to enhance computing capacity and create value for the encrypted digital currency sector. TAOP focuses on services and solutions in the areas of smart community, new media, and artificial intelligence based on its own developed smart cloud platform.
The customer demand for Taoping Large Smart Panel products has increased in recent months as people return to their offices post COVID-19. This is due to the addition of new features, such as full scenes, video surveillance, emergency command, venue layout, media publicity, and other applications.
The company is aiming to receive 50 or more orders in 2022, which would be a new record for the company, compared to just 16 received in 2021.
According to IDC, a data research company, by the end of 2022 there will be 9.53 million commercial large-screen displays delivered industry-wide; this is an increase of 11.4% compared to 2021 deliveries. Advertising display growth will experience the greatest YoY increase at 33.9%, while LCD spliced screens will grow by 11.6%.
Demand is being driven by the adoption of cutting-edge technologies such as 5G and AI, as well as cloud computing. The use of smart scenario solutions and IoT integration is growing across industries at a rapid pace. As the primary interface and Internet of Things (IoT) point of contact between machines and humans, display terminals play a vital role in developing more intelligent, digital, and scene-based applications.
It is believed that the market potential of smart large-screens remains a multi-year growth opportunity, with the effective control of the COVID-19 pandemic, increased government investment in new infrastructure in smart cities, as well as strong demand in emerging industries such as live broadcast, VR, meta-universe, 8K.
Taoping CEO Commentary on Rapid Growth of Large Smart Screen Market
Mr. Lin Jianghuai, Chairman and CEO of Taoping commented on the tremendous growth and future potential stating,
We are very encouraged to see the acceleration in growth at our Bocom subsidiary. R&D investments have given us a leadership advantage that we are now able to more fully take advantage of. Customers are turning to Taoping for our technical advantage, performance reliability of our large-screen products, and commitment to providing excellent support over the past two decades.
Mr. Jianghuai continued to elaborate on Taoping’s potential.
We are taking full advantage of our Taoping alliance model, as we capture an increased number of smart large screen sales opportunities. With more and more customers adopting smart large screen displays to reach their end customers. The proliferation of smart large screen displays is also being led by the post-COVID reopening. With business and leisure facilities now fully online they need to actively communicate with their end customers, which more often than not are distracted or heads down on mobile phones.
Smart large screen displays offer a proven, highly effective way to break through that clutter and market products and communicate in a vibrant, interactive way. Taoping is seizing on this opportunity and our reputation for flawless performance with customers, which we have accumulated in the terminal display market, with the help of the Taoping alliance network covering more than 200 cities across the country.
Bocom has become one of the earliest specialized companies in DLP/LCD/LED large screen display manufacturing and system integration since it was established in 2000.
It’s now a critical component of Taoping’s digital ecological business system, linked to Taoping smart cloud, and used in conjunction with Taoping digital new media apps to provide tailored smart big-screen solutions services for clients across a variety of industries.
Customers may also remotely manage and publish content on widely distributed smart big screen terminals through Taoping’s smart cloud, which is a significant driving force behind Cloud service revenue growth in the future.