Taoping Inc. (NASDAQ: TAOP, the Company or TAOP), today announced that the Company is accelerating its growth in the large smart panel market by leveraging active promotion from Taoping’s smart Cloud and alliance networks, combined with its wholly-owned subsidiary, iASPEC Bocom IoT Tech. Co., Ltd. (Bocom)’s over 20 years’ proven track record in China’s multi-screen industry. Customer demand has increased post-COVID led by a return to offices and the addition of new features, including full scenes, video surveillance, emergency command, venue layout, media publicity, and other applications. Based on current customer demand levels and expected market growth, the Company is targeting to secure a Company-record greater than 50 orders in 2022 compared to 16 in 2021.
By the end of 2022, 9.53 million commercial large-screen displays will be delivered industry-wide, an increase of 11.4% compared to 2021, with advertising displays growing the fastest, up 33.9% YoY, and LCD spliced screens growing by 11.6% YoY, according to IDC, a data research company. Demand is being led by the adoption of new technologies ranging from 5G and AI, to cloud computing. The digital transformation across industries is accelerating the application of smart scenario solutions and integration of IoT. As the main IoT machine interface, display terminals are central to the development of more intelligent, digital and customized in scene-based applications.
It is believed that with the effective control of the COVID19 pandemic, increased government investment in new infrastructure in smart cities, as well as the strong demand in emerging industries such as live broadcast, VR, meta-universe, 8K, and more, the market potential of smart large-screens remains a multi-year growth opportunity.
Mr. Lin Jianghuai, Chairman and CEO of Taoping commented: We are very encouraged to see the acceleration in growth at our Bocom subsidiary. Investments in R&D 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.
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 in mobile phones. Smart large screen displays offer a proven, high 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 was established in 2000, as one of the earliest domestic companies specializing in DLP/LCD/LED large screen display manufacturing and system integration. It is now an integral part of Taoping’s digital ecological business system, connected to Taoping smart cloud, and combined with Taoping digital new media applications, providing customized smart large-screen solutions services to meet the needs of customers across different industries. In addition, by connecting with the Taoping smart cloud, customers can remotely manage and publish content on the widely distributed smart large screen terminals, which is an important catalyst for Taoping’s future Cloud service revenue growth.
About Taoping Inc.
Taoping Inc. (NASDAQ: TAOP) is a blockchain technology and smart cloud services provider. The Company is dedicated to the research and application of blockchain technology and digital assets, and continues to improve computing power and create value for the encrypted digital currency industry. Relying on its self-developed smart cloud platform, TAOP also provides solutions and cloud services to industries such as smart community, new media and artificial intelligence.
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