HONG
KONG, Sept. 27, 2022 /PRNewswire/
-- 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. To learn more, please visit
www.taop.com.
Safe Harbor Statement
This press release contains "forward-looking statements" that
involve substantial risks and uncertainties. All statements other
than statements of historical facts contained in this press
release, including statements regarding our future results of
operations and financial position, strategy and plans, and our
expectations for future operations, are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended. We have attempted to identify forward-looking statements
by terminology including "anticipates," "believes," "can,"
"continue," "could," "estimates," "expects," "intends," "may,"
"plans," "potential," "predicts," "should," or "will" or the
negative of these terms or other comparable terminology. Our actual
results may differ materially or perhaps significantly from those
discussed herein, or implied by, these forward-looking
statements. There are a significant number of factors that
could cause actual results to differ materially from statements
made in this press release, including: our potential inability to
achieve or sustain profitability or reasonably predict our future
results due to our limited operating history of providing
blockchain technology and smart cloud services, the effects of the
global Covid-19 pandemic, the emergence of additional competing
technologies, changes in domestic and foreign laws, regulations and
taxes, uncertainties related to China's legal system and economic, political
and social events in China, the
volatility of the securities markets; and other risks including,
but not limited to, those that we discussed or referred to in the
Company's disclosure documents filed with the U.S. Securities and
Exchange Commission (the "SEC") available on the SEC's website at
www.sec.gov, including the Company's most recent Annual Report on
Form 20-F as well as in our other reports filed or furnished from
time to time with the SEC. The forward-looking statements included
in this press release are made as of the date of this press release
and TAOP undertakes no obligation to publicly update or revise any
forward-looking statements, other than as required by applicable
law.
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SOURCE Taoping Inc.