IGZO refers to a semi-conductor material comprised of four elements; Indium, Gallium, Zinc and Oxygen (in this case as Oxide).
IGZO can be used for the active layer of an LCD screen, providing many benefits over amorphous silicon layers, such as 50 times higher electron mobility.
IGZO displays provide for vastly smaller pixels and higher refresh rates, which allows for screens to produce images far beyond the resolutions of High Definition TV and consumer products such as Blu-ray.
With IGZO, resolutions of 3840x2160, are possible, for example. IGZO screens are increasingly in the news as they are incorporated into smartphones and other small mobile devices, providing for very high quality displays over traditional screens.
As of October 2012, the largest screens planned that use IGZO are a 32-inch from Sharp that will boast a 3840x2160 resolution, and a 65-inch UHDTV (Ultra High Definition television) from AU Optronics.
The technology is likely to penetrate further into the consumer electronics markets over the next few years.