Technical Report Number
If you compare two identical images on two different monitors, they will likely appear different. Every display device is supposed to adhere to a particular set of standards regulating the color and intensity of the image it outputs. However, in practice, very few do. Color calibration is the practice of modifying the signal path such that the colors produced more closely match reference standards. This is essential for graphics professionals who are mastering original content. They must ensure that the source material appears correct when viewed on a reference monitor. When viewed on a consumer panel, however, some error will appear on an uncalibrated panel. On low-end devices, calibration helps to maximize picture quality, producing an image comparable to a more expensive panel out of the box. On high-end devices, it can reduce color error to levels imperceptible to the human eye.
Shulman, Andrew, "Automated Color Calibration of Display Devices" Report Number: WUCSE-2013-27 (2013). All Computer Science and Engineering Research.