Digital Signage Market Analysis

Digital signage includes electronic signs made using LCDs and LEDs to display in-store information. It can be found in public spaces and displays images, videos, and streaming media. Increasing digitization and use of novel marketing methods can push the need for modern signage. The global Digital Signage market is expected to witness substantial growth during the forecast period, primarily due to the increasing incorporation of gesture recognition in Digital Signage. As per MRFR, the Digital Signage market was valued at USD 21,367.1 million in 2020 and is expected to grow at a CAGR of 7.2% during the forecast period 2022–2030.

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Major Players: 

Players leading the digital signage market are Sharp Corporation, Cisco Systems, Panasonic Corporation, Sony Corporation, 3M, Intel Corporation, Samsung Electronics Co Ltd, HP Inc, NEC Corporation, LG Electronics, and Toshiba Corporation, among others

Market Scope

The global digital signage market is expected to expand at 7.2% CAGR over the forecast period owing to use of modern advertising methods for attracting new customers. Infrastructure developments plans in cities lead to construction of malls and new apartments. They can acquire a large footfall due to digital signage. Moreover, the use of electronic signs for engaging with the audience and displaying new information on products can bolster the market demand significantly.

The COVID-19 pandemic has brought forth numerous restrictions that works in favor of digital signs. Touchless policies for preventing the spread of the virus can lead to a flurry in buying of digital signage. Stores are adapting to new customer behavior and favored touchless interactions supported by new communication technologies. Self-serve kiosks, virtual assistants, and cashless payments are expected to be more noticeable in the coming years. The aim to decrease vaccine hesitancy has led to LinkNYC to partner with Vaccinate4Love to provide free internet access and device charging to encourage citizens.

But changes in regulations and compliance with new laws can hamper market growth.

Segmentation

By product type, the market is segmented into menu boards, signboards, billboards, and kiosks.

By component type, it is segmented into hardware, software, and services.

On the basis of application, the digital signage market is segmented into indoor and outdoor. The outdoor segment accounted for the larger market share of 67.88% in 2019. Outdoor digital signage is mostly static and can be managed by a central server for displaying advertisements. It can display weather updates, news, and critical information. These digital signage systems are auto-dimming as these are used throughout the day for better visibility and readability. Some of the digital signage displays use processors and storage for repeated content management and playback. Some of the most widely used outdoor digital signage systems are seen in shopping mall premises, restaurants, billboards, and signboards.

By technology, it is segmented into OLED, LED, LCD, and front projection. The LED technology is deemed to perform better than its counterparts due to being able to display messages and content modified according to special days.

By vertical, the digital signage market caters to government, healthcare, banking, education, transportation, entertainment, and retail. The retail sector can be the biggest vertical for the market owing to mushrooming of large malls. Upselling of items and directing customers towards specific products can bode well for the segment.

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Regional Analysis

North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW) are regions considered for the global digital signage market.

North America is expected to lead in the global market owing to investments by Sony, Samsung, and Intel. Presence of major film studios and consumer electronics companies coupled with news companies operating in the region can bode well for the market.

Europe is the second-largest market for digital signage owing to the penetration of the internet. Adoption of new-age technologies coupled with growth of retail and BFSI sectors can drive regional market growth.

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Latest Company Updates:

November 2023-Sharp/NEC Display Solutions & SpinetiX, digital signage firm have joined hands recently for a digital signage solution which is ready to use. This will chiefly prioritize on scalability, accessibility, and security. The solution will leverage the SpinetiX DSOS digital signage operating system that is built on Sharp/NEC displays with integrated Intel SDM. In fact, the core value to offer clients with the utmost support technically and commercially is key to the strategic merger. With the digital signage landscape continuing to expand, this partnership will allow them in responding more efficiently to the frequent demands of their customers.

October 2023-BE-Tech AV Mounts, a leading digital signage installation solution provider has lately unveiled the news of its collaboration with Network One Distribution (NOD), a Romania based distributor. NOD is amid the selected distributors within Romania having a clear focus on the channel along with having a dedicated pro-AV department reaching to every key system integrator in the country. The investments within the country are rapidly developing and with proven potential for B-Tech product range, they are convinced of the current add on to their distribution network will be an immense success.

October 2023-Tata Tea Gold had recently launched a 3D digital signage campaign. Made to correspond with Durga Puja celebration, the campaign included tributes to the Bengali culture. This ad campaign had been made in association with Laqshya Media. By leveraging advanced technology for modern storytelling, they endeavoured to celebrate the acclaimed handlooms of West Bengal, creating resonance with their consumers.

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