Digital Signage Market Analysis and Overview
The digital signage market is growing rapidly, with the increasing adoption of digital displays in various industries such as retail, healthcare, transportation, and hospitality. IoT has the potential to enhance the capabilities of digital signage by enabling it to become more interactive and personalized.
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.
Digital signage is a form of electronic display that shows information, advertisements, and other types of messages to a target audience. IoT (Internet of Things) refers to the network of devices that are connected to the internet and can communicate with each other to collect and share data.
By connecting digital signage displays to the internet, IoT can enable real-time data collection and analysis, which can help businesses to understand their customers’ behavior and preferences. For example, digital signage displays in a retail store can collect data on how many people are looking at a particular product, how long they are looking at it, and whether they make a purchase. This data can be used to optimize product placement and advertising strategies.
IoT can also enable digital signage displays to become more interactive by allowing users to interact with the displays through their smartphones or other connected devices. For example, a user could use their smartphone to scan a QR code on a digital signage display and be taken to a website with more information about a product or service.
Overall, IoT has the potential to transform the digital signage market by making it more interactive, personalized, and data-driven. As more businesses adopt IoT-enabled digital signage displays, we can expect to see even more innovative use cases and applications emerge in the future.
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 report by Market Research Future (MRFR) focuses on latest equipment compatible with electronic messages and segments the report on the basis on application and region for the forecast period (2022-2030). The COVID-19 pandemic and its impact on the industry are explained in high detail.
The digital signage market is a growing industry that involves the use of digital displays, such as LCD or LED screens, to display content, information, or advertisements in public spaces. The market is expected to continue to grow in the coming years, driven by the increasing adoption of digital signage by various industries such as retail, hospitality, transportation, and healthcare.
One of the main advantages of digital signage is its ability to deliver dynamic and interactive content, which can be easily updated and targeted to specific audiences. This makes it a popular choice for businesses and organizations that want to enhance their marketing and communication strategies.
Digital Signage Market Competitive Landscape
Sony Corporation, NEC Corporation, 3M, Panasonic Corporation, Intel Corporation, Samsung Electronics Co Ltd, Cisco Systems, LG Electronics, Sharp Corporation, HP Inc, and Toshiba Corporation are key players of the global digital signage market. Acquisitions, expansions, partnerships, and contracts are major strategies employed by players to gain leverage in the market.
Digital Signage Market 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.
Digital Signage Industry News
Moving Tactics, a South Africa base company, is strengthening its distributor network by allying with likeminded equipment and maintenance service providers in the region.
Digital Signage Market 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.
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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