Global Digital Signage Market Size, Share, Trends and Growth Drivers
Author : Prathamesh Pathar | Published On : 13 Mar 2024
The worldwide digital signage market was valued at USD 24.68 billion in 2022 and is predicted to rise at a CAGR of 8.6% over the forecast period. This market expansion is attributed to the growing need for digital product and service advertising that effectively captures the attention of the intended audience. Additionally, since 4K digital signage displays with embedded software and a media player give consumers an inexpensive Ultra HD digital signage solution, demand for these displays is predicted to increase.
Some of the elements that are projected to boost product demand include the development of novel goods like leak-detecting systems and home monitoring systems, as well as complex financial products like forex cards that require clear and concise promotional material.
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Digital Signage Market Segmentation
By Technology
- LCD
- LED
- Projection
Regional Scope
- North America
- Europe
- APAC
- South America
- Middle East
- Africa
Key Company
- ADFLOW Networks
- BrightSign, LLC
- Cisco Systems, Inc.
- Intel Corp.
- KeyWest Technology, Inc.
- LG Electronics (LG Corp.)
- Microsoft Corp.
- NEC Display Solutions
- Omnivex Corp.
- Panasonic Corp.
- SAMSUNG
- Scala Digital Signage
- Winmate Inc.
Driving Factors
The individual reading the material and the one showing it can build a relationship with each other through digital display. Because of its versatility and user-friendliness, digital signage is growing in popularity. The cost of digital display hardware has decreased recently. Businesses are making significant investments in digital signage systems.
This will probably be a major driving force in the market for digital signage. Retailers now employ digital signage to improve the in-store experiences of their customers and boost sales. They invest a lot of money on the infrastructure of retail stores in order to profit from digitization. With digital signage, retailers may now provide customized services like theme-based, digitally enhanced experiential stores and other cutting-edge offerings.
In order to give clients greater power and information, the financial industry uses digital signage technologies. Customers may easily observe the impact of financial news by watching it on large-scale video walls, which can broadcast it continually. Wait times may be shortened and clients can be informed via digital signage. The market value of digital signage will rise in response to these advantages, which will also boost demand for digital signage systems.
Growing Opportunity
The term “rapid urbanization” describes how quickly cities and suburbs are growing. In emerging nations, the fast urbanization creates new chances for infrastructure and advertising. The number of people living in cities is rising, and with it is their desire and ability to buy luxury products. Large businesses strive to expand their advertising income share by investing in these nations alongside their governments. Google and Facebook are two of the world’s largest firms, and their advertising income has grown significantly. The market for digital signage systems is also quickly expanding as a result of the growing number of projects aimed at establishing smart cities worldwide.
Regional Analysis
The world’s largest digital signage market is in North America, where it accounts for the majority of global revenue. This may be explained by the high rate of digital signage adoption in the area, particularly in the hotel and retail sectors. The region is home to several significant digital signage companies, including as Samsung, LG, and NEC. The European digital signage market is the world’s second-largest, with enormous growth potential. Digital signage is growing more common throughout the region’s many industries, including retail, healthcare, and transportation. The region’s growth of digital signage is driven by a desire to increase customer connection and create immersive experiences.
The Asia-Pacific digital signage industry is expanding at the fastest rate in the world, with growing adoption in several countries such as China, Japan, and South Korea. The region has seen significant growth in the retail, transportation, and healthcare sectors, and interactive and personalized displays are growing in popularity. The digital signage industry in the area is growing rapidly as a result of increased infrastructure expenditure and the application of the technology in the hospitality and retail sectors. In the region, interactive and mobile-friendly displays are proliferating due to a focus on providing appealing customer experiences.
Growing infrastructure expenditure and the usage of digital signage by the travel, hotel, and retail sectors are driving the region’s digital signage industry’s rapid expansion. Trends in the field include the use of digital signage for navigation and informative purposes, as well as large-format displays. In general, more industries are using digital signage, and its market is growing swiftly across various geographies. Areas like Asia-Pacific and Latin America are seeing rapid expansion and provide significant opportunities for enterprises in the digital signage sector, even if North America and Europe still hold a significant portion of the global market.
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