Delaware – May 11, 2016 – Content as an integral part of businesses has embedded technology in its loop and made the world witness an era of “Digital Signage”. Digital Signage is a way of displaying content or precisely businesses’ ideas and objectives through digital devices at public places such as retail stores, transportation mediums, hotels, etc. mainly for the purpose of marketing and advertising.
A paradigm shift is being noticed in the pattern of content communication. Print Media which was adopted as a means of communicating the ideas of an organization’s products & services is now being thoroughly replaced by Digital Signage which is considered to be more effective, economic and delivering a higher ROI. This trend is redefining mass media communications and bypassing the traditional methods such as newspapers, radio, online banners, social media, etc.
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Digital Signage is primarily being used for three main purposes- Engage, Inform and Sell. It is mainly comprised of three components- Digital displays such as LED’s and LCD’s, Digital Media
Distribution Systems, and a Content Management Server. Digital Signage can be a combination of one or more of these devices. The system is dynamic with the feasibility to change and/or update the content or information from time to time. Interactive displays are also being used aiming to gain user insights and behavioral pattern.
In 2015, the Digital Signage market crossed 15 billion USD and is expected to grow at a CAGR of 5.2% over the period of 2016-2023, according to the latest study on Digital Signage Market by Global Market Insights Inc. Several factors driving the growth of this market are- growth of commercial displays, cost effectiveness, assured ROI as compared to other communicating channels, favorable regulatory scenario in the healthcare sector, etc. However, standardization concerns and lack of awareness are factors hampering the growth of this market.
Sectors such as Retail, Corporate, Banking, Healthcare, Education and Transportation are seeing a wide adoption of Digital Signage method as a means of Mass Communication. According to a study by Global Market Insights Inc., the Retail sector will be a major contributor towards this market in the coming years having had a market share of 40% in 2015. Also, the Digital Signage market in the healthcare sector will grow at a CAGR of 7% over the years 2016-2023.
Digital Signage and the technologies associated are rising in parallel. LED display would be a noticeable segment and is expected to grow at a CAGR of 6% during 2016-2023. However, having occupied 55% of the overall share in 2015, LCD segments are estimated to grow slower over the mentioned period.
US market having had a market size of 4.3 billion USD in 2015 is expected to see a continuous growth due to rising demand in the application areas. Asia Pacific is expected to see high growth in this market in the next few years. The transportation sector in Asia Pacific is poised to grow at a CAGR of 7% from 2016-2023.
The growing market is creating a bundle of opportunities for the associated players such as software and hardware vendors. Along with the larger players, associated SMBs shall also have ample business growth in the coming years pertaining to the expansion of Digital Signage Market.
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