Digital signage is a type of electronic signage capable of displaying text, menus, digital images, and video over liquid crystal display (LCD), light-emitting diode (LED), and organic light-emitting diode (OLED). The global digital signage market size can inflate to USD 26.3 billion by 2022 by exhibiting a CAGR of 6% from 2016 to 2022 (forecast period).
The global digital signage market is predicted to expand at an ascending rate due to the demand for digitized promotion of products to attract audiences from selective demographics. Benefits of digital signage systems of cost-effectiveness, targeted content, and high audience engagement are likely to boost market growth.
High need for digital signage solutions in commercial and public sectors is expected to augur well for market growth over the forecast period. Moreover, the shift towards digital displays for information over traditional layouts such as newspapers will bolster the digital signage market growth. Development of signages embedded with gaze tracking technology which can assess and record consumer behavior by the presence of large crowds can heighten market demand.
Evolution of LED, OLED, and super AMOLED can improve the quality of Ads to be displayed providing space for manufacturers to market their product. Innovations by display engineers and researchers and changing distribution strategies can propel the market.
Lack of technical expertise in handling digital signage and high initial costs of procurement are factors which can hamper the market growth.
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The global digital signage market is segmented by product type, technology type, component type, and application.
By product type, it is segmented into signboards, billboards, and kiosks.
By technology type, it is segmented into LED, OLED, and LCD.
By component type, it is segmented into hardware, software, and service. The hardware segment is expected to accrue significant revenue due to adoption of digital signage solutions by commercial establishments. Growth in infrastructural projects coupled with the expanding retail sector can drive the segment growth till 2022.
Major applications of the market are segmented into government, education, retail, and transport. The transport segment will remain the biggest application till the end of the forecast period due to transportation systems embedded with digital signage systems to display train schedules. In addition, installation of large display systems as LEDs coupled with arrival and departure timings for the convenience of customers is monumental for the segment growth.
North America is touted to dominate the global digital signage market till 2022 due to high demand from the retail sector and numerous suppliers. Rise in research and development by various product manufacturers coupled with supportive initiatives by governments for maintaining a steady flow of information
The Asia Pacific digital signage market is headed for massive growth due to developments in public infrastructure, retail, and transportation. Low labor and installation costs are the primary driver of the region. Rising investments by consumer electronic behemoths such as LG Electronics and Samsung in facilities can spur the market growth. Countries such as Singapore, Thailand, Malaysia, India, and Australia offer potential for the market to prosper within the region.
Key market players include 3M Co. (U.S.), Ad flow Networks (Canada), Hewlett-Packard Company (U.S.), Samsung Corporation (South Korea), NEC Display Solutions Ltd (South Korea), LG Display Co. Ltd. (South Korea), Omni Vex Corporation (Canada), Bright Sign LLC (U.S.), Cisco System Inc. (U.S.), Panasonic Corporation (Japan), and others.
In 2019, Kramer Electronics decided to enter into a partnership with Zignage, a premier in offering digital out of home (DOOH) solutions. This move can amp up the product portfolio of the former and highlight the company’s all-in-one strategy for providing audio/video (AV) solutions on a single platform.
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List of Tables
TABLE 1 DIGITAL SIGNAGE MARKET, BY PRODUCT TYPE
TABLE 2 DIGITAL SIGNAGE MARKET, BY TECHNOLOGY TYPE
TABLE 3 DIGITAL SIGNAGE MARKET, BY COMPONENT TYPE
TABLE 4 DIGITAL SIGNAGE MARKET, BY APPLICATION
TABLE 5 DIGITAL SIGNAGE MARKET, BY REGIONS
TABLE 6 NORTH AMERICA DIGITAL SIGNAGE MARKET, BY PRODUCT TYPE
TABLE 7 NORTH AMERICA DIGITAL SIGNAGE MARKET, BY TECHNOLOGY TYPE
TABLE 8 NORTH AMERICA DIGITAL SIGNAGE MARKET, BY COMPONENT TYPE
TABLE 9 NORTH AMERICA DIGITAL SIGNAGE MARKET, BY APPLICATION
TABLE 10 U.S. DIGITAL SIGNAGE MARKET, BY PRODUCT TYPE
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