Enjoy complimentary customisation on priority with our Enterprise License!
The digital signage market size is forecast to increase by USD 9.86 billion at a CAGR of 9.95% between 2023 and 2028. The market is experiencing significant growth due to the increasing number of internet users and the shift towards online advertising services. With the ability to reach large audiences, digital signage has become a popular medium for retailers, social media platforms, apps, and even digital gaming environments. The targeting capabilities allow for personalized messaging, enhancing customer engagement. In addition, the 3PL market, retail, banking, and hospitality industries are leveraging digital signage to improve customer experience and promote their offerings. The introduction of system-on-chip (SoC) has made it more cost-effective and efficient. The growing e-commerce market is also driving demand for digital signage in logistics and delivery services. As more businesses recognize the benefits of digital signage, this market is poised for continued growth.
To learn more about the digital signage market report, Request Free Sample
The market is witnessing significant growth due to the increasing adoption of advanced technologies and the shift from traditional static signs towards dynamic, real-time content updates. This evolution is driven by various factors, including the integration of computerized systems, software, and multimedia content into digital display panels. LED media boards are a popular choice in the market due to their energy efficiency, long lifespan, and high-resolution display capabilities. These boards offer vibrant colors and sharp images, making them an excellent alternative to traditional billboards and widescreen displays.
Another trend in the market is the use of video walls and projectors as well as transparent digital signage. Video walls consist of multiple interconnected digital display panels that create a large, seamless image. Projectors, on the other hand, offer the flexibility to display content on any surface, making them suitable for various applications. Technological developments in digital signage are also driving the market. Emerging display technologies like micro-LED and large screen displays are gaining popularity due to their superior image quality and energy efficiency. These advancements enable businesses to deliver more engaging and interactive customer experiences. In the education sector, digital signage is increasingly being used as a communication platform.
It allows for real-time content updates and remote management, making it an effective tool for schools and universities to keep students, faculty, and staff informed. Government offices are also adopting digital signage solutions to improve communication and enhance the public's experience. Digital displays offer the ability to provide real-time information, updates, and announcements, ensuring that the public is well-informed. The cost of displays is a crucial factor in the market. As the technology such as micro-LED advances, prices are becoming more competitive, making it an affordable solution for businesses of all sizes. However, power problems can be a concern for outdoor digital signage installations, necessitating the use of backup power solutions.
Screenless displays are another emerging trend in the market. These displays use electronic ink or e-paper technology to mimic the appearance of traditional paper signs but offer the advantages of digital signage, such as real-time content updates and remote management. In conclusion, the market is experiencing growth due to the shift towards dynamic, real-time content updates, the integration of computerized systems and software, and the adoption of advanced display technologies. LED media boards, video walls, projectors, and other digital display solutions such as transparent electronics offer businesses the ability to deliver engaging and interactive customer experiences, improve communication, and enhance public experiences. The cost of displays and power problems are challenges that must be addressed, but the benefits far outweigh the costs.
The digital signage market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The retail segment is estimated to witness significant growth during the forecast period.In today's retail landscape, businesses are prioritizing the creation of engaging customer experiences to drive sales and maintain market competitiveness. To achieve this, the retail sector is integrating digital technology into brick-and-mortar shopping experiences. As a result, the demand for digital signage solutions is on the rise. With the expansion of retail establishments, the implementation is poised to increase. Digital signage presents several benefits over conventional static signs. It enables customer interaction, centralized control, and enhanced design capabilities. Retailers can utilize it in window displays to entice potential customers with real-time content updates on promotions and discounts for in-store items.
Digital signage solutions encompass various technologies such as LED media boards, digital display panels, video walls, and projector screens. These technologies are powered by multimedia content, computerized systems, and software that facilitate remote management and real-time content updates. By adopting digital signage, retailers can transform their communication platforms into dynamic and interactive tools that resonate with their customers. In summary, the retail industry's shift towards innovative customer experiences is driving the adoption of digital signage. The advantages of digital signage, including real-time content updates, centralized control, and superior design capabilities, make it an attractive alternative to traditional static signs.
As retailers continue to expand their footprint, the implementation of digital signage is expected to grow in response to the evolving retail landscape.
Get a glance at the market share of various segments. Request Free Sample
The Retail segment accounted for USD 3.21 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 37% to the growth of the global digital signage market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions, Request Free Sample
The market in North America is experiencing significant growth, particularly in the United States and Canada. Notable instances of digital signage implementation include the 900 North Michigan Shops in Chicago and the Wilshire Grand Center in Los Angeles. These projects underscore the increasing investment in digital advertising in the region, contributing to the expansion of the market. In addition, Mexico is an emerging market for digital signage, with a rising number of projects being initiated. Technological advancements, such as power solutions for large screen displays, are driving innovation in the digital signage industry. New display technologies, like Micro-LED and quantum dots, are gaining traction among electronic giants.
Furthermore, artificial intelligence and machine learning are being integrated to create touchless and interactive solutions. The adoption of 5G technology is also expected to revolutionize the market by enabling real-time data processing and transmission. In conclusion, the market in North America is poised for growth due to the increasing demand for digital advertising and technological advancements. Mexico is a promising market, with a growing number of digital signage projects. New display technologies, AI, machine learning, and 5G are shaping the future of digital signage, offering opportunities for businesses to engage customers in innovative ways.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
High growth of retail space is the key driver of digital signage market growth. The retail industry's expansion can be attributed to increasing consumer demand for goods and services, leading retailers to broaden their market reach. Urbanization, rising household income, and a growing preference for high-quality products and experiences are key drivers fueling this growth. The retail sector's growth is evident in both developed and emerging economies. For instance, retail sales in China increased by approximately 17.7% in April 2021 compared to the same period the previous year. Similarly, retail sales in the US grew by roughly 7% during the same timeframe. Advanced technologies, such as customer data analysis and personalized content delivery, are transforming the retail landscape.
Real-time data-driven decision-making and audience analytics are becoming essential tools for retailers to stay competitive. Market consolidation, strategic expansion, partnerships, and collaborations are common strategies employed by digital signage providers to leverage expertise and resources. Online advertisement and broadcast are integral components of the market, offering retailers new opportunities to engage customers and enhance their shopping experiences.
Introduction of SOC technology is the upcoming trend in the digital signage market. Digital signage, a form of out-of-home advertising, is increasingly utilizing System-on-Chip (SOC) technology to deliver entertainment and targeted messaging in various industries, including healthcare and retail. SOC technology, which integrates essential processing components onto a single chip, simplifies digital signage systems by eliminating the need for multiple components and media players. This streamlined solution allows real-time content updates and dynamic delivery, enhancing the in-store customer experience. Retail stores, shopping malls, supermarkets, and healthcare facilities benefit from eye-catching content and product promotion through digital signage. SOC technology's cost-effective nature reduces hardware and installation expenses, making it an attractive option for businesses seeking to improve their marketing strategies.
By incorporating SOC technology into commercial displays, businesses can provide dynamic, interactive, and engaging content that attracts and retains customers. In summary, SOC technology's integration into these systems offers numerous advantages, such as cost savings, real-time content updates, and a more streamlined solution for businesses in various industries. The technology's ability to deliver targeted messaging and eye-catching content makes it an essential tool for enhancing the customer experience and driving sales.
Growing e-commerce market is a key challenge affecting digital signage market growth. The expansion of the internet user base and the rise of online advertising have significantly impacted the market. Large audiences can now be reached through various digital channels, including social media platforms, apps, and retail media. Digital signage has become an essential tool for businesses looking to target specific demographics in various industries, such as retail, banking, and hospitality. In the retail sector, the shift towards e-commerce has led to a decrease in the number of physical retail stores.
This trend could potentially impact the demand for digital signage equipment, as these stores are a primary customer segment. However, the growth of digital gaming environments and the increasing use in non-retail industries are expected to offset this decline.
The digital signage market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the digital signage market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3M Co. - The market showcases the deployment of advanced visual displays for advertising and information dissemination in various industries. This market is characterized by its ability to deliver dynamic, targeted content in real-time. Companies specializing in sports products can significantly benefit from digital signage solutions by engaging customers with captivating visuals and real-time updates. The market's growth is driven by increasing consumer preferences for interactive and personalized experiences, technological advancements, and the need for businesses to stay competitive. Key players in this market focus on offering innovative features, such as remote management, content scheduling, and analytics, to cater to diverse industry requirements. These solutions enable businesses to enhance customer engagement, promote their brand, and streamline operations.
The digital signage market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The digital signage market is experiencing significant growth due to the increasing adoption of LED media boards and digital display panels in various industries. Real-time content updates and remote management make it an effective communication platform for retail establishments, airports, hotels, restaurants, corporate offices, transportation centers, and more. Hardware offerings include video walls, projectors, multimedia content, computerized systems, and software. Traditional static signs are being replaced by digital alternatives, such as single screen displays, kiosks, and video walls, to offer a more engaging customer experience. Technological developments, including near field communication and touch screen technology, are also driving market growth.
Cost-effective large screen displays and emerging technologies like micro-led and quantum dots are offering new opportunities for digital signage providers. Rapid digitalization, 5G technology, artificial intelligence, and machine learning are also transforming the market. Touchless & interactive solutions, personalized content delivery, audience analytics, and real-time data-driven decision-making are becoming essential features for digital signage. Market consolidation, strategic expansion, partnerships and collaborations, expertise and resources, and advanced technologies are key trends shaping the market. Digital signage is increasingly being used for online advertisement and broadcast, reaching large audiences through social media platforms, apps, retail media, digital gaming, and more. The retail industry, banking, hospitality, entertainment, healthcare, and educational sector are major end-users. Dynamic content delivery, real-time updates, targeted messaging, product promotion, and in-store customer experience are key benefits.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
185 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 9.95% |
|
Market growth 2024-2028 |
USD 9855.3 million |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
8.81 |
|
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 37% |
|
Key countries |
US, China, Canada, UK, and Japan |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
3M Co., AT and T Inc., AUO Corp., BrightSign LLC, Cayin Technology Co. Ltd., Cisco Systems Inc., Daktronics Inc., Hon Hai Precision Industry Co. Ltd., HP Inc., Intel Corp., Keywest Technology Inc., Leyard Group, LG Corp., Omnivex Corp., Panasonic Holdings Corp., Rokk3r, Samsung Electronics Co. Ltd., Scala, Sony Group Corp., and YFY Inc. |
|
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
|
Customization purview |
If our digital signage market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this digital signage market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
