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The digital signage market size is forecast to increase by USD 9.85 billion, at a CAGR of 9.95% between 2023 and 2028. Market expansion hinges on multiple factors, notably the rapid expansion of retail spaces, widespread adoption of digital signage across various service sectors, and the substantial growth of digital out-of-home (DOOH) signage. The proliferation of retail spaces, driven by evolving consumer preferences and increasing demand for interactive shopping experiences, is a primary growth driver. Additionally, the integration of digital signage solutions in sectors like education, hospitality, healthcare, and transportation enhances customer engagement and operational efficiency. Furthermore, the surge in DOOH signage,8fueled by advancements in technology such as transparent digital signage and the need for dynamic advertising platforms, contributes significantly to market growth. These factors collectively underline the dynamic landscape and robust growth potential of the industry.
The market growth and forecasting report includes key players' detailed analyses of the competitive landscape of the market and information about 20 market companies, including 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., Omnivex Corp., Panasonic Holdings Corp., Rokk3r, Samsung Electronics Co. Ltd., Scala, Sony Group Corp., and YFY Inc. Additionally, Leyard Group offers digital signage and other related products such as Audience Measurement Solution for Digital Signage.
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The market encompasses various solutions such as LED media boards, digital display panels, video walls, projectors, and multimedia content. These computerized systems utilize software for real-time content updates and remote management, serving as a communication platform for diverse sectors like education and government offices. Technological developments have led to emerging display technologies like Micro-LED, offering large screen displays as widescreen alternatives to traditional static signs. Cost-effective solutions are essential for enhancing customer experience, making it a preferred choice over traditional billboards. Power problems are addressed through energy-efficient hardware and backup systems. The market is expanding, driven by the need for dynamic, engaging content and the increasing affordability of these technologies. In the education sector, digital signage is used to disseminate information, create awareness, and improve communication. Government offices leverage these systems for public announcements and service updates.
The integration of digital signage into daily operations enhances productivity and efficiency. In conclusion, the market is a dynamic and evolving industry, offering innovative solutions such as transparent electronics for various sectors. Its ability to provide real-time content updates, remote management, and a superior customer experience sets it apart from traditional static signs. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The high growth of retail space is notably driving the market growth. The high growth of the retail industry can be attributed to a rise in demand for consumer goods, promoting the retailers to expand their market presence. Factors such as increasing urbanization, growing household incomes, and the rise in demand for quality products and experiences have led to high growth in the retail industry. The growth in the global retail industry is similar in developed and developing countries. With the expanding retail space, the adoption of digital signage will rise.
Moreover, digital signage, being a prominent enabler for information dissemination, creating engaging customer experiences, and attracting more customers, can be deployed as a part of customer relationship management and marketing tools for companies. Therefore, with the growing retail space, the demand for digital signage will increase globally. Hence, such factors are driving the market during the forecast period.
The introduction of SOC technology is the key market trend driving the global market growth. SOC is an emerging technology being employed in the manufacturing of smartphones, tablets, and commercial displays. SOC enables the integration of key processing components on a chip, which reduces the requirement for components in the digital system.
Moreover, SOC technology can be fitted with commercial display systems. This can substitute multiple types of equipment such as media players used in systems. This helps in providing a streamlined solution by operating the digital signage from the screen itself, along with providing diagnostic and other information. The advantages of SOC technology in digital signage include the reduction in hardware and installation costs. Thus, SOC can witness high adoption as an integrated solution in the future. Hence, such factors are driving the market during the forecast period.
The growing e-commerce market is the major challenge impeding the global market growth. The strong growth of the e-commerce industry has resulted in the emergence of numerous e-commerce retailers over the past few years. Some online retailers have grown into huge organizations. These online portals have reduced the dependence of consumers on retail stores, as they deliver the products directly to the customers.
Moreover, the global retail e-commerce sales in total retail sales have been consistently increasing on a year-on-year basis. This trend is expected to continue, leading to an increasing share of e-commerce sales in the retail sector, reducing the overall share of conventional retail stores in global retail sales. With physical retail stores being the major customer segment for digital signage equipment, a reduction in the retail stores due to growth in the e-commerce market could lead to lower demand for digital signage equipment. Hence, such factors are hindering the market during the forecast period.
The market share growth of the retail segment will be significant during the forecast period. It offers numerous advantages over traditional printed signage, as it facilitates customer interaction, offers accurate and centralized control capability, and provides superior design capability. Retailers can deploy digital signage in window displays to attract customers by providing information on discount updates and offers on store products. Retailers can also use digital signage inside the retail stores for disseminating store information and specific product information and upselling more products to the customers.
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The retail segment was valued at USD 3.22 billion in 2018 and continued to grow until 2022. Globally, retailers are focusing on creating innovative customer experiences to boost their revenues and foothold in the market. In the current scenario, the retail industry is increasingly incorporating digital technology in physical shopping activity to create unique customer experiences. Hence, the adoption in the retail sector is expected to be high. With retailers focusing on establishing more retail stores, the usage of digital signage will increase. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.
The increasing demand for larger panels will fuel the hardware segment which in turn drives the market growth. The market plays a significant role in shopping malls and supermarkets by showcasing eye-catching content to attract customers. These signs, with their vibrant visuals and dynamic messaging, serve as effective tools to engage shoppers and drive sales. By strategically placing digital signage in high-traffic areas, businesses can capitalize on the captive audience and increase footfall. The content displayed on these signs can range from promotional offers and product information to wayfinding directions and entertainment, making them an essential component of modern retail environments. Hence, such factors are fuelling the growth of this segment during the forecast period.
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APAC is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio's analysts have provided an extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.
Another region significantly contributing to the market growth is North America. The market in North America is dominated by countries such as the US and Canada, along with Mexico. It is an important tool for companies that rely on digital advertisements and marketing. Digital advertising spending in the region is expected to grow at a CAGR of 8% during the forecast period. The recent uses of digital screen in Chicago's 900 North Michigan Shops and Los Angeles' Wilshire Grand Center in the US are among the key examples of the extensive use of digital screen in the US. This indicates the increasing spending on digital advertising in the region, which will aid in the growth of the market in North America during the forecast period.
The Digital Signage market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Market 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.
Leyard Group - The company offers digital signage and other related products, such as Audience Measurement Solution for Digital Signage.
Market analysis and report of 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 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 Digital Signage market is a significant segment in the media and advertising industry. This market utilizes electronic displays to show content such as advertisements, announcements, and information. The market is driven by various factors including the increasing adoption of digital signage in retail, healthcare, transportation, and hospitality sectors. Additionally, the integration of advanced technologies like Artificial Intelligence (AI) and the Internet of Things (IoT) is fueling the growth of the market. Furthermore, the market is expanding globally due to the rising demand for interactive and personalized customer experiences. The market offers various solutions such as hardware, software, and services. These solutions cater to diverse industries and applications, making digital signage a versatile and essential tool for businesses. The market is expected to grow at a steady pace in the coming years, offering numerous opportunities for stakeholders.
Furthermore, the market is experiencing significant growth propelled by a range of technological advancements and consumer preferences. LED media boards, digital display panels, video walls, and projectors are revolutionizing how multimedia content is presented, replacing traditional static signs with dynamic, real-time updates. This transformation is particularly evident in retail establishments, LED media board, Digital display panel, Education end user, Cost of displays, Educational sector, Screenless displays, Lack of standard policy, airports, hotels, corporate offices, transportation centers, and the education sector, where it enhances communication platforms and customer experiences. In banking, entertainment, and the 3PL market, dynamic content delivery and targeted messaging are enhancing customer experiences and driving sales. Shopping malls and supermarkets are utilizing eye-catching content to promote products and create in-store customer experiences that captivate audiences and boost engagement.
Moreover, technological developments such as near field communication, touch screen technology, and single screen displays are driving rapid digitalization. Investments from government and private companies are fueling the adoption of digital signage in public transports and government offices. Bright and power-efficient display panels, along with emerging technologies like Micro-LED and Quantum dots, are reshaping the landscape. The integration of artificial intelligence (AI), machine learning, 5G technology, touchless, and interactive solutions, and Internet of Things (IoT) capabilities allows for personalized content delivery, audience analytics, and real-time data-driven decision-making. This advanced technology is harnessed by digital signage providers to deliver online advertisements and broadcasts, targeting large audiences on social media platforms, apps, and retail media.
Market Scope |
|
Report Coverage |
Details |
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 9.86 billion |
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, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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
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