“Digital signage market to grow at CAGR of 7.3% from 2019 to 2024”
The digital signage market is expected to grow from USD 20.8 billion in 2019 to USD 29.6 billion by 2024, at a CAGR of 7.3%. Increasing adoption of digital signage products in commercial vertical, growing technological advancements in display products, rising demand for 4K & 8K displays, and increasing infrastructural developments in emerging countries are the major driving factors for the market’s growth during the forecast period. However, increasing trends of online/broadcast advertisement would hinder the growth of the digital signage market in the future.
The use of digital signage in commercial applications allows businesses to efficiently and effectively reach and interact with customers. Attracting new business opportunities, increasing brand awareness, improving operating efficiency, catching the attention of passersby, promoting new products, and enhancing customer experience are the factors that propel the growth of the digital signage market.
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“Software offering to grow at highest CAGR during forecast period”
There is an increasing adoption of software in digital signage used in indoor and outdoor applications; it makes the system interactive and easy to use. This leads to improved customer retention by providing an enhanced experience for customers through interactive screens. Content management software is widely used in the market for the effective management of content to be displayed through a digital signage solution. The estimated growth rate of the digital signage market for software is higher than hardware; hardware devices are not frequently purchased because they have a long operational life. The market for software is growing at a higher pace as software licenses need to be purchased and upgraded at regular intervals.
“Retail vertical to hold largest market share during forecast period”
Retail vertical currently accounts for the largest share of the digital signage market, and this trend is expected to continue during the forecast period. Digital signage has a high demand in retail as it helps in engaging customers with menu boards, billboards, and kiosks to increase impulsive shopping, and display information regarding the usage and benefits of products or services. Retail companies are adopting display devices to enrich customers’ shopping experience and simplify display management. Digital signage displays utilized in retail for display information such as information about store’s opening hours and corporate identity, way-finding guidance, in-store advertising, screens near point-of-sale and creating a better atmosphere and enhancing customer experience. Also, growing retail space and increasing number of retail stores across the world are propelling the growth of the market.
“APAC to record highest growth rate during forecast period”
The market in APAC is expected to exhibit the highest growth rate in the digital signage market. The growth is mainly attributed to increasing developments in the field of retail, transportation, public infrastructure, and corporate. The retail vertical is thriving because of strong economic growth, rising consumerism, rising standards of living, increasing disposable incomes, and changing lifestyles; this is expected to increase the demand for digital signage in this region. Countries such as India, Australia, Singapore, Thailand, and Malaysia are expected to witness the highest growth in the digital signage market.
In the process of determining and verifying the market sizes for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with people holding key positions across several regions.
The breakup of the profiles of primary participants has been given below:
- By Company Type: Tier 1 = 30%, Tier 2 = 25%, and Tier 3 = 45%
- By Designation: C-Level Executives = 35%, Directors = 45%, and Others = 20%
- By Region: North America = 25%, Europe = 30%, and APAC = 45%
Key players in the market include Samsung Electronics (South Korea), NEC Corp. (Japan), LG Electronics (South Korea), Sharp (Foxconn) (Japan), Leyard Optoelectronic (Planar) (China), Sony (Japan), AU Optronics (Taiwan), BARCO (Belgium), Panasonic (Japan), Goodview Electronics (China), Scala (US), E Ink Holdings (Taiwan), Omnivex Corporation (Canada), Deepsky Corporation (Hong Kong), Delta Electronics (Taiwan), Exceptional 3D (US), Daktronics (US), Christie Digital Systems (US), Intuiface (France), and BenQ (Taiwan).
- The report defines, describes, and forecasts the digital signage market on the basis of offering, product, application, vertical, and geography. It provides detailed information regarding the major factors influencing the growth of the digital signage market (drivers, restraints, opportunities, and challenges).
- It also analyzes the competitive developments such as joint ventures, collaborations, agreements, contracts, partnerships, mergers and acquisitions, and product launches carried out by key players to grow in the market.
Reasons To Buy the Report:
- Illustrative segmentation, analysis, and forecast pertaining to the digital signage market based on offering, product, application, vertical, and geography have been conducted to provide an overall view of the digital signage market.
- Major drivers, restraints, opportunities, and challenges for the digital signage market have been detailed in this report.
- The report includes a detailed competitive landscape of the key players in the market and their ranking.