Digital Signage Market Growth & Trends

The global digital signage market size is anticipated to reach USD 38.23 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 7.5% from 2021 to 2028 owing to increasing demand from the end-use industries, which prominently include retail and healthcare. The creation and distribution of content with digital signage are effective promotional strategies for enterprises, as they can reach out to a larger audience base. This is anticipated to spur the adoption of digitized marketing via signage across the corporate and hospitality sectors.

Digital screens equipped with 4K technology have high demand as they offer enhanced displays. Thus, the demand for advertising content with better sharpness and enhanced quality is fueling product adoption. Moreover, the incorporation of LED-backlit panels has led to additional energy savings at a considerable level. Thus, the reduction in energy consumption due to the adoption of advanced technologies is luring enterprises to opt for digital signage.

The software providers are focusing on the new entrants of the industry by providing design solutions that are compatible with the Android operating systems. The emergence of IoT, coupled with the increasing adoption of cloud computing, is expected to enable the collection of vital operational and marketing data. Digital signage helps companies decrease their long-term operational costs by reducing the use of paper for advertising and frequent damages and changes that are associated with traditional marketing activities.

Asia Pacific is estimated to be the fastest-growing regional market during the forecast period owing to the factors, such as demand for a better viewing experience, the growing transportation sector, and decreasing prices of display panels. However, North America is estimated to account for the largest revenue share by 2028 on account of the high product demand across various application sectors due to technological advancements and the modern customer base in the region.

Digital Signage Market Report Highlights

  • LED digital signage dominated the global market in 2020 and accounted for the largest revenue share owing to the high-quality displays offered by LEDs
  • The retail segment led the global market with a revenue share of over 20% in 2020. However, the transportation segment is estimated to register the fastest CAGR over the forecast period
  • The healthcare sector has significant growth potential as hospitals have been increasingly incorporating digital signage for numerous purposes, such as sharing important registration information and conveying wellness tips
  • The transparent LED screen type segment is anticipated to register the fastest CAGR from 2021 to 2028 owing to the energy-efficient performance of these products and emerging touchscreen displays with multi-touch technology
  • The hardware component segment, which includes 8K and 4K-UHD displays, is projected to dominate the global market, in terms of revenue share as well as growth rate over the forecast period
  • The out-store segment is anticipated to witness the fastest CAGR from 2021 to 2028 owing to the rising product demand for out-store applications