Digital signage are electronically controlled signs used for visual communication across various sectors. They employ varying technologies such as LCD, LED, and projection to display videos, images, text messaging or webpages for advertising, informing and entertaining audiences. Growing requirement for interactive and dynamic advertising in public places and retail outlets has boosted adoption of digital signage solutions. The global Digital Signage Market is estimated to be valued at US$ 30.75 Bn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The commercial sector has provided growth opportunities for digital signage market. Increasing installation of digital signage in commercial verticals such as retail stores, healthcare institutions and hospitality sector has driven the market growth. It allows these organizations to broadcast targeted ads and information to attract customers. Moreover, digital signs are interactive which engage audiences and enhance customer experience. The ability of digital signage to dynamically change content as per requirement has encouraged commercial users to adopt these solutions. Going forward, introduction of durable, energy-efficient and high resolution displays complying with changing technology is expected to further contribute to the expansion of digital signage market in commercial applications over the forecast period.
SWOT Analysis
Strength: Digital signage provides an efficient way for businesses to engage and communicate with customers. It allows dynamic content and real-time updates.
Weakness: High initial investment costs are required for hardware, software, content development and installation. Dependence on network connectivity can disrupt content delivery.
Opportunity: Growing retail sector and interest inexperiential marketing is driving the demand for digital signage. Advances in technology like beacons enable location-based content and interactions.
Threats: Stricter regulations around digital advertisements. Competition from other digital platforms for consumer attention.
Key Takeaways
The global digital signage market is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to reach US$ 30.75 billion by 2024 from US$ 21 billion in 2019, registering a CAGR of 7.8%.
Regional analysis comprises North America is currently the largest market for digital signage solutions with major share of the global market. This is attributed to wide acceptance of innovative technologies. The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to increasing retail activities and rapid urbanization in countries like China and India.
Key players operating in the digital signage market are Samsung Electronics, Daktronics, Exceptional 3D, LG Electronics, Panasonic Corporation, Sony Corporation, Leyard Optoelectronic Co., Ltd., Scala, E Ink Holdings Inc., Deepsky Corporation Ltd., Intel Corporation, and Microsoft Corporation. Sony, LG, and Samsung captured over one-fourth share of the digital signage market in 2018. The companies are focusing on developing advanced solutions integrated with latest technologies like AI and beacons for interactive signage.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
