The global digital signage market was valued at USD 20.95 billion in 2020 and is anticipated to reach USD 33.12 billion by 2027, growing at a CAGR of 7.6% during the forecast period 2021-2027. Digital signage refers to electronic digital displays which include technologies such as LCD, OLED, and LED, that display information, advertisements, and other related content via digital signs and symbols. The digitalization of the market, surging demand for 4K and 8K resolution displays, advancement of government bodies, fast-growing educational sector, and growing demand for bright and power-efficient display panels will aid the market growth of digital signage. They are mainly found in public places such as retail outlets, restaurants, hospitals, corporate environments, etc. for providing important information, seeking attention, and for advertisement purposes. Digital signage is mainly dependent on hardware components to provide high-quality content so as to attract the customers with maximum effectiveness from the marketing message.
The traditional stores are shifting to smart stores, cost-effective way in promoting and branding any product or service, improved customer experience, increasing demand for bright, informative, content-rich communication and power-efficient display panels, rapid industrialization are the factors that drive the growth of the digital signage market. Moreover, reduction in demand for traditional billboards, rising demand for 4K and Ultra-HD devices, rising usage in commercial places such as retail stores, hospitality centers, and other public places will propel the growth of the market.
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The deployment of wide screen alternatives like projectors and screenless displays, lack of standard policy, power problems, maintaining digital boards is a tough task for manufacturers due to adverse climatic conditions, and lack of scalability are the challenges that may hamper the digital signage market.
North America dominates the market in 2020 owing to the home for manufacturers of digital signage, rising demand in the retail industry, rising R&D investment, growing government initiatives to install digital signage in offices to have continuous information flow.
The Asia Pacific is the fastest-growing segment in the digital signage market as it is adopted in countries such as India and China where there is a growing scope of applications in retail outlets, corporate offices, hospitals, and hotels. The rising disposable income, low labor cost in installing digital signage, rising penetration of digital technologies, and advanced audio-visual solutions integrated with next-generation technologies, including AI and AR.
Key players are adopting strategies such as product launch, expansion, and partnership to have a competitive edge in the market. The companies are adopting innovation and investing in R&D activities to provide premium-quality and high-value products at optimum cost.
Samsung announced the launch of the new QLED 8 K SMART signage, the world’s first 8 K display capable of 24/7 operation. The newly launched signage offers exceptional picture quality and is designed to be wall-mounted. The QLED 8 K signage is available in various sizes for different business needs and is equipped with the AI quantum processor 8 K.
Key players operating in the global digital signage market are SAMSUNG, LG Electronics, Sharp NEC Display Solutions, Ltd, Planar Systems, Inc., Panasonic Corporation, Sony Corporation, Intel Corporation, Cisco Systems, Inc., OMNIVEX CORPORATION, and Winmate Inc.
Source: VynZ Research
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