According to our latest market study on “Digital Wayfinding Solutions Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Deployment, Application, and Geography” the market is projected to reach US$ 664.95 million by 2028 from US$ 234.62 million in 2021; it is expected to grow at a CAGR of 16.0% from 2021 to 2028.
The impact of digital wayfinding solutions on purchasing decisions has been noted in various countries, including the US. This has led to the increased adoption of these solutions by government entities, healthcare providers, public transportation organizations, and retail establishments to improve audience engagement and communication. Companies, both established and new, are leveraging AI and machine learning to make the most of customer data and provide sophisticated wayfinding solutions. Retailers are also partnering with digital wayfinding solutions providers to create a branded environment that can enhance sales. For example, Mood Media collaborated with Earth Fare to increase sales of the Cafe's "Eat In" food category by 10% through the installation of a digital wayfinding solution in their Charlotte, NC store. Municipal administrations are also supporting the development of intelligent cities, such as Las Vegas, which is undertaking three pilot projects with a budget of US$ 500 million to link the entire city by 2025. In addition, Intersection, a smart cities media and technology company, has signed a 5-year deal with the Chicago Transit Authority (CTA) to install over 700 new displays at CTA's street running train bus-advertising assets, assisting the creative efforts of Chicago.
The Wood Street Station Authority in Pittsburgh is planning to expand the installation of digital wayfinding solutions, such as CHK America Inc. kiosks and digital signs. These solutions are expected to display real-time arrival information, route overviews, and public service announcements like new fares and safety advisories. Educational institutions are also adopting digital wayfinding solutions to improve communication between visitors, students, and teachers. For instance, Oral Roberts University collaborated with 22Miles to develop 3D custom-mapped designs covering 48 combined floors and 1,000 rooms, providing personalized campus map and floor design experiences. Users can easily navigate to any classroom, facility, on-campus amenity, or destination through on-campus displays, menus on the displays, or apps on their phones.
North America, comprising the US and Canada, is a technologically advanced region with well-developed infrastructure and high living standards. With a culture of innovation, the region has been an early adopter of new technologies, including digital wayfinding solutions. The increasing adoption of these solutions in the past five years is driven by the rising demand for cost-effective and efficient wayfinding solutions in the public and commercial sectors. Additionally, factors such as the growing focus on energy efficiency, the expanding infrastructure, and the advancements in technological offerings such as OLED-based displays, are further boosting the growth of the digital wayfinding solutions market in North America.
Impact of COVID-19 Pandemic on Digital Wayfinding Solutions Market
MasterCard Incorporated data shows that South American countries have been rapidly adopting contactless payment options with fraud prevention solutions since the start of the COVID-19 pandemic. The pandemic has had a profound impact on various industries, leading to a surge in demand for internet-based platforms. The adoption of remote work models, a preference for digital payments to reduce direct contact between individuals, and changes in business strategies are driving the integration of digitalization into corporate processes. As a result, the digital wayfinding solutions market in SAM is expected to grow at an exceptional rate between 2021 and 2028, amid uncertainties related to the COVID-19 pandemic.
Key Findings of Study:
Based on component, the digital wayfinding solutions market is segmented into software and services. In 2021, the software segment led the digital wayfinding solutions market with a larger share. Based on deployment, the digital wayfinding solutions market is segmented into on-premise and cloud based. In 2021, the on-premise segment led the digital wayfinding solutions market with a larger share. Based on application, the digital wayfinding solutions market is segmented into airport, retail, healthcare, museum, and others. In 2021, the retail segment accounted for the largest share of the digital wayfinding solutions market. Based on geography, the digital wayfinding solutions market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for a significant share of the digital wayfinding solutions market.
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