The digital signage market is expected to grow from US$ 20.40 billion in 2021 to US$ 36.89 billion by 2028; it is estimated to record a CAGR of 8.8% from 2022 to 2028.
Digital signage is a digital screen used to showcase visual information comprising of images, video, multimedia content, television programming, menus, advertising, and other messages in public and private environments, such as hotels, retail stores, restaurants, and corporate buildings. Digital signage systems are controlled remotely. The use of these systems allows consumers to save money by minimizing the need for workforce and printed materials. Also, digital signage helps improve sales and customer retention.
Market Dynamics
Ongoing innovations in the advertising industry such as digital out-of-home (DOOH), and 3D and interactive advertising boards and recent technological advancements in display technologies such as OLED and microLED are offering promising growth opportunities to the digital signage market. Furthermore, increasing investments in the improvement of product display technologies and rising demand for digital signage products from various commercial verticals are the major factors anticipated to drive the digital signage market growth in the coming years.
MARKET SCOPE
The "Global Digital Signage Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the digital signage market with detailed market segmentation based on component, display type, display size, and application. The report provides key statistics on the market based on the financial performance of leading players in the digital signage industry. It also explains key trends and opportunities prevailing in the market.
Strategic Insights
MARKET SEGMENTATION
The global digital signage market is segmented on the basis of component, display type, display size, application, and geography. Based on component, the market is segmented into hardware, software, and services. In terms of display type, the digital signage market is segmented into LED, LCD, OLED, and others. The digital signage industry, by display size, is segmented into less than 19 inches, 19–32 inches, 32–52 inches, and greater than 52 inches. Based on application, the market is segmented into retail, healthcare, corporate, hospitality, government, transportation, entertainment, BFSI, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the digital signage market, including qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America. The digital signage market by each region is later sub-segmented by respective countries and segments. The report covers an analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in the region.
North America dominated the digital signage market with a ~35% share in 2021. The dominance of this region in the market is majorly attributed to the presence of a large number of market players; these companies are increasingly focusing on developing innovative solutions and ensuring their easy accessibility. A few of the key players in this region are Microsoft Corporation, Cisco Systems Inc., Intel Corporation, Panasonic Corporation, Samsung Electronics, LG Electronics, Sony Corporation, NEC Display Solutions, and Hewlett Packard Company. These digital signage market players have been witnessing constant demand from SMEs and large enterprises. The following figure depicts the revenue growth trend in the global digital signage market:
Source: The Insight Partners Analysis
The report analyzes factors affecting the digital signage market from both the demand and supply side and further evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive PEST analysis highlighting the factors affecting the Digital Signage Market in these regions.
IMPACT OF COVID-19 PANDEMIC
The digital signage market was majorly affected in the initial hit of the pandemic period as more and more people staying indoors and shopping online due to which retailers does not spend on indoor and outdoor digital signage. Also, many advertisers restricted investments into public advertising channels. Display manufacturing companies in China, South Korea, India, etc., also suspended their operations, which created major disruptions in the supply of displays. Moreover, lockdowns imposed in various countries led to the shutdown of major public places such as malls, hotels, and entertainment hubs for a certain period, which hampered the demand of digital signage from the commercial segment. However, post pandemic, the digital signage market was bounced back with increasing digital-out-of-home advertising.
MARKET PLAYERS
The reports cover key developments in the digital signage market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others such as patents and events. Inorganic growth strategy activities witnessed in the market were acquisitions, partnerships & collaborations. These activities have paved the way for expanding market players' business and customer base. The market players in Digital Signage Market are anticipated to have lucrative growth opportunities in the future with the rising demand for digital signage. Below mentioned is the list of a few companies engaged in the digital signage industry.
The report also includes the profiles of key digital signage market companies, their SWOT analysis, and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information for the last three years, and key development in the past five years.
- Microsoft Corporation
- Cisco Systems Inc.
- Intel Corporation
- Panasonic Corporation
- Samsung Electronics
- LG Electronics
- Sony Corporation
- NEC Display Solutions
- Hewlett Packard Company
The dedicated research and analysis team of The Insight Partner's consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.