The global digital signage market is projected to be worth USD 45.33 billion by 2030, progressing at a steady CAGR of 7.7% during the forecast period. Digital signage is a part of electronic signage, which is found widely in various public spaces, museums, retail stores, restaurants, transportation systems, and corporate buildings, among others. These displays utilize technologies including LED, LCD, and projection for displaying videos, weather data, text, or restaurant menus. They are managed centrally and are individually addressable, so that information, entertainment, advertising, and merchandising can be displayed to the target audiences. As such, content creation and distribution via digital signage can be effectively utilized by enterprises to reach a bigger audience.
Digital signage eliminates interoperability and compatibility problems that arise frequently between displays and media players. Brands have become highly aware of their global presence and propagating the benefits and features of their products and services becomes a primary concern, which necessitates the presence of such displays. There has been continued growth in public infrastructure, transport networks, and the development of commercial buildings, especially in developing nations, which has been a notable enabler of industry growth. For instance, in the public transport sector, digital signage is used for keeping people informed regarding their real-time location, as well as showcasing advertisements for various products and services.
Display technologies such as microLED displays, OLED displays, and electronic paper displays have become increasingly widely adopted across different sectors, which is expected to incentivize industry players to launch innovative digital display products. microLEDs utilize RGB pixels in order to directly emit light & colors, without needing any backlit units or color filters. Furthermore, they offer a faster response time while also consuming low amounts of power and offering high levels of brightness, thus enhancing their appeal among end-use industries. There has been an increasing demand for propagating useful and required information to viewers for brands in large public spaces to increase their pool of target audience, which has led to companies moving at a rapid pace to implement these displays. The presence of pictures, motions, and bold & colorful lettering helps in attracting interest for a longer span of time.
Advancements such as gaze tracking technology have helped in making organizations aware of the locations that have a higher number of audiences, which aids in effective product marketing through consumer behavior tracking. The constant evolutions being observed in the areas of LED, LCD, OLED, and Super AMOLED have helped in improving the quality of advertisements, which creates a positive perception among the target customers. The industry growth, however, faces restraints in several forms, which include complexities in hardware & software compatibility, and connectivity. Additionally, the COVID-19 pandemic has provided a significant boost to online advertising, with the number of Internet users growing rapidly across the globe. Additionally, as a majority of businesses experienced negative economic impacts due to the outbreak, they turned to online advertising as a solution to control costs. This is expected to factor in a restrained demand for the digital signage market in the coming years.
Digital Signage Market Report Key Takeaways
- With the increasing competition among manufacturers to sell their products and services and proliferate a larger consumer base, spending on advertisements and promotions has increased greatly, in order to better attract the target audience. This is the major factor driving the growth of the digital signage market
- In terms of the type of digital signage, the industry has been segmented into video screens, video walls, digital posters, transparent LED screens, and kiosks, among others. Video walls emerged as the largest market contributor in 2021, accounting for 27% of the worldwide revenue, as they are utilized extensively across public places and shopping malls
- Digital signage can be used across many sectors, such as entertainment, retail, hospitality, banking, education, transportation, healthcare, and stadiums & playgrounds. Besides these, it is also utilized widely across the corporate sector. The retail sector, on account of the presence of strong competition in terms of product offerings, has been the dominant contributor to the market revenue
- With regards to the screen size of digital signages, the segment of below 32-inch products led the market with over 40% revenue share in 2021. The advancing retail sector across the globe, coupled with limitations in retail shop areas, act as significant factors in driving the segment growth
- Based on region, the Asia Pacific is expected to advance at the highest growth rate during the projection period in the digital signage market, aided by the increased awareness in the commercial and corporate sectors regarding the benefits of product use. Furthermore, growth in footfall across shopping malls and supermarkets is expected to drive regional expansion
- The market for digital signage is characterized by the presence of numerous large as well as medium-sized companies. Launch of innovative offerings and solutions through extensive investments in R&D is a major strategy utilized to ensure growth in this increasingly competitive space
- Companies are striving for the frequent launch of innovative products in order to march ahead of the competition. For instance, in September 2022, Scala announced the launch of 2 new display solutions for the transportation sector – the Passenger Information Display System (PIDS) and the Flight Information Display System (FIDS), at the Infocomm India 2022 event in Mumbai
Digital Signage Market Segments
- Digital Signage Type Outlook (Revenue, USD Million, 2017 - 2030)
- Video Walls
- Video Screen
- Transparent LED Screen
- Digital Poster
- Kiosks
- Others
- Digital Signage Component Outlook (Revenue, USD Million, 2017 - 2030)
- Hardware
- Software
- Service
- Digital Signage Technology Outlook (Revenue, USD Million, 2017 - 2030)
- Digital Signage Location Outlook (Revenue, USD Million, 2017 - 2030)
- Digital Signage Content Category Outlook (Revenue, USD Million, 2017 - 2030)
- Broadcast
- News
- Weather
- Sports
- Others
- Non-Broadcast
- Digital Signage Screen Size Outlook (Revenue, USD Million, 2017 - 2030)
- Below 32 Inches
- 32 to 52 Inches
- More than 52 Inches
- Digital Signage Application Outlook (Revenue, USD Million, 2017 - 2030)
- Retail
- Hospitality
- Entertainment
- Stadiums & Playgrounds
- Corporate
- Banking
- Healthcare
- Education
- Transportation
- Digital Signage Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- List of Key Players in the Digital Signage Market
- ADFLOW Networks
- BrightSign, LLC
- Cisco Systems, Inc.
- Intel Corporation
- KeyWest Technology, Inc.
- LG Electronics (LG Corp.)
- Microsoft Corp.
- NEC Display Solutions
- Omnivex Corp.
- Panasonic Corp.
- SAMSUNG
- Scala Digital Signage
- Winmate Inc.
