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.
Research Support Specialist, USA
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