The digital signage market garnered US$ 21.9 billion in 2021 and is expected to generate US$ 42.54 billion by 2030, manifesting a CAGR of 7.7% from 2021 to 2030.
Digital signage is an electronic display that is used for advertising contents, broadcasting data, television programs, and others. It makes use of various technologies such as LED and LCD. Digital signage’s are found in both private and public places such as restaurants, corporate environment and retail outlets. During the forecast period the Digital Signage market is anticipated to grow with a CAGR of 7.7%.
In order to ensure the display of high-quality content, the Digital signage depends primarily on hardware components. The hardware component segment dominates the market with a market share of 56.60% in 2020 and will grow significantly during the forecast period. Digital signages have disrupted the market of small and micro-display screens with large wall-sized LED and LCD displays. It is designed for applications that require the vendors to engage their customers with its wider viewing angle and to extract maximum effectiveness from the marketing campaigns.
Crucial factors accountable for market growth are:
- The increased demand for the digitized promotion of products and services.
- Rapid innovation in the field of digital signage in order to produce high quality viewing experience.
- The surge in demand for the development of holographic films will boost the market growth.
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Digital Signage Market Scope
|Market Size in 2021||US$ 21.9 Billion|
|Growth Rate||CAGR of 7.7% from 2021 to 2030|
|Market Size||US$ 42.54 Billion by 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
Digital Signage Market Report Highlights
- The retail application segment is expected to lead the market contributing more than 21% of the revenue share in the upcoming years.
- The hardware segment of the digital signage market is estimated to lead the market with a market share of more than 56.6% in 2021.
- By Geography, North America holds a significant share accounting for more than 35% in 2021 in the Digital Signage Market in terms of revenue share because of the presence of major market players in the region.
Digital Signage Market Regional Snapshots
Asia Pacific is anticipated to grow significantly during the forecast period and is expected to contribute more than 20% of the market share due to the presence of developing economies such as India, China, Taiwan, South Korea in this region. Also, the rapid innovation of the major market players in this region will boost the market growth. For instance, in 22nd April 2021, Samsung Electronics Spotlights the Digital Signage Innovations that is built for Control Room at 2021 Virtual Experience Showcase.
Digital Signage Market Dynamics
The digital signage are deployed in diverse sectors such as retail stores, hospitality centers, and other public spaces for advertising, as well as displaying instructions, directions, entertaining content, product information and others are the major factors driving the growth of the digital signage market. For instance, on 17th August 2021 Kollins Communications announced their partnership with BrightSign and Visual Communications to create a best-in-class, in-store digital customer experience at Sam’s Club stores throughout the United States. It will provide the customers with creating a compelling kiosk display to give customers a fresh point of sale experience in this high-traffic, big box retail setting.
The major restraining factor that will negatively impact the growth of the Digital Signage Market includes the surge in expenditure by retailers and products suppliers in the broadcast pf advertisements, the increase in penetration of internet that disrupts the advertising companies that targets the audience through online promotions and many others.
The COVID-19 pandemic has created huge business opportunities for the digital signages to make use of voice-based interfaces that use audio-video (AV) interactions in physical places such as retail stores, restaurants, airports, and museums to understand the requirements of consumers. For instance, On 6th April 2021 c3ms Media in collaboration with BrightSign LLC announced to roll out digital menu boards at Bonchon Chicken restaurants throughout the United States.
The outdoor application of the digital signages is adversely affected by the Harsh weather conditions, such as rain, snow, dirt, and extreme temperatures. This is a major challenge encountered by the digital signage market.
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- In May 2021, BrightSign, LLC the global market leader in digital signage media player announced their integration with Nexmosphere technology to help tempt customers back into bricks and mortar retail stores as they reopen. The solution they proide will enable customer interactivity with touchless technology using sensors to deliver engaging, memorable and hygienic shopping experiences.
- On 2nd February 2021 Panasonic AcroSign a leader in Japan’s content management system market has integrated the latest version of their AcroSign CMS with BrightSign. This partnership will enable the amazing visual quality for multi display installation.
- On 4th October 2021, Sharp NEC Display Solutions announces that its RB laser technology projectors have been chosen by the UGC Group in France to be used across its 4 new cinemas theatres. The cinemas will benefit from the unsurpassed brightness and rich color spectrum delivered by Sharp/NEC’s cinema solutions.
Digital Signage Market Key Players
The global digital signage market is characterized by the presence of various small and big players. The major market players are ADFLOW Networks, BrightSign LLC, Cisco Systems Inc., Intel Corp., KeyWest Technology Inc., LG Electronics, Microsoft Corp., NEC Display Solutions, Omnivex Corp., Panasonic Corp., SAMSUNG, and Winmate Inc. As the market is competitive in nature, the players are indulged in the rapid adoption of advanced technologies to improve the viewing experience of the customers and in raising their competitive share by means of strategic initiatives like mergers, new product, and acquisitions.
Digital Signage Market Segments
By Screen Type
- Video Walls
- Video Screens
- Transparent LED Screens
- Digital Posters
By Content Category
By Screen Size
- Below 32 Inches
- 32 to 52 Inches
- More than 52 Inches
- Stadiums & Playgrounds
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
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