Newark, NJ, June 04, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global digital signage market is expected to grow from USD 20.64 billion in 2020 to USD 37.64 billion by 2028, at a CAGR of 7.8% during the forecast period 2021-2028.
High demand for bright and energy-efficient display panels, rapid digitization and reduced demand for traditional billboards are some of the factors driving the growth of digital signage market trends. However, the deployment of wide-screen alternatives such as monitors and non-screen displays, lack of standard policy, and energy issues hinder the growth of the digital signage market to a certain extent. Moreover, emerging display technology such as micro-LED and quantum dots and the growing preference of electronic giants towards large display screens provide lucrative market opportunities in the country.
Digital signage is referred to as a centralized content distribution system used to display information on multiple screens. Displays advertisements or messages to target audiences through content management software (CMS) and on a computer connected to a media player. The introduction of interactive screens to allow interaction with customers to gain more general appeal has increased the demand for digital signage. The application of artificial intelligence in new products provides customization, ease of data collection, and more benefits and planning.
The lower cost of displays and the improved customer experience are some of the factors driving the digital signage market around the world. Additionally, the development of government agencies, as well as the fast-growing education sector, contribute to market growth. Technological developments, including close field communications, are expected to create greater opportunities. The advent of touch screen technology is expected to break new ground. The increased spending by major retailers and product suppliers on online and radio ads is expected to impede the growth of the digital signage market in the future.
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Key players operating in the global digital signage market include ADFLOW Networks, BrightSign, LLC, Cisco Systems, Inc., Intel Corp., KeyWest Technology, Inc., LG Electronics (LG Corp.), Microsoft Corp., NEC Display Solutions, Omnivex Corp., Panasonic Corp., SAMSUNG, Winmate, Inc. These companies are focusing on developing new and advanced display platforms with AI ability, interactive features, and better analytics features to gain a competitive edge.
- For instance, NoviSign Digital Signage has launched a digital signage hand sanitizer kiosk that features an auto-dispenser and supports gel, foam or liquid sanitizer along with a 21.5-inch display that supports NoviSign's digital signage software.
- Intel Corp. launched Open Pluggable Specification (OPS) that has helped standardize digitized marketing.
- The Hyatt Regency, Chicago, is one of many chains that have adopted signage technology, increasing reliance on digital signage products in commercial sectors, driving the growth of this market.
Video walls segment dominated the market and held the largest market share of 27% in the year 2020
On the basis of screen type, the global digital signage market is segmented into video walls, transparent led screens, video screen digital posters, kiosks, others. The video walls segment dominated the market and held the largest market share of 27% in the year 2020. This growth is attributed to shopping malls and other public places. Kiosks are generally used to provide information and for advertising in institutes and retail verticals.
Hardware segment dominated the market and held the largest revenue share of 56.56% in the year 2020
On the basis of components, the global digital signage market is segmented into hardware, software and services. The hardware segment dominated the market and held the largest market share of 29.15% in the year 2020. Hardware components consist of displays, components required to manufacture a digital panel, banners, and so on. Thus, this growth is attributed to the huge requirement of hardware as compared to software.
LED segment dominated the market and held the largest revenue share of 45% in the year 2020
On the basis of technology, the global digital signage market is segmented into LCD, LED, OLED, front projection. The LED segment dominated the market and held the largest market share of 45% in the year 2020. This growth is attributed to their high-quality display. Manufacturers still aim to design larger, brighter, and thinner flat screens. LCD technology is also expected to record significant growth in the coming years.
In-Store segment dominated the market and held the largest revenue share of 72% in the year 2020
On the basis of location, the global digital signage market is segmented into in-store and out-store. The in-store segment dominated the market and held the largest market share of 72% in the year 2020. This growth is attributed to increased demand for products from retail stores as the retail sector is one of the most promising application sectors in the global market. The sector is expected to maintain its dominant share while showing significant growth over the forecast period due to steady demand. However, the outdoor convenience store segment is expected to record the fastest compound annual growth rate over the forecast years.
Non-Broadcast segment dominated the market and held the largest revenue share of 57% in the year 2020
On the basis of content category, the global digital signage market is segmented into broadcast and non-broadcast. The non-broadcast segment dominated the market and held the largest market share of 57% in the year 2020. This growth is attributed to the growing usage of online platforms. However, the broadcast content category is expected to emerge as the fastest-growing segment and is further segregated into the news, weather, sports, and others.
Below 32 inches segment dominated the market and held the largest revenue share of 40.89% in the year 2020
On the basis of screen size, the global digital signage market is segmented into below 32 inches, 32 to 52 inches, more than 52 inches. Below 32 inches segment dominated the market and held the largest market share of 40.89% in the year 2020. This growth is attributed to the increased adoption of this type of signage in the retail sector. Store dimensions are a major cause of concern in retail stores.
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Retail segment dominated the market and held the largest market share of 20.42% in the year 2020
On the basis of application, the global digital signage market is segmented into entertainment, transportation, retail, healthcare, banking, education, government. The retail segment dominated the market and held the largest market share of 20.42% in the year 2020. This growth is attributed to the competition among retailers due to the diversity of product offerings in the industry, which has led to an increased awareness of effective marketing strategies. Hence, digital posters are widely used in the retail sector because digital advertising is an effective marketing method.
Regional Segment of Digital Signage Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global digital signage market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region held the largest revenue share of 35% in the year 2020. Europe was the second-largest market in 2020. The increasing penetration of the Internet across European countries is one of the main factors contributing to the growth of the regional market. The Western European region, which includes countries such as the United Kingdom, Germany, Spain and France, has a strong share in the media advertising market. India and China are anticipated to witness significant growth primarily due to the rising scope of product application in retail stores, corporate offices, hospitals, and hotels.
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About the report:
The global digital signage market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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