Dublin, Aug. 19, 2021 (GLOBE NEWSWIRE) -- The "Digital Signage Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The digital signage market is expected to grow at a compound annual growth rate of 11.67% over the forecast period to reach a market size of US$11.372 billion in 2026 from US$5.250 billion in 2019.
Digital signage can be referred to as electronic signage. Signage is the design, or a group of signs and symbols, used for marketing. Digital signage uses technologies such as LCD, LED, and projection of display content, including digital images, video, streaming media, & information and is found in public spaces, transportation systems, museums, stadiums, retail stores, hotels, and restaurants, etc. to provide wayfinding, exhibitions, marketing, and outdoor advertising. The technology is increasingly being used to deliver updated information quickly and easily to the public, minimize paperwork, make advertising and marketing content more attractive through animations, and improve the user experience. Many digital signage vendors offer customization options for their products, making the product more lucrative for their end-users. Digital signage depends majorly on hardware components to ensure the delivery of high-quality content.
These displays have replaced the traditional small and micro-display screens with large wall-sized LED and LCDs, used across various industries. They are designed for applications that require the vendors to engage their customers/audiences with their wider viewing angle and to extract maximum effectiveness from the marketing messages. It is no longer just a simple screen displaying time-orchestrated content. We are living in an age when industries, creators, and service providers can choose at will from a diversity of hardware options to serve their goals. Additionally, leading-edge software solutions, like Intuiface, have even come up with products that empower even the non-technical teams to adopt modern technologies with minimal effort and experience. Here's a thumbnail summary of some of the most favored technologies. With digitized display technology, information is provided in a digitized format that includes motion and pictures to promote a business more effectively than the traditional modes of reaching out to customers. Moreover, the integration of biometric technology with modern digitized signs has developed products, such as track heat paths and gaze tracking. Gaze tracking technology helps in locating the area, which is crowded with a greater number of consumers, thereby helping the companies to track consumer behavior for effective marketing. Thus, the growing use of the aforementioned technology is expected to strengthen the product demand in the coming years.
Growth Factors
- Increasing adoption of digital signage products in the commercial sector.
Growing demand for digital signage solutions across different industry verticals is expected to bolster the digital signage market growth in the upcoming years. Retailers can create an enriching shopping environment by implementing a market to entice information-driven consumers to pause, look, and purchase products and services. With the help of digital signage, retailers can project images and videos to showcase products and capture viewer interest, as well as they, can arrange displays and compose content to create an artistic and dynamic atmosphere. Owing to increasing digitization, consumers increasingly depend on online content to find information, get deals, discover new ideas, and become inspired before making a purchase.
According to the Cisco IBSG study, over 40 percent of shoppers say that digital displays, such as video walls, can change what they buy. By using digital signage to provide relevant information to an audience near the point of purchase, retailers have generated higher brand awareness and sales uplift. The hospitality industry started recognizing the importance of digital communication to ensure guest satisfaction and reinforce its brand's differentiating factors. Digital signage for the hospitality industry creates an integrated and dynamic system, linking the operations and marketing aspects of the hotel to create an efficient system that benefits their guest as well as hotel staff. Several players in this industry already started adopting digital signage as a way to attract guests and improve their experience. For instance, The Hyatt Regency Chicago is one of the many hotel chains that have embraced signage technology. The Hyatt's installed 40-inch NEC MultiSync LCD4010 and32-inch NEC MultiSync LCD3210 displays to cover the public areas and 228,000 square feet of meeting space at the Hyatt. Thus, the increasing adoption of digital signage products in commercial verticals is driving the growth of this market.
Restraints
- Lack of superior quality digital signage products for harsh weather conditions.
Digital signage is used in indoor and outdoor applications. In outdoor applications, they are used in the form of kiosks, billboards, and signboards. Harsh weather conditions, such as rain, snow, dirt, and extreme temperatures, can affect the performance of the digital signage and even might degrade their future performance. Digital signage, which is exposed to direct sunlight for long hours over a period of time, can also develop thermal management issues. This can affect the longevity of displays or even can degrade their performance. Therefore, it is extremely important to choose cooling filters and thermal management software to manage digital signage heat build-ups. Therefore, a lack of signage products that are capable of functioning properly even in harsh weather conditions may negatively impact its widespread adoption, leading to reduced market demand.
Impact of COVID - 19
The COVID-19 pandemic is expected to negatively impact the digital signage market growth as it has adversely affected the display industry with manufacturing operations temporarily suspended across major manufacturing hubs, leading to a substantial slowdown in production. COVID-19 not only impacted the operations of the various digital signage manufacturers companies but also affected the businesses of their suppliers and distributors. The failure in export shipments and slow domestic demand for digital signage and display products in comparison to pre COVID-19 levels is also expected to negatively impact and slightly stagnate the demand for digital signage in short term. Some of the key display manufacturers including Samsung, LG Display, and Xiaomi among others have suspended their manufacturing operations in China, India, South Korea, and European countries. In addition to the impact on production activities, the ongoing pandemic has taken a toll on the consumer demand as well for display integrated devices, likely fueled by the lockdown imposed across major countries.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Digital Signage Market Analysis, By Solutions
5.1. Hardware
5.1.1. LCD Display
5.1.2. LED Display
5.1.3. OLED Display
5.1.4. Projectors
5.1.5. Others
5.2. Software
5.3. Services
5.3.1. Maintenance and Support Services
5.3.2. Installation Services
5.3.3. Others
6. Digital Signage Market Analysis, By Industry Vertical
6.1. Retail
6.2. Government
6.3. Transportation and Logistics
6.4. Healthcare and Pharmaceutical
6.5. Media and Entertainment
6.6. Education
6.7. Hospitality and Leisure
6.8. Others
7. Digital Signage Market Analysis, By Geography
7.1. North America
7.1.1. United States
7.1.2. Canada
7.1.3. Mexico
7.2. South America
7.2.1. Brazil
7.2.2. Argentina
7.2.3. Others
7.3. Europe
7.3.1. Germany
7.3.2. France
7.3.3. United Kingdom
7.3.4. Spain
7.3.5. Others
7.4. The Middle East and Africa
7.4.1. Saudi Arabia
7.4.2. Israel
7.4.3. Others
7.5. Asia Pacific
7.5.1. China
7.5.2. Japan
7.5.3. South Korea
7.5.4. India
7.5.5. Thailand
7.5.6. Indonesia
7.5.7. Taiwan
7.5.8. Others
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Samsung
9.2. Panasonic Corporation
9.3. Sharp Corporation
9.4. Sony Corporation
9.5. BrightSign LLC
9.6. LG Electronics
9.7. Microsoft Corporation
9.8. Intel Corporation
9.9. KeyWest Technology, Inc.
9.10. Omnivex Corporation
For more information about this report visit https://www.researchandmarkets.com/r/9ialun
