New York, US, June 17, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Digital Signage Market Analysis by Product Type (KIOSKS, Billboards, Signboards and Menu Boards), By Component Type, By Technology Type, By Application, By Vertical (Entertainment, Transportation, Retail, Healthcare, Banking, Education, Government) and By Region - Forecast till 2030” valuation is poised to reach USD 41.86 Billion by 2030, registering an 7.6% CAGR throughout the forecast period (2020–2030).
Digital Signage Market Overview
The increasing deployment of digital signage in diverse sectors like hospitality centers, retail stores, and other forms of public spaces to advertise and display directions, instructions, entertain content, product information, as well as others will offer robust opportunities for the market over the forecast period.
Digital Signage Market Report Scope:
| Report Metric | Details |
| Market Size | USD 41.86 Billion |
| CAGR | 7.6% |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Component Type and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Panasonic Corporation, 3M Co., LG Display Co. Ltd., Ad flow Networks, and Omni Vex Corporation |
| Key Market Opportunities | Increasing Deployment in Diverse Sectors to offer Robust Opportunities |
| Key Market Drivers | Increasing Need for Power-Efficient and Bright Display Panels to Boost Market Growth |
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Drivers
Increasing Need for Power-Efficient and Bright Display Panels to Boost Market Growth
Digital signage is a relatively new technology that provides higher image resolution and picture quality than traditional displays. In comparison to traditional OLED & LED display technologies, it provides better contrast. Furthermore, it has a faster response time. Furthermore, in comparison to other technologies like LEDs and OLEDs, digital signage consumes less power. As a result, the demand for brighter, more energy-efficient devices is increasing, propelling the digital signage market forward.
Increasing Penetration of Internet to act as Market Restraint
The increase in expenditure by product suppliers and retailers in the broadcasting of ads coupled with the rising internet penetration which disrupts the ad companies may act as market restraints over the forecast period.
Digital Signage Market Segments
The global digital signage market is bifurcated based on application, technology, component type, and product type.
By product type, the digital signage market is segmented into menu boards, signboards, billboards, and KIOSKS.
By component type, hardware will lead the market over the forecast period.
By technology, LED will dominate the market over the forecast period.
By application, indoor will spearhead the market over the forecast period.
By vertical, retail will have the lions share in the market over the forecast period.
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Digital Signage Market Regional Analysis
North America to Command Digital Signage Market
In 2021, North America surpassed Europe as the most important regional market, with revenue share of more than 34.5 percent. The high share can be attributed to the growing number of dedicated product suppliers as well as increased need for signage within the retail industry. The United Kingdom, Germany, & the United States, in particular, are expected to grow significantly, owing to increased company R&D activities to improve product quality and increased government initiatives for installing digital signage in various offices to maintain continuous information flow systems. During the forecast period, this market in North America is expected to grow at a rapid pace.
The decline of traditional forms of mass media like broadcast & print has resulted in a demand for digital signage solutions throughout the region. Furthermore, the growing efficiency of promotions as a result of the use of digital signage has boosted the use of digital signage in North America. The United States is a major contributor to the region's market growth, helping North America to take the lead in market share. Due to high demand for digital signage across various application sectors as a result of technological advancements and a modern customer base, the region accounted for the highest revenue share in 2021. The presence of key market players in this region, as well as, a high demand for digital signage in the retail industry is driving market growth in this region.
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APAC to Have Favorable Growth in Digital Signage Market
Over the forecast period, Asia Pacific is expected to be the fastest-growing regional market. The rise is due to a growing understanding of the advantages of digital signage. The increasing application in corporate offices, retail stores, hotels, and hospitals, is expected to drive significant growth in India and China. The number of people visiting malls & multiplex stores in Asia Pacific's emerging countries has increased as their disposable income has increased. As a result, businesses are taking advantage of this opportunity to promote their products and services through large displays that help them better reach their target audience. The use of digital signage especially in the hospitality sector is expected to rise over the forecast period, owing to the growing number of shopping malls and multiplexes.
From 2021 to 2026, APAC is expected to have favorable growth in the digital signage market. The demand for digital signage in APAC has been fueled by the increasing use of the IoT and technologies which enable digital transformation in various sectors like institutional, commercial, infrastructure, and industrial. Strong economic growth, rising consumerism, rising living standards, rising disposable income, high technological advancements, expanding retail space, and changing lifestyles have all accelerated the use of reliable and strong advertising media in the region's countries. However, the increase in online advertising & issues with digital signage adoption in various applications is expected to limit the digital signage market's growth in APAC. Due to the use of digital signage services in China, India & other developing countries, Asia Pacific is predicted to grow at an exponential rate. In APAC, rising housing, commercial, & corporate trends are expected to drive up demand for digital signage. Due to the low cost of deploying electronic signage systems, APAC is considered a highly potential market for digital signage.
COVID-19 Analysis
The COVID-19 pandemic has created significant business opportunities for digital signage companies to use voice-based interfaces which use audio-video interactions in physical locations such as restaurants, retail stores, museums, and airports to better understand customer needs. For example, on April 6, 2021, c3ms Media announced that it would launch digital menu boards in Bonchon Chicken restaurants across the United States in collaboration with BrightSign LLC.
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Digital Signage Market Competitive Analysis
Dominant Key Players on Digital Signage Market Covered are:
- Panasonic Corporation
- 3M Co.
- LG Display Co. Ltd.
- Ad flow Networks
- and Omni Vex Corporation
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