NEWARK, Del, July 08, 2024 (GLOBE NEWSWIRE) -- The signage market was valued at USD 32.5 billion in 2019 it market progressed at a rate of 2.1% until 2023. The net worth of the market was USD 37.4 billion in 2023 and is expected to reach USD 39.6 billion in 2024. The signage industry is projected to witness a CAGR of 6.6% from 2024 to 2034 and reach a market valuation of USD 75.4 billion by 2034.
Signs are a popular marketing medium and are used as a marketing tool by many businesses hailing from multiple industries. Outdoor signage solutions provide cost-efficient marketing solutions for brands to explore dynamic content and customization options. So, signage companies have been increasingly collaborating with business owners and designing custom signs that best suit their requirements.
The advent of digital signage solutions has transformed the market by displaying pre-programmed content, which comes in multiple forms such as audio, videos, or photos. In the last few years, many conventional signs have been replaced by digital signs in the UK to reach a wide range of customers at optimum costs.
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“Many large printing companies are heavily investing in the signage industry for place-making and interior applications. Furthermore, increasing acceptance of advanced technologies in terms of interactive displays is expected to create lucrative opportunities for the digital signage market in the coming days,” says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Signage Market Study Report:
- The over market is poised to witness an absolute growth opportunity of US$ 38 billion in the next ten years.
- Adoption of signage solutions is higher in the United States and is also expected to increase further at 4.3% CAGR through 2034.
- Germany is the leading supplier of signboards in Europe and is projected to thrive with a CAGR of 4% till 2034.
- The signage manufacturing industry of China is poised to progress at a rate of 7.1% per year from 2024 to 2034.
- The outdoor signage segment is expected to create an opportunity for 63.4% of the total business in 2024.
Digital Signage Talk Of The Market?
“Digital Signage to be the major Revenue generator”
There are multiple benefits of digital signage contributing to the growth of digital signages. Multiple commercial places such as retail stores, specialty stores, hospitals, and the other public spaces have witnessed high installation of digital signages in the past few years.
Engaged shoppers have high chances of becoming actual customers of a brand. With digital signages, businesses have the choice to explore wide possibilities of graphics and designs to capture the attention of shoppers. Further, digital signages help in changing multiple displays without much effort. The displays can be automatically changed at pre-set intervals.
Interactive digital signages for in-store requirements create a better shopping experience for the customers. Customers can easily locate a specific category of products and check for discounts and offers without any hassles. The businesses can retool their strategies with lesser time and low costs by leveraging the technology of digital signages.
Competitive Landscape
The market is highly fragmented, and the competition is considerably intense. The best approach for established signage solution providers is to develop unique propositions and communicate the same through good signage designs. Extensive research activities and studies on customer behavior are also likely to benefit the signage market during the forecast period.
Key Players Profiled in the Signage Market Report:
- FASTSIGNS International. Inc.
- Signarama
- Walton Signage Corporation
- R.R. Donnelley & Sons Company
- Impact Signs Inc.
- Back Bay Sign Company
- Pearce Signs Group
- Sovereign Signs (Strata Holdings Limited)
- HNS Signs Ltd
- Allsigns International Ltd
- Harrisons Signs Limited
- Benson Signs Ltd.
- Lavastar Signs Ltd
- National Signs Ltd
- Signs Express Ltd
- Dlinexsign Ltd
- One Digital Signage Ltd.
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Category Wise Analysis
Signage is a brand’s most visible form of communication and outdoor signage can impact the performance of a brick-and-mortar store. Also, it is crucial for businesses to make themselves stand out when compared to their competitors to strengthen their market positions.
Outdoor signage can be a differentiator when a customer has to decide between the two brands. A unique outdoor store signage can draw the customer’s attention from a distance and increase the number of customers entering the store.
Furthermore, the cost of effectiveness and return on investment of outdoor signages is comparatively higher than the in-store signages as they target multiple demographics. Also, with a wide variety of signage available, the business owners can easily find signage that best suits their budget.
Promotional outdoor signages help the brands to be noticed by new customers. A good signage may encourage the customer to enter the store. Thus, this segment is expected to create a significant incremental opportunity in the years to come.
Multiple retail stores leverage signages as a marketing opportunity to enhance the overall shopping experience of the customers. Store owners use signages to contribute to the atmosphere of the stores. Further, outdoor store signages lead to impulsive buying behaviours. For instance, a signage communicating about the offers and discounts on the products available in the store have the ability to create an impulse buying behaviour.
Store signages let the customers know about the upcoming events like sale, in-store appearances, etc. This enhances the recall and retention rate amongst the customers, which has a significant impact on the revenue stream of a brand. Moreover, digital intervention has eased the process of putting up signages. Digital signages allow the store owners to display an array of content that can be timed and changed automatically with minimum efforts.
Signage manufacturers are witnessing a shift from the print signage to the digital signage. Print signage manufacturers have understanding of the effective information display and the communication element required to be showcased on the signages.
Furthermore, inclination from traditional signage to digital signage gives a chance to the manufacturers to leverage the customer base. This provides the signage manufacturers the opportunity to expand their business using research and development followed by new production methods.
Traditional signage is slowly losing grounds owing to lack of agility and high initial costs. Whereas, digital signage personalizes experiences along with providing real time feedback to the customers. Further demand for customized noise, colour contrast, connectivity, and resolution makes digital signages an apt marketing tool for businesses.
Key Segments Covered in the Signage Industry Survey Report
By Product Type:
- In-store Signage
- Promotional Signage
- Directional Signage
- Outdoor Signage
- Promotional Signage
- Directional Signage
By End User:
- Supermarkets & Hypermarkets
- Stores
- Schools & Offices
- Industrial Sectors
- Entertainment
- Other End User Verticals
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa (MEA)
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Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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