Pune, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Digital Signage Market Size & Growth Analysis:
“According to the SNS Insider report, the Digital Signage Market size was valued at USD 25.52 Billion in 2023. It is anticipated to reach USD 49.48 Billion by 2032, growing at a CAGR of 7.65% over the forecast period of 2024-2032.”
Market Analysis
The rise in demand of digital signage can be attributed to a numerous factors such as, the rise of digital screens in locations such as retail outlets, transportation hubs and public spaces. Their digital signs deliver real-time multimedia messages which provide visual, audio and animated content which are more engaging than traditional static signage. Smart cities have made it one of the most extensive platforms for digital signage solutions deployment. Digital signage solutions are becoming increasingly important for urban areas as they grow and modernize. In addition to better LED performance, increasing consumer demand for 4K and emerging 8K also accounts for the market growth.
The displays have higher image clarity and detail that further captivates the audience leading to a better customer engagement. Furthermore, growth of the market further fueled from evolution in digital signage technology including facial recognition and interactive displays. It features facial recognition capabilities, which enable personalized content delivery that is much more relevant and impactful. The coupling of cloud-based platforms and managed services with digital signage has also made the deployment more plug-and-play for businesses, enabling them to manage and change content from anywhere in the world. This could lead to tremendous expansion in emerging markets and new applications. For example, the implementation of AI and IoT technology in digital signage will allow more personalized/predictive/interactive content.
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Major Players Analysis Listed in this Report are:
- Panasonic Holdings Corporation
- Sharp NEC Display Solutions, Ltd.
- AUO Corporation
- LG Electronics
- Leyard Optoelectronic Co., Ltd.
- Cisco Systems, Inc.
- Sony Group Corporation
- Samsung Electronics Co., Ltd.
- Intel Corp.
- Barco
- BrightSign LLC
- Shanghai Goodview Electronics Technology Co., Ltd.
- Winmate Inc.
- Other Players
Recent Developments
- Shanghai Xianshi Electronic Technology Co., Ltd announced that it had launched a new screen on March 14, 2024 with high definition, thin thickness and low energy consumption. This technology involves curved and holographic displays, bringing versatility and visual appeal.
- Samsung Electronics Co., Ltd. announced its VXT platform in January 2024 - a cloud-based system that streamlines digital signage administration VXT merges content creation and remote display management to streamline the process of controlling digital signage for businesses.
- In September 2023, Samsung introduced its 'The Wall for Virtual Production' in European markets where it was capable of making ultra large LED walls intended for the virtual production content. The new line consists of models with the ultimate functionality for enhanced visualization, and smart operation of multiple screens.
Digital Signage Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 25.52 Bn |
| Market Size by 2032 | USD 49.48 Bn |
| CAGR | CAGR of 7.65%From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers | • The growing need for effective advertising and promotion of products and services, especially in the retail sector is driving the demand for digital signage. |
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Segment analysis
Based on type, the video walls segment dominated the digital signage market, and accounted for the 25% share. We often see video wall in public place and shopping arcade having large bright display. Additionally, the kiosks segment has also been gaining traction especially in educational institutions & advertising to be used for information sharing. The transparent LED screens segment is projected to grow with the highest growth rate. These screens offer over 80% transparency and high-resolution image quality, making them ideal for applications requiring minimal visual obstruction and energy efficiency.
Based on component, hardware segment held the largest share of market 56% in 2023. Displays and manufacturing components, Digital signage systems are the hardware used in many digital signs. This segment grew on the increasing demand for high-resolution and innovative display technologies including 4K, 8K etc. Hardware has a relatively large market share compared with the services segment, this includes the integration, installation and maintenance. This is largely because services are cheaper to offer and require less frequent servicing than hardware and software requirements.
By Application, the retail sector held the largest market share 20% in 2023. Digital Signage for Retail marketing & advertising stores are using digital signage to promote and market things, taking advantage of the attractive consumer focus nature that dynamic content allows. The transportation sector growing with the highest growth rate is 9.5%, In airports and train stations, the most obvious use for digital signage is to display promotional messages which improve passenger experience whilst providing an additional revenue stream; However many locate screens with real time information of arrivals/departures/feeder services at checking halls help manage queues prolifically.
By Signage Size, Displays larger than 52 inches dominated the market, high foot traffic selection effective in shopping malls and airports, where the large size attract reviewers. Displays below 32 inches are used in confined spaces such as retail counters, small offices where their compact size is advantageous.
Digital Signage Market Key Segmentation:
By Type
- Video Walls
- Video Screen
- Transparent LED Screen
- Digital Poster
- Billboards
- Kiosks
- Interactive Kiosks
- Self-service Kiosks
- Other
- Others
By Technology
- LCD
- LED
- OLED
- Projection
By Component
- Hardware
- Displays
- Media Players
- Projectors
- Others
- Software
- Service
- Installation Services
- Maintenance & Support Services
- Consulting Services
- Others
By Resolution
- 8K
- 4K
- Full High Definition (FHD)
- High Definition (HD)
- Lower than HD
By Location
- In-store
- Out-store
By Application
- Retail
- Hospitality
- Entertainment
- Stadiums & Playgrounds
- Corporate
- Banking
- Healthcare
- Education
- Transport
By Content Category
- Broadcast
- News
- Weather
- Sports
- Others
- Non-Broadcast
By Signage size
- Below 32 Inches
- 32 to 52 Inches
- More than 52 Inches
Regional Analysis
The digital signage market is anticipated to experience high growth in North America and it held 34% revenue share, as a result of reducing mass media advertising, and increasing effectiveness for promotions through the digital signs. A growing acceptance of the digital medium for marketing and communication will also be led by significant growth in U.S. The market in Asia Pacific is anticipated to record an significant CAGR, with growing application in nations like India and China. Rapidly developing commercial and residential properties in the area, industrialization coupled with the affordability of electronic signage systems, are driving significant demand.
Regional Coverage
• North America (US, Canada, Mexico)
• Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe])
• Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific)
• Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East])
• Africa [Nigeria, South Africa, Rest of Africa]
• Latin America (Brazil, Argentina, Colombia Rest of Latin America)
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Key Takeaways
- The report provides an overview of the market, which helps to understand industry evolution as needed.
- The report highlights key regional developments, focusing on the growth dynamics in North America and Asia Pacific. It explores the factors driving regional demand, such as shifts in advertising strategies and infrastructure development.
- The study includes a review of recent technological advancements and market developments, such as new display technologies, cloud-based management systems, and high-resolution screens. It provides a snapshot of how these innovations are influencing market trends and opportunities.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Digital Signage Market Segmentation, By Type
8. Digital Signage Market Segmentation, By Technology
9. Digital Signage Market Segmentation, By Component
10. Digital Signage Market Segmentation, By Resolution
11. Digital Signage Market Segmentation, By Location
12. Digital Signage Market Segmentation, By Application
13. Digital Signage Market Segmentation, By Content Category
14. Digital Signage Market Segmentation, By Signage Size
15. Regional Analysis
16. Company Profiles
17. Competitive Landscape
18. Use Case and Best Practices
19. Conclusion
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