New York, Jan. 02, 2023 (GLOBE NEWSWIRE) -- The Insight Partners has added a new report titled on “Digital Signage Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis by Component (Hardware, Software, Service), Display Type (LED, LCD, OLED, and Others), Display Size (Less than 19 Inches, 19–32 Inches, 32–52 Inches, Greater than 52 Inches), Application (Retail, Healthcare, Corporate, Hospitality, Government, Transportation, Entertainment, BFSI, and Others), and Geography”; The global digital signage market growth is fuelled by rising demand for digital signage products from various commercial verticals, increasing investments in the improvement of product display technologies and ongoing innovations in the advertising industry such as digital out-of-home (DOOH).
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Global Digital Signage Market – Report Scope:
| Market Size Value in | USD 20.40 billion in 2021 |
| Market Size Value by | USD 36.89 billion by 2028 |
| Growth rate | CAGR of 8.8% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 150 |
| Historical data available | Yes |
| Segments covered | Component, Display Type, Display Size, Application, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Digital Signage Market: Competitive Landscape and Key Developments
Microsoft Corporation, Cisco Systems Inc., Intel Corporation, Panasonic Corporation, Samsung Electronics, LG Electronics, Sony Corporation, NEC Display Solutions, and Hewlett Packard Company are among the key players operating in the digital signage market.
In August 2021: Panasonic launched a “Complete Digital Signage Solution” ecosystem of products that includes customized products, software, and services. The solution creates flexibility in workflows with regard to controlling content locally or remotely. Moreover, each digital signage solution can be customized to include a variety of displays, which come in all shapes and sizes for any location, indoors or outdoors.
In December 2020: LG launched its first micro-LED digital signage display, Magnit. This micro LED screen features self-emissive, micrometer-scale pixels applied directly to the substrate board, which delivers sharper images with improved contrast and a wider viewing angle. Magnit is designed to improve contrast and color accuracy while helping to protect the tiny LED pixels from moisture, dust, and external impact, which subsequently accelerates the digital signage market growth.
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Global Digital Signage Market – Regional Overview:
North America dominated the market in 2021 and is expected to continue its dominance during the forecast period. Government, healthcare, public transit, and retail stores heavily rely on digital signage to better engage with their targeted audiences to communicate their message. Moreover, due to the recent technological advancement in display, monitoring space, and connectivity, digital signage is gaining popularity in the region. As retailers increasingly focus on targeted marketing strategies, signage manufacturers collaborate with retail stores to help increase sales by creating a branded environment. For instance, in January 2020, Earth Fare—an organic grocery food retailer—upgraded its cafe with digital signage from Mood Media. Mood Media installed five 55-inch LCDs and generated 10% increased profits. Therefore, increasing demand for providing concise and comprehensive information about products to consumers is accelerating the implementation of digital signage in the region.
As it provides a real-time location and context awareness related to traveler information and advertising, digital signage is increasingly used in public transportation to attract the attention of on-the-go viewers in Europe. Moreover, several schools and corporate campuses are facilitating digital signage systems to share dynamic, powerful, and informative visual presentations. Digital signage helps display highly engaging content and is extensively used as an arrival and departure board in airports known as Flight Information Display Systems (FIDS). There is an increasing replacement of traditional advertising by digital signage, mainly to focus on customer attraction and satisfaction. Features such as real-time information on product availability and interactive information are easily manageable compared to traditional advertisements and enable changing the displays and messages more quickly and effectively, driving the digital signage market growth in Europe.
In Asia Pacific, there is an increasing popularity of digital advertisement and huge investments made to improve product display technology. The surge in the demand for digitized promotion of products and services to attract the target audience's attention has become one of the major trends in the region. Moreover, population growth, rapid urbanization, and infrastructure developments, as well as surge in disposable income, positively affect the digital signage market in the region. An advancement in display technologies and the evolution of LED, UHD, OLED, and LCD have strengthened the impact of digital advertising on the target audience, thereby boosting the digital signage market growth in Asia Pacific.
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Digital Signage Market: Application Overview
Based on application, the digital signage market is segmented into retail, healthcare, corporate, hospitality, government, transportation, entertainment, BFSI, and others. The retail application segment accounted for the largest market share in 2021. There is a growing demand for digitalized advertisements for marketing and promoting products and services. Due to the competitive business environment in the retail industry, implementing an effective marketing strategy for creating product offerings awareness has become a primary focus among companies. Adopting digital posters helps retailers adapt more quickly to their customers' purchasing behavior shifts and take advantage of offline and online channels. These factors are boosting the digital signage market growth in the retail industry.
Global Digital Signage Market: COVID-19 Overview
Companies operating in the digital signage market experienced the severe impact of the COVID-19 pandemic, as manufacturing operations were temporarily suspended across major manufacturing hubs, leading to a substantial slowdown in production. On the contrary, many industries have deployed digital signage products to help combat the pandemic. In March 2020, NoviSign Digital Signage introduced a digital hand sanitizer kiosk with an auto-dispenser that supports gel, foam, or liquid sanitizer and a 21.5-inch display that supports NoviSign's digital signage software. As a result, the COVID-19 pandemic had a moderate impact on the digital signage market.
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