Westford, USA, June 21, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the digital signage market will attain a value of USD 41.55 billion by 2031, with a CAGR of 11.2% during the forecast period (2024-2031). Digital signage is widely used in public places like restaurants, transportation hubs, business buildings and many other such places. Digital signage is a centrally managed and individually addressable that helps organizations to communicate information, entertainment, advertising, and products to targeted audiences more effectively and efficiently. It eliminates compatibility and interoperability issues faced among the media player and screen in use and is, therefore, an integral tool for brands trying to promote their products and services to a broader and global assemblage.
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Browse in-depth TOC on "Digital Signage Market"
- Pages - 242
- Tables - 181
- Figures – 79
Digital Signage Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 17.77 Billion |
| Estimated Value by 2031 | $ 41.55 Billion |
| Growth Rate | Poised to grow at a CAGR of 11.2 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offering, Display Size, Product Type, Installation Location, Application, Enterprise Size |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Integration Of Rapid Digitization and the Rising Desire for Powerful Advertising Tools |
| Key Market Drivers | Gestural recognition has been incorporated increasingly. |
Hardware Segment Leads the Market Due to Growing Interest in Display Screens Among the Consumers
The hardware segment holds a share of about 56.9%. It comprises displays, banners, and other things. It is the largest segment of the digital signage market due to the size of its industry. The customers find digital display as their new arena where they must exhibit themselves to the digital world, hence, there is an upsurge in the demand for hardware components during the forecast year as the consumers shift towards innovative display technologies. Development in 3D technology also contributes to the market's growth by developing displays such as glasses-free 3D displays, which leads to the segment's growth.
Software Segment to be the Fastest Growing Segment Owing to Growing Use of Advanced Digital Technologies
The growth of the software segment in the digital signage market is driven by technological advancements such as the Internet of Things, increased need for real-time content management, and growing usage of smart signage products. The growth in purchasing digital signage software is adding to the growth in the market. The development in system-on-chip displays is also driving the market. The purchase from customers and software license upgrades continues to add to the market growth post digital signage software.
North America is Leading Due to Widespread Use of Digital Billboards for Advertisements
North America has seen a remarkable growth in the global market share with countries like the US being the most prominent contributor to the world market for advertising on digital signage. The region has witnessed a demand for technology solutions with the death of mass media. Since digital billboards are used to advertise products and services on a broad scale and with retail industry witnessing inclining growth, the market size estimates for digital signage systems in North America will experience a vast CAGR. Through technological innovation in display, communication, and monitoring, the once costly equipment is now accessible in more abundant amounts and at a much more affordable rate.
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Drivers
- Gestural recognition has been incorporated increasingly
- Increasing demand for 4K displays
- Growing demand for digital signage in the industrial sector
Restraints
- Security issues associated with digital signage
- Technical Issues with Hardware and Software
- High costs of Digital Signage Systems
Prominent Players in Digital Signage Market
The following are the Top Digital Signage Companies
- Samsung Electronics Co., Ltd.
- LG Electronics Inc.
- NEC Display Solutions, Ltd.
- Panasonic Corporation
- Sharp Corporation
- Sony Corporation
- AU Optronics Corp.
- Barco NV
- BrightSign LLC
- Daktronics Inc.
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Key Questions Answered in Digital Signage Market Report
- How big is the global digital signage market?
- Which segment is the fastest growing in the global digital signage market?
- Where will digital signage demand soar high?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of digital signage market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the digital signage market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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Digital Out-of-Home Advertising Market
Digital Signage Software Market
AR and VR Smart Glasses Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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