Digital signage is becoming increasingly popular as an effective marketing tool for businesses. Digital signage solutions involve the use of display screens and other electronic displays to convey various types of information to targeted audiences through video and multimedia content. These devices enable seamless engagement with customers by delivering contextual messages. The ability of digital signage to provide timely and customized information has boosted their adoption across various industry verticals like retail, hospitality, transportation and corporate sectors for marketing and brand promotion purposes.
The global digital signage market is estimated to be valued at US$ 30.75 Bn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period from 2024 to 2031.
Key Takeaways
Key players: Key players operating in the digital signage market are Samsung Electronics, Daktronics, Exceptional 3D, LG Electronics, Panasonic Corporation, Sony Corporation, Leyard Optoelectronic Co., Ltd., Scala, E Ink Holdings Inc., Deepsky Corporation Ltd., Intel Corporation, and Microsoft Corporation.
Key opportunities: Growing deployment of digital signage in public spaces like airports, railway stations and shopping malls has opened up significant growth opportunities for market players. Additionally, integration of AI and IoT technologies is allowing businesses to enhance customer engagement through interactive and personalized digital signage solutions.
Global expansion: Leading companies are expanding their footprint globally by partnering with regional players and setting up manufacturing bases in different countries. For instance, Samsung partnered with Blue Focus to launch digital signage products tailored for the Chinese market.
Market drivers: The rising need for commercial advertisement and branding across sectors like retail, transportation and hospitality is a major driver for the digital signage market. Additionally, decline in hardware prices and availability of open platform software is making digital signage affordable for small and medium enterprises to adopt for marketing communications. This is expected to fuel market revenues during the forecast period.
PEST Analysis
Political: The government policies and regulations influence the growth of digital signage market. Favorable policies related to infrastructure development propel the adoption of digital signage in public spaces.
Economic: Increasing disposable incomes and spending power of consumers accelerate the deployment of The Digital Signage Market Size across various industries. Growing retail and hospitality industries augment the demand for digital signage solutions.
Social: Rising acceptance of advanced technologies among consumers drives the preference for digital signage over traditional signage. Proliferation of smartphones and high-speed internet contributes to interactive digital experiences.
Technological: Advancements in LED and LCD display technologies along with the rise of Internet of Things (IoT) optimize digital signage networks. Innovations in content management software and integrated apps enrich viewer engagement.
Geographical Regions with High Market Concentration
North America accounts for the largest share in the digital signage market in terms of value. Major factors influencing the growth include rapid digitization, growing retail sector and widespread tech adoption across various industries.
Fastest Growing Regional Market
The Asia Pacific region is expected to grow at the fastest rate during the forecast period. Factors such as ongoing infrastructure development projects, rising incomes, expanding retail industries and proliferation of smart cities drive the demand for digital signage in Asia Pacific countries.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)