Digital Signage Market worth $29.6 billion by 2024 growing with a CAGR of 7.3%
According to the new market research report on the “Digital Signage Market by Offering (Hardware (Displays, Media Players, Projectors), Software, Services), Product, Application, Vertical (Retail, Transportation & Public Places, Sports & Entertainment, Education), and Geography – Global Forecast to 2024″, The digital signage market is expected to grow from USD 20.8 billion in 2019 to USD 29.6 billion by 2024, at a CAGR of 7.3%. Growing technological advancements in display products, increasing adoption of digital signage products in commercial vertical, rising demand for 4K & 8K displays, and increasing infrastructural developments in emerging countries are the major driving factors for the market’s growth during the forecast period.
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Key players in the market include Samsung Electronics (South Korea), NEC Corp. (Japan), LG Electronics (South Korea), Sharp (Foxconn) (Japan), Leyard Optoelectronic (Planar) (China), Sony (Japan), AU Optronics (Taiwan), BARCO (Belgium), Panasonic (Japan), Goodview Electronics (China), Scala (US), E Ink Holdings (Taiwan), Omnivex Corporation (Canada), Deepsky Corporation (Hong Kong), Delta Electronics (Taiwan), Exceptional 3D (US), Daktronics (US), Christie Digital Systems (US), Intuiface (France), and BenQ (Taiwan).
Growing smart signage applications, increasing retail space worldwide, rising demand for context-aware signage, and increasing transition of traditional stores to smart stores in the retail vertical expected to offer high growth opportunities in the near future.
Software to witness highest growth rate for digital signage market during the forecast period
The current and future markets would be greatly driven by software than hardware. The increased innovation in the field of software adds to technological advancement and ease of use in digital signage solution. The estimated growth rate of the digital signage market for software is higher than hardware; hardware devices are not frequently purchased because they have a long operational life. The market for software is growing at a higher pace as software licenses need to be purchased and upgraded at regular intervals.
Commercial vertical is expected to dominate digital signage market (in terms of share) during the forecast period
The commercial vertical of digital signage comprises retail; corporate and broadcast; healthcare; hospitality; and government, command and control centers with applications across hotels, hospitals, quick service restaurants (QSRs), and malls, among others. Digital signage helps attract a large group of customers through effective advertising and promotion . The growth of the commercial vertical is attributed to the rising adoption of digital signage products for advertising and content delivery to increase the customer base and enhance consumer satisfaction.
“Transportation and public places industry to witness highest CAGR during forecast period”
Transportation signage systems are typically integrated with different technologies such as databases that can maintain travel schedules and reservation information on a real-time basis. The transportation vertical requires large screen display devices at public places such as railway stations, airports, and highways. Large screen displays show information in a more effective way than conventional signage boards. Railway stations and airports require large display panels to communicate with passengers. The new displays have highly attractive features such as live video streaming and high brightness while interacting with customers or passengers. Digital signage provides travelers with vital information regarding schedules and timings of arrivals and departures of trains and flights. Timely updates, along with proper information regarding schedules and timings of transport facilities, help enhance the customer experience, which is a major driving force for the growth of this market for transportation.
North America accounted for the largest share of the digital signage market
North America is considered to be the strongest market for digital signage. North America, being technologically advanced and developed, is a pioneer market for the cutting-edge technology used in the advertisement vertical including digital signage and smart signage. The digital signage market in North America is driven by various factors such as the high standard of living of customers and the need for accuracy and efficiency in retail services. North America accounted for the largest share of the global digital signage market. This is mainly due to the growing awareness regarding the benefits of digital signage and the increasing demand for commercial displays.
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