Description
The digital signage market is anticipated to register a CAGR of 16.6% worldwide from 2021 to 2027 and grow from USD 3,226.8 million in 2020 to USD 9455.1 million in 2027. Digital signage allows content and messages to be displayed on an electronic screen or digital sign and can be changed without modifying the physical signature; aggressive growth across various emerging economies is anticipated over the next few years. The adoption of digital signage is becoming popular and mainstream with the technological advancements and decrease in price. Digital signage continues to establish a significant percentage of ad revenue across enterprises that are working in different. This is possible primarily due to the digital signage’s inherent benefits, such as quick information dispensation, modification, and easy control.
Digital signage offers more flexibility, with the ability to run varied information without the need for whole replacement. Digital signage solutions can be used to show highly engaging content, thus attracting consumers. Infrastructure and public locations are also deploying these solutions for better flexibility and information transfer. Printed signs are being replaced on highways worldwide, with digital signage, for better communication. Also, the digital signage technology offers a high return on investments. It enables the users to control signage from any browser-based link and integrate signage into an existing IT network without replacing equipment.
Digital signage enables vendors to change the displays and messages more quickly, effectively. It is easy to manage compared to traditional advertisements. Digital signs offer real-time information on products and availability, with interactive information and visually enticing photos and videos. However, the adoption of digital signage is being hindered owing to some issues. Key challenges faced by the market are power issues and the development of equipment suitable for all weather conditions.
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Global Digital Signage Market Dynamics
Drivers: Convergence of Digital Signage with Cross-Platform Media Tool
Digital signage is very user-centered and user-friendly, opening up for interaction and cross-platform integration. As digital signage offers a centrally controlled content distribution platform that can broadcast many different messages, it is typically referred to as a screen that displays meaningful content to a specific audience. It can be found in both private and public domains and, in many instances, a replacement or an alternative to analog signage. Because the dynamic content engages an audience better than regular, static messages, the value of deploying it is higher. Up-to-date, relevant content, moving images and changing graphics ensure the message is always on point. Owing to this, they have now opened up for interaction and cross-platform integration. Xtreme Media has stated that 83% of viewers recall digital signage content. Therefore, software, such as back-end software, is being developed for cross-platform integration with digital signage. Empowering more than 20,000 digital signage displays worldwide, Xtreme Media’s software is available as a web-based solution, as well as a perpetual license. It enables the creation of a centralized network of displays, which are remotely managed through the CMS. A cross-platform solution is available for Android, Windows, and SoC platforms, like the Samsung smart signage platform and LG WebOS.
Restraints: Concerns Over Invasion of Customer Privacy
Control of consumer privacy is essential for digital signage applications, such as advertising, to maintain customer trust, which, in turn, is critical if the industry is to continues growing at its current explosive pace. Unless the industry adopts robust self-regulation, it will likely face consumer backlash and reactive government regulation that may stifle innovation. According to the CDT (Center for Democracy and Technology), specific consumer privacy issues are associated with digital signage technologies, such as risks of facial recognition and RFID used to improve advertising targeting. As a consumer moves near the screen, the camera can record the consumer‚ demographics (gender, age, etc.), and the screen runs an ad to match the consumer's profile.
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Scope of the Report
The study categorizes the digital signage market based on type, end-user, and regions.
By Type Outlook (Sales, USD Million, 2017-2027)
- Hardware
- LCD/LED Display
- OLED Display
- Media Players
- Projector/Projection Screens
- Other Hardware
- Software
- Services
By End-User Outlook (Sales, USD Million, 2017-2027)
- Retail
- Transportation
- Hospitality
- Corporate
- Education
- Government
- Other End-user
By Region Outlook (Sales, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
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By type, hardware is accounted for the largest market share during the forecast period
The global digital signage market has three segments: hardware, software, and services. The hardware segment accounted for the largest market revenue share of 50.3% in 2020. In hardware, LCDs allow smoother scrolling of text and reduced motion blur in digital signage messaging, which are increasingly important considerations, as visual displays are being deployed for more critical purposes in driving sales and engaging customers. However, OLED is the only technology that overcomes the limitations of conventional displays because it offers enhanced reality combined with dynamic form. OLED provides superior light and color expression because it is based on self-emitting light sources. Its flexibility and its transparent nature are the results of the development of innovative OLED materials.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global digital signage market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. The Asia Pacific, by region is accounted for the highest CAGR of 22.0% during the forecast period 2021-2027. In Asia Pacific region includes the countries such as China, Japan, India, Australia, South Korea, Southeast Asia, and the Rest of Asia-Pacific. The growth in the Asia Pacific is primarily due to strong economic growth in the domestic emerging countries such as China, Indonesia, Malaysia, and India.
The market for OOH advertising is also increasing significantly in the region, especially in emerging countries, like India and South East Asia. The government is also adopting these services mainly to enhance their public offering and cater to a large customer base. Furthermore, the government in these regions, like Singapore and India, is deploying digital signage to enhance their smart city programs. Some of China's public services are also being delivered with technology, including law and order. For instance, in Shenzhen city, outdoor facial recognition displays are used by police to control and monitor intersections and identify jaywalkers with greater efficiency than the cops could achieve in person.
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Key Market Players
Some of the digital signage market players are NEC Display Solutions Ltd, Samsung Electronics Co. Ltd, LG Display Co. Ltd, Panasonic Corporation, Sony Corporation, Sharp Corporation, Planar Systems Inc., Hitachi Ltd, Barco NV, GOODVIEW, and Cisco Systems Inc.
Every company follows its business strategy to attain the maximum market share. Currently, Samsung Electronics Co. Ltd, LG Display Co. Ltd, Panasonic Corporation, Sony Corporation are leading players operating in the global digital signage market.
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