Digital Signage Market Size By Application (Banking, Corporate, Education, Healthcare, Retail, Transportation), By Display Technology (LCD, LED, Front Projection), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 - 2023
Published Date: Apr 2016 | Report ID: GMI392 | Authors: Preeti Wadhwani, Prasenjit Saha
Digital Signage Market size surpassed USD 15 billion in 2015 and is poised to grow at over 5% CAGR between 2016 and 2023. Growing popularity of technically advanced promotions and advertisements majorly in the retail & hospitality sector is driving the market demand.
The introduction of interactive displays for allowing customer interaction gain more public attraction is creating high demand for digitalized signages. The implementation of AI in new products offers personalization, easy & more data collection, and planning benefits. AI-based signages allow advertisers to enhance the consumer & visitor experience by gaining personalized information, feedback, and develop plans for provision of better services.
With the incorporation of video walls and interactive promotional boards, companies gain high level of communication with customers and employee training advantages. Moreover, increasing focus on gaining operational efficiency, corporate communications, and targeted messaging in the application sectors creates growth prospects for the digital signage industry.
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The market is hindered by the fact that new signage platforms face several software-related issues during deployment in the commercial, retail, and banking sectors. These displays face connectivity problems with media players due to the presence of several offline & online players in local networks. These issues can be solved by remotely connecting to the online network and troubleshooting the offline networks, further increasing security.
Furthermore, inability to efficiently manage multiple display signage networks will also hamper the industry demand. Each screen and display deployed in retail stores, campuses, and restaurants have separate tools, software systems, and parameters, which pose a challenge for content management and increase the time burden.
|Base Year:||2015||Market Size in 2015:||15 Billion (USD)|
|Historical Data for:||2012 to 2015||Forecast Period:||2016 to 2023|
|Forecast Period 2016 to 2023 CAGR:||5%||2023 Value Projection:||23 Billion (USD)|
|Pages:||100||Tables, Charts & Figures:||81|
|Geographies covered (7):||U.S., Canada, Mexico, Europe, APAC, South America, MEA|
|Segments covered:||Application, Display Technology and Region|
|Companies covered (14):||Adflow Networks, BrightSign LLC, Cisco Systems Inc., Intel Corporation, KeyWest Technology Inc., LG Electronics, Microsoft Corporation, NEC Display Solutions Ltd., Strategic Initiative, Omnivex Corporation, Panasonic Corporation, Strategic Initiative, Polk Audio, Samsung Electronics, Strategic Solutions, Scala, Inc., Winmate Communication Inc|
|Pitfalls & Challenges:||
Market by Display Technology
LCD digital signage market size is predicted to exceed USD 5 billion by 2023 propelled by increasing adoption of digital-out-of-home application (DOOH) across the globe. Moreover, rising penetration of ultra-high definition (UHD) technology in applications such as retail and transportation is expected to boost the market growth.
Front projection displays are gaining high popularity in the industry owing to increased focus on engaging high visitor traffic and high-end promotional activities in the retail sector. The huge projectors allow advertisers to gain cost benefits by less cost per inch and hardware implementation. The front projectors offer easy installation in weird structures & surfaces, off-angles, and can display odd & wide images, further providing promotional benefits.
Market by Application
Healthcare facilities are increasingly implementing digitized displays and promotional signages to provide better employee & customer communication, promotion of hospital services, and enhancement of waiting areas. The displays are used in hospitals and healthcare institutions for improving patient, visitor, and staff experience in the form of interactive kiosks, wayfinding signs & boards, and screens to show the estimated waiting time.
The retail sector in the market is expected to reach USD 10 billion valuation by 2023 as implementing digital signage technology will save printing cost and improve operational efficiency. Several retail industry players are adopting the technology to create brand awareness and enhanced experience. Moreover, the technology improves customer engagement and drives more footfall in the retail stores.
Market by Region
Asia Pacific digital signage market size is projected to observe growth at over 6% during the forecast period. This growth can be credited to decreasing cost of display panels and rising funding on infrastructure development across the region. In addition, the demand for enhanced visual experience and educational market development may surge the adoption of the technology.
MEA market crossed USD 500 million revenue in 2015 and is estimated to register substantial gains through 2023 due to flourishing tourism, retail, and hospital industry verticals coupled with government initiatives for infrastructure transformation. Moreover, the digital signage technology is highly implemented for advertising and promotional purposes by retailers in the UAE and Saudi Arabia to educate the middle-class sector and gain more customers.
Competitive Market Share
The key companies operating in the market are LG Electronics, Cisco Systems, NEC Display Solutions, Microsoft Corporation, Acer, Panasonic Corporation, Samsung Electronics, Intel Corporation, and Adflow Networks. These companies are focusing on developing new and advanced display platforms with AI ability, interactive features, and better analytics features to gain a competitive edge.
Global players develop partnerships and collaborations with new entrants and technology providers to offer highly advanced signage networks. The manufacturers are launching their new products in new regions to cover the untapped regional industries.
The market research report on digital signage includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2012 to 2023 for the following segments:
By Display Technology
- Front Projection
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South America
- Middle East & Africa
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