Digital Signage Market Analysis

Digital Signage Market Analysis

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.
 

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.
 

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.