Digital Signage Market Size worth over $23bn by 2023
Published Date: August 21, 2019 Authors: Preeti Wadhwani, Prasenjit Saha
Digital Signage Market size is set to exceed USD 23 billion by 2023; according to a new research report by Global Market Insights, Inc.
The rapid transformation of urban infrastructure & retail, educational, and banking facilities by implementing digitally advanced systems is supporting the digital signage market development. These displays offer enhanced user communication and customer guidance, which avoid the need for human assistants, leading to reduced labor costs in application industries. Additionally, the advancements in display technologies, such as micro LEDs and rollable screens, enhance the corporate environments and offer better picture quality over conventional displays. Cloud-based managed service is an emerging trend in the industry, which aids easy content management and high ROI. These services offer customized messaging, efficient design support, and better management across a facility or campus, further leading to a high demand in application industries.
The digital signage market faces several securities, scalability & content-related issues, which limit the usage in small stores, educational, and transportation facilities, etc. The increasing popularity of touch & non-touch interactive content in various sectors is creating several management challenges for users. This system requires an efficient content management system to gain benefits from interactive programming, further increasing the implementation cost. Additionally, copyright infringement is a problem faced by users in the industry, which creates the need for proper legalization of the content.
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In the digital signage market, LED displays are witnessing high demand owing to long lifetime, daylight compatibility, and energy-efficient benefits. The growing need for low electricity consumption and better image displaying capabilities is driving the product demand. LEDs last 25 times longer and utilize 75% less energy over luminous bulbs, leading to save huge electricity costs. With the rising awareness for sustainable development and eco-friendly technologies, the signage manufacturers are gradually focusing on the production of LED-based products, which are energy efficient. Additionally, several governments across the globe have prohibited the usage of luminous bulbs and encouraged the adoption of LED-enabled display products, further adding to the industry expansion opportunities.
Browse key industry insights spread across 100 pages with 41 market data tables & 38 figures & charts from the report, “Digital Signage Market Size By Application (Banking, Corporate, Education, Healthcare, Retail, Transportation), By Display Technology (LCD, LED, Front Projection), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Europe, APAC, South America, MEA), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 - 2023” in detail along with the table of contents:
The education application segment in the digital signage market is developing rapidly owing to the transformation of educational institutions across the globe. High adoption of digitized displays at colleges, universities, and schools is increasing to provide various information to students & visitors. They are being used to educate students, provide emergency alerts, promote student events, and wayfinding purposes. Several schools are deploying these products across campuses for helping the freshmen & visitors in finding routes to specific rooms. With the help of digital displays, the institute management is able to make several announcements and catch more student attention. Front projectors are installed in events, gatherings, and college fests to provide detailed information of the event schedule, venue, etc., further adding up to the product demand globally.
The South America digital signage market is expected to grow at around 6% CAGR from 2016 to 2023 owing to advanced promotional activities in the retail and corporate sector. Improving infrastructure, rising retail expenditure, and consumer disposable income are anticipated to offer expansion prospects to the industry. The presence of various service providers, such as Signagelive and Omnivex, will further escalate the demand in the region. The need to effectively communicate with customers and increase their knowledge through interactive displays in countries including Peru, Chile, etc. are creating high product demand.
Samsung Electronics, Panasonic Corporation, LG Electronics. Acer, NEC Display Solutions, Intel Corporation, Microsoft Corporation, Cisco Systems, and iGotcha are the prominent players in the market. These companies are developing application industry-specific solutions for retail, healthcare, education, etc. to provide better serving capabilities and gain promotional benefits. Continuous technical upgrades and connectivity parameters in the existing software and cloud networks are the major steps adopted by the signage & technology providers to compete with the global companies. The industry leaders are involved in launching new products to stay in the competition and maintain their position. For instance, in March 2018, Samsung Electronics announced the launch of its new innovative display solutions portfolio. The company showcased Samsung Flip, which transforms the paper-based whiteboard digital products for corporate environments.
The digital signage market research report 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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