Global digital signage market is projected to witness the growth at a CAGR of 6.50% during the forecast period to reach the total market size of US$25.804 billion by 2024, increasing from US$17.680 billion in 2018. Falling manufacturing costs and advancement in display technologies are some of the major drivers of the global digital signage market. The growing number of retail chains, especially developing countries such as China, India, and Brazil, are further fueling the demand for digital signage products and solutions. The continuous invention of newer applications that require intensive marketing strategies will drive the demand for digital signage applications during the forecast period. Geographically, North America holds a significant market share in 2018 owing to the early adoption of the technology by various end-use industries in the region. APAC is projected to witness substantial growth during the forecast period owing to the rising application in the retail stores, hospitals, and corporate offices in the region. The increasing number of shopping malls and the growing APAC tourism industry will further drive the demand for digital signage applications in emerging economies such as China and India. However, the lack of industry standards, combined with the substantial adoption of non-digitized signages is estimated to hamper the demand for digital signage solutions in the coming years.
The global digital signage market segmented based on product, solution, industry vertical, and geography. By product, the market has been segmented into kiosks, billboards, signboards, and others. By solutions, the market has been segmented into hardware, software, and services. By industry vertical, the market has been classified into retail, government, transportation and logistics, healthcare and pharmaceuticals, media and entertainment, education, hospitality and leisure, and others.
By product, Kiosks are anticipated to witness substantial growth during the forecast period as these products reduce the overhead costs of additional personnel and thus, increase efficiency in various industries such as retail, education, government, healthcare, hospitality, and others. Billboards are mainly used for advertising purposes by different business companies. Outdoor advertising on billboards, which are usually placed along highways and busy streets, is very cost-effective as compared to commercials on TV as it guarantees that people will notice the advertising. Digital signage is quickly replacing static signage in transportation applications. Signboards are used at airports, bus stops, and stations in order to display schedule information, arrival and departure times, up-to-date travel information such as platforms or gate changes, and last-minute changes or cancellations. All these benefits of various digital signage products will propel the growth of this market over the next six years.
By solution, the hardware segment is expected to grow significantly, with major shares of LCD displays and projectors. LCD displays majorly used with almost every digital signage product such as kiosks and billboards. These LCD displays are used for advertising, informational messaging, architectural ambiance, and entertainment in various industry verticals such as retail, transportation, government, education, and hospitality. Projectors as digital signage hardware will witness the fastest market growth as it requires less installation and operational costs and can be used as a viable alternative to LCD/LED displays where screen space is less. Moreover, this type of digital signage hardware is increasingly being deployed in venues that require the display of content or images in odd shapes and angles. Digital signage software developers are increasingly focusing on entry-level products as well as cloud-based software owing to rapid internet penetration and growing cloud-computing technology.
The Global Digital Signage Market – Forecasts from 2019 to 2024 is an exhaustive study that aims to present the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key market, drivers, restraints, and opportunities in the current market. The report analyzes key opportunity regional markets, and the current technology penetration through lifecycle analysis. The report also analyzes the market through comprehensive market segmentation by product, solution, industry vertical, and geography.
Regional analysis has been provided with detailed analysis and forecast for the period 2018 to 2024. The global market has been broken down into North America, South America, Europe, Middle East and Africa, and Asia Pacific regions. The report also analyzes 15 countries across these regions with thorough analysis and forecast along with prevailing market trends and opportunities which each of these countries present for the manufacturers.
Major players in the digital signage market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the digital signage market.
The global digital signage market has been segmented by product, by solution, by industry vertical, and by geography.