by Market Overview:
Digital signage refers to electronically displayed media content. It includes standalone screens, video walls, and mobile stands. Digital signage offers various benefits over traditional signage such as dynamic content delivery, ability to quickly update/edit content, and centralized content management. Major applications of digital signage include retail, hospitality, transportation, stadiums & arena, corporate, banks, healthcare, and education.
Market Dynamics:
The growing demand for integrated and networked digital signage solutions from retail, transportation, and education sectors is a key driver for the growth of digital signage market. Rapid adoption of touchscreen digital signage across retail stores to enhance customer experience is further fueling market growth. Additionally, rising focus of enterprises on digital transformation and need for centralized and remote content management is propelling the demand for digital signage solutions. However, high initial investment for implementation and maintenance of digital signage system remains a limiting factor.
The global Digital Signage Market Share is estimated to be valued at US$ 26.46 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The digital signage market is dominated by the hardware segment which accounts for over 50% share of the total market. This is because hardware forms the core infrastructure for digital signage displays and screens. Within the hardware segment, display screens have the largest share as organizations are increasingly adopting large format LED and LCD display solutions for their digital signage needs. The adoption of interactive digital signage solutions is also growing rapidly owing to advantages such as enhanced customer engagement and experience.
PEST Analysis
Political: Governments in many countries are supporting digital transformation initiatives which is positively impacting the digital signage market. For example, digital signage is being used proactively for Covid-19 related messaging and information dissemination.
Economic: The global economic recovery post Covid-19 outbreak has increased commercial investments in digital infrastructure including digital signage. Retailers and QSR chains are major adopters to engage customers.
Social: Customers today are highly digital-centric and prefer interactive digital experiences. Social distancing during the pandemic has further accelerated the integration of digital solutions in public and commercial places.
Technological: Rapid advancements in display technologies such as microLED and miniLED are enhancing the performance of digital signage systems. The growth of IoT and beacon technology is also enabling proximity-based interactive solutions.
Key Takeaways
The global digital signage market is expected to witness high growth, exhibiting a CAGR of 7.8% over the forecast period of 2023 to 2030, due to increasing commercial investment in digital customer engagement technologies.
Regional analysis shows that North America currently dominates the global digital signage market primarily due to high technology adoption rates among enterprises. However, Asia Pacific is projected to be the fastest-growing regional market encouraged by government smart city projects and retail & transportation infrastructure development programs.
Key players operating in the digital signage market are Samsung Electronics, Daktronics, Exceptional 3D, LG Electronics, Panasonic Corporation, Sony Corporation, Leyard Optoelectronic Co., Ltd., Scala, E Ink Holdings Inc., Deepsky Corporation Ltd., Intel Corporation, and Microsoft Corporation. Among these, Samsung Electronics, LG Electronics and Panasonic Corporation collectively account for over 30% of the global revenue owing to their diverse product portfolios and strong brand presence across major regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
