A recent report published by Infinium Global Research on digital signage market provides in-depth analysis of segments and sub-segments in the global as well as regional digital signage market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional digital signage market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global digital signage market. According to the report, the global digital signage market was worth over USD 20 billion in 2021 and is expected to be more than USD 30 billion by 2027, growing with a CAGR of 7.05% over the forecast period of 2021-2027.
The trend in the digital signage industry is moving away from the Windows PCs that used to dominate the market to smaller, less expensive solutions. Digital Signage is becoming more popular and mainstream as the technology advances and decreases in price. It is propelled by advances in the field of display technologies, radiofrequency identification (RFID), and near-field communication. Its other trends include customized application programming interfaces and Software-as-a-Service (SaaS) models that allow digital signage network operators to set up their networks and control and monitor campaigns via a remote location or the web.
However, Coronavirus has had widespread impacts on arguably every business, and the digital signage industry is no exception. At the start of the outbreak, the main impact felt by most digital signage companies is supply problems caused by halted production in China. With a growing digitalization in developing countries, increasing adoption of digital signage in the commercial vertical is driving the growth of the digital signage market. Furthermore, the rise of smart cities is contributing to the growth of the market. Additionally, advertisers, enterprises, and corporates are increasingly adopting this technology to promote and distribute content. In addition, increasing demand for digital signage solutions from industries such as healthcare, transportation, hospitality, and retail is likely to propel market growth over the forecast period. Moreover, advancements in display technology will provide a significant growth opportunity for the market. However, high initial investments associated with digital signage are hindering market growth. The adoption of digital signage by small and mid-sized enterprises is particularly limited owing to the initial investment involved in obtaining supportive software and hardware.
North America dominates the digital signage market. The increasing Internet of Things (IoT) into display products, which enable digital transformation across various applications such as commercial, institutional, infrastructure, and industrial, has fueled the demand for digital signage in the region. Moreover, the high economic growth, increasing disposable income, technological advancements, and expanding retail space have accelerated the adoption of strong advertising media in the region, which further boosts the demand for digital signage solutions for various indoor and outdoor locations.
The report on the global digital signage market covers segments such as component, type, technology, location, and application. On the basis of component, the sub-markets include hardware, software, and service. On the basis of type, the sub-markets include kiosks, video screen, digital poster, transparent LED screen, video walls, and others. On the basis of technology, the sub-markets include LCD, media players, and LED. On the basis of location, the sub-markets include outdoor, and indoor. On the basis of application, the sub-markets include entertainment, education, healthcare, transport, hospitality, retail, BFSI, and others.
The report provides profiles of the companies in the market such as ADFLOW Networks, BrightSign, LLC, Cisco Systems, Inc, Intel Corp, KeyWest Technology, Inc, NEC Display Solutions, LG Electronics, Microsoft Corp, Panasonic Corporation, and Omnivex Corp.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the digital signage market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.