The digital signage market is in trends with the integration of cloud technologies and smart displays. Digital signage has become an integral part of marketing strategies by providing contextual and personalized content to audiences at public places through a network of displays. The industry comprises hardware like LCDs, LEDs and other displays along with software platforms that enable easy content publishing and management from remote locations. With interactive and sensory features, digital signage engages customers, enhances branding, and disseminates real-time information more effectively than traditional static boards.
The Global Digital Signage Market is estimated to be valued at US$ 30.75 Bn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031.
Key Takeaways
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. Key players are focusing on new product launches with advanced technologies such as bezel-less displays, multi-touch screens and integration of AI/IoT to gain competitive advantage.
Growing demand from retail, transportation and corporate sectors is driving The Digital Signage Market Size as interactive displays engage customers, convey real-time travel updates and help internal communications respectively. Rise of experiential marketing and need to customize content as per consumer behaviors is further propelling the demand.
Major players are expanding globally especially in developing regions to tap the untapped market potential. Partnerships with system integrators and resellers are helping digital signage providers penetrate regional small and medium businesses.Cloud-based content management is also simplifying operations for multi-national rollouts.
Market key trends
The integration of interactive touchscreens, motion sensing, beacon technology etc in digital signage is one of the key trends. Interactive displays promote consumer engagement, gather data insights and personalize content delivery. Cloud-based content management is also gaining traction as it allows centralized operations and real-time updates on a global scale. Another prominent trend is the adoption of digital signage networks in new verticals like education and healthcare for internal communications, wayfinding and patient engagement. Owing to richer experiences, digital signage is gradually replacing traditional billboards and printed materials across domains. The usage of AI and computer vision enabled displays for gathering consumer analytics and adaptive response is expected to accelerate in the coming years.
Porter’s Analysis
Threat of new entrants: Low capital requirements and relatively low economies of scale limit barriers to entry.
Bargaining power of buyers: Buyers have moderate bargaining power as signage solutions may be substituted across various vendors.
Bargaining power of suppliers: Suppliers of components have moderate to high bargaining power due to fewer components required and some differentiation in components from various suppliers.
Threat of new substitutes: Threat of new substitutes is moderate to high due to emergence of digital solutions that are substituting traditional print signage.
Competitive rivalry: Intense competitive rivalry exists due to presence of multiple global and regional players offering differentiated solutions.
The North American region accounts for the largest share of around 35% of the global digital signage market in terms of value owing to high adoption across sectors like healthcare, corporate, retail and transportation in the region. The Asia Pacific region is expected to witness the fastest CAGR during the forecast period due to growing infrastructure development and increasing retail sector in countries like China and India.
In terms of geographical regions witnessing fastest growth, the Asia Pacific digital signage market is poised to grow at the highest CAGR during the forecast period. This is attributed to ongoing infrastructure development projects and expansion of retail and transportation sectors in densely populated countries of China and India. Additionally, rapid urbanization and increasing disposable income levels are contributing to growth of retail and entertainment industries actively deploying digital signage across the region.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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