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“Increasing demand for customized solutions and software as well as improved technological innovations inthe display technologies are fostering the growth of the digital signage market”
The digital signage market is expected to be worth USD 32.84billion by 2023, growing at a CAGR of 7.4% between 2017 and 2023. The current marketplace is expected to be driven by LED and LCD displays that are highly used in the market; OLED displays are expected to exhibit high growth because of the growing demand for displays in the digital signage market worldwide. Factors restraining the growth of the digital signage market include an increase in trend of online/broadcast advertisement and lack of standards for interoperability between devices.
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In 2016, the digital signage market was led by Samsung Electronics Co., Ltd. (South Korea), LG Display Co., Ltd. (South Korea), NEC Display Solutions (Japan), Sharp Corporation (Japan), and Planar Systems, Inc. (US). The other major players in the digital signage market include AU Optronics Corporation (Taiwan), Sony Corporation (Japan), Panasonic Corporation (Japan), Adflow Networks (Canada), Omnivex Corporation (Canada), Christie Digital Systems USA, Inc. (US), Exceptional 3D (US), Scala, Inc. (US), Intuilab SA (France), and E Ink Holdings Inc. (Taiwan).
“Increasing interactivity capabilities of the digital signage systems and growing demand for cloud-based software along with vivid content creation is driving the digital signage market”
The intuitive and interactive nature of interactive touch point displays and kiosks has propelled the growth of interactive signage systems and made customer buying experience easy and less time-consuming. The consumers currently prefer online shopping at the self-service kiosk than standing in long queues and directly dealing with sales personnel. The customers select interactive signage screens over the actual stores. These screens can perform a variety of functions such as providing information, showing the options available, and making money transactions easy. The touch screen interaction facility and multiple options available at the same place can help deliver highly efficient service to customers.
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Cloud-based digital signage software solution is preferred by companies having a large global network and the content can be created from a central location. Cloud-based software is very efficient as it can manage content on a single screen or on multiple screens. It is considered as a cost-effective solution as it minimizes expenses required for purchasing, installing, and maintaining the server.
“North America and Europe are the major markets for the digital signage market”
North America held the largest share of the digital signage market in 2016. Europe is also one of the potential markets for the global digital signage market. Digital signage system is expected to have a high growth rate in APAC. The increasing development in commercial, infrastructural, and institutional applications in the region creates a demand for digital signage. Moreover, the strong economic growth, rising consumerism, growing standards of living, increasing disposable incomes, and changing lifestyles have encouraged the countries in this region to opt for strong and reliable advertising media.
In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews have been conducted with key experts. The breakup of the profile of primary participants is given below: By Company Type: Tier 1 = 25%, Tier 2 = 33%, and Tier 3 = 42%, By Designation: C-Level Executives = 36%, Directors = 30%, and Others = 34%, By Region: North America = 44%, Europe = 28%, APAC = 17%, and RoW = 11%
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Research Coverage: The report estimates the market size and future growth potential of the digital signage market across different segments such as product, offering, application, and geography. Furthermore, the report also includes the industry trends, market dynamics, and competitive analysis of the key players in the market, along with their company profiles, competitive leadership mapping, and recent developments.
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