Market Research Future published a research report on “Digital Signage Market Research Report – Global Forecast till 2027” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
Digital signage includes electronic signs made using LCDs and LEDs to display in-store information. It can be found in public spaces and displays images, videos, and streaming media. Increasing digitization and use of novel marketing methods can push the need for modern signage. The global digital signage market report by Market Research Future (MRFR) focuses on latest equipment compatible with electronic messages and segments the report on the basis on application and region for the forecast period (2020-2027). The COVID-19 pandemic and its impact on the industry are explained in high detail.
The Digital Signage Market is expected to expand at 7.40% CAGR over the forecast period owing to use of modern advertising methods for attracting new customers. Infrastructure developments plans in cities lead to construction of malls and new apartments. They can acquire a large footfall due to digital signage. Moreover, the use of electronic signs for engaging with the audience and displaying new information on products can bolster the market demand significantly.
The COVID-19 pandemic has brought forth numerous restrictions that works in favor of digital signs. Touchless policies for preventing the spread of the virus can lead to a flurry in buying of digital signage. Stores are adapting to new customer behavior and favored touchless interactions supported by new communication technologies. Self-serve kiosks, virtual assistants, and cashless payments are expected to be more noticeable in the coming years. The aim to decrease vaccine hesitancy has led to LinkNYC to partner with Vaccinate4Love to provide free internet access and device charging to encourage citizens.
But changes in regulations and compliance with new laws can hamper market growth.
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Sony Corporation, NEC Corporation, 3M, Panasonic Corporation, Intel Corporation, Samsung Electronics Co Ltd, Cisco Systems, LG Electronics, Sharp Corporation, HP Inc, and Toshiba Corporation are key players of the global digital signage market. Acquisitions, expansions, partnerships, and contracts are major strategies employed by players to gain leverage in the market.
By product type, the market is segmented into menu boards, signboards, billboards, and kiosks.
By component type, it is segmented into hardware, software, and services.
On the basis of application, the digital signage market is segmented into indoor and outdoor. The outdoor segment accounted for the larger market share of 67.88% in 2019. Outdoor digital signage is mostly static and can be managed by a central server for displaying advertisements. It can display weather updates, news, and critical information. These digital signage systems are auto-dimming as these are used throughout the day for better visibility and readability. Some of the digital signage displays use processors and storage for repeated content management and playback. Some of the most widely used outdoor digital signage systems are seen in shopping mall premises, restaurants, billboards, and signboards.
By technology, it is segmented into OLED, LED, LCD, and front projection. The LED technology is deemed to perform better than its counterparts due to being able to display messages and content modified according to special days.
By vertical, the digital signage market caters to government, healthcare, banking, education, transportation, entertainment, and retail. The retail sector can be the biggest vertical for the market owing to mushrooming of large malls. Upselling of items and directing customers towards specific products can bode well for the segment.
North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW) are regions considered for the global digital signage market.
North America is expected to lead in the global market owing to investments by Sony, Samsung, and Intel. Presence of major film studios and consumer electronics companies coupled with news companies operating in the region can bode well for the market.
Europe is the second-largest market for digital signage owing to the penetration of the internet. Adoption of new-age technologies coupled with growth of retail and BFSI sectors can drive regional market growth.
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