Digital Signage Market to Observe Strong Development by 2032
Allied Market Research, titled, “Digital Signage Market by Offering, Product, Location, End User". The digital signage market was valued at $23.6 billion in 2022, and is estimated to reach $50.6 billion by 2032, growing at a CAGR of 8% from 2023 to 2032.
Digital signage is an emerging technology, that offers high
image resolution and better picture quality over traditional displays. It
offers enhanced contrast over the traditional OLED and LED media board display
technologies. Moreover, digital display panel have features such as enhanced
response time. In addition, the consumption of power by digital signage is less
as compared to other technologies such as LEDs and OLEDs. Digital signage
depends majorly on hardware components that ensure the delivery of high-quality
content. These displays have replaced the traditional small and micro-display
screens with large wall-sized LED and LCD displays, used across various
industries. In the current business scenario, it is crucial to employ efficient
systems for advertising, owing to the development of numerous user engagement
devices and applications. Digital display panel is a cost-effective medium of
promoting and branding any product or service; this advantage drives the
digital signage market.
Digital signage is a class of large display screen formats
that improve the visual experience with its professional-grade image quality
and are used for endorsing and advertising. These displays have replaced the
traditional small and micro-display screens with large wall-sized LED and LCD
displays, used across various industries. They are designed for applications
that require the vendors to engage their customers/audiences with its wider
viewing angle and to extract maximum effectiveness from the marketing
messages.
Decline in cost of displays and improved customer experience
are the factors that drive the growth of the digital signage industry globally.
In addition, development of government bodies as well as fast growing
educational sector contributes toward the growth in digital signage industry.
Technological developments including near field communication are expected to
create greater opportunities. The advent of touch screen technology is also
expected to open new avenues.
Rise in demand for bright and power-efficient display panels and rapid digitalization and decline in demand for traditional billboards are the factors that drive the growth of the digital signage market. However, deployment of widescreen alternatives such as projectors and screenless displays and lack of standard policy and power problems hampers the digital signage market growth to a certain extent. Furthermore, emerging display technology such as micro LED and quantum dots and increase in preference of electronic giants toward large screen displays offer lucrative opportunities for the digital signage market in the country.
The Digital Signage market segmentation are into
offering, product, location, end user, and region. On the basis of offering,
the market is divided into hardware, software, and service. In 2022, the
hardware segment dominated the market, and it is expected to acquire a major
market share by 2032 owing to an increase in use of digital signage for
retail and education end user. On the basis of product, the market is
categorized into single screen display, video wall, and kiosk. In 2022, the
kiosk segment dominated the market, and it is expected to acquire a major
market share by 2032 due to an increase in investment of government and private
companies on airports, public transports, and other vital sectors.
On the basis of location, the market is divided into indoor
and outdoor. In 2022, the indoor segment dominated the digital signage market
demand, and outdoor segment is expected to acquire a major market share by 2032
owing to an increase in use of digital signage for retail and education
end user. On the basis of end user, the market is divided into retail,
education, healthcare, corporate, stadiums, government, others. In 2022, the
others segment dominated the market, and healthcare segment is expected to
acquire a major market share by 2032.
On the basis of region, the hybrid capacitor market trends
are analyzed across North America (the U.S., Canada, and Mexico), Europe
(Germany, UK, France, Spain, Italy, and rest of Europe), Asia-Pacific (China,
Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South
Africa, Saudi Arabia, and rest of LAMEA).
KEY FINDINGS OF THE STUDY
- The
global digital signage market size was valued at $23,600.0 million in
2022.
- The
hardware segment was the highest revenue contributor to the digital
signage market share, with $16,707.8 million in 2022.
- The
kiosk segment was the highest revenue contributor to the market, with
$9,632.67 million in 2022, and is estimated to reach $22,713.35 million by
2032, with a CAGR of 8.99%.
- The
indoor segment was the highest revenue contributor to the digital signage
market analysis, with $13,302.79 million in 2022.
- The
others segment was the highest revenue contributor to the market, with
$4,969.98 million in 2022, and is estimated to reach $10,030.14 million by
2032, with a CAGR of 7.31%.
- North
America was the highest revenue contributor, accounting for $8,446.44
million in 2022, and is estimated to reach $17,680.18 million by 2032,
with a CAGR of 7.7%.
The key players profiled in the report include NEC
Corporation, Sony Corporation, LG Electronics, Samsung Electronics, Panasonic
Corporation, ViewSonic Corporation, Volanti Displays, iSEMC (HHSD), Koninklijke
Philips N.V., and Planer System Inc. The key strategies adopted by the major
players of the digital signage market growth projections is partnership.
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