Digital Signage Market Analysis and Overview
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 (2022-2030). The
COVID-19 pandemic and its impact on the industry are explained in high detail.
Digital Signage Market Competitive Landscape
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.
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Digital Signage Market Major Players:
Players leading the digital signage market are Sharp Corporation,
Cisco Systems, Panasonic Corporation, Sony Corporation, 3M, Intel Corporation,
Samsung Electronics Co Ltd, HP Inc, NEC Corporation, LG Electronics, and
Toshiba Corporation, among others
Market Scope
The global digital signage market is expected to expand at
7.2% 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.
Digital Signage
Industry News
Moving Tactics, a South Africa base company, is
strengthening its distributor network by allying with likeminded equipment and
maintenance service providers in the region.
Digital Signage Market Segmentation
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.
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Regional Analysis
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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