Digital Signage Market to grow at a CAGR of 6.2% over the estimated period

Digital signage is an innovative technology, enabling the display of multimedia content in urban places. It promotes awareness and advertisements. The content is displayed on a huge digital screen; such as LCD, LED, and OLED. Digital signage is adopted in public spaces, transportation systems, exhibitions, outdoor advertising, hotels, restaurants, etc.

Today, many sales executives are focusing on product launches. So, they come up with cutting-edge products & services. Their aim to draw the maximum crowds at minimum costs is made possible through digital signage. Majority of the digital billboards and signboards are placed in common locations. Thousands of people frequent these locations daily. They see these advertisements and many of them are driven into buying the products or services. 

Digital signage also gives real-time data, with the data being available in multiple formats (videos, images, voice, graphs, etc.). The data can be updated, if the display is paired with computer systems. The market is predicted to observe huge growth in the near future, as the world takes in digital technologies. According to MRFR analysis, the global digital signage market would reach nearly USD 27 billion by 2023. It can grow at a CAGR of 6.2% over the estimated period.

Drivers

Digital signage results from the mix of different technologies. These technologies are used to replace traditional print & other media forms in today’s competitive environment. It has been observed that most of the consumers are entering shopping centers or retail shops after looking at digital signage.

Effective and appealing displays persuade costumers to shop more often. They help shoppers to visually interact with their favorite brands. Thus, the retail sector optimizes on the technology and understands consumer behavior. The medical sector and NGOs also adopt digital signage and spread health, disease, & social awareness.

Healthcare seeks effective content to have a larger audience. Apart from this, the technology lowers paper & printer use costs, campaign expenses, and traveling expenditures. Digital signage products are bio-friendly and convenient, pushing industry revenues.

Categories

The digital signage (head-up display) industry is fragmented into products, technologies, components, applications, and regions.

Products - Kiosks, Billboards, Signboards, Menu Boards, and Others.

Technologies - LCDs, LEDs, OLEDs, and Front Projection.

Components - Hardware, Software, and Services.

Applications - Entertainment, Transportation, Retail, Healthcare, Banking, Education, Government, and Others.

Regions - Asia Pacific, Americas, Europe, and the Rest of the World.

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Detailed Geographical Insights

The digital signage market is categorized on the basis of Asia Pacific, Americas, Europe, and the Rest of the World. North America is projected to dominate, with the largest shares. The same could be attributed to regional presence of large ‘company-owned’ networks. Further study revealed that Asia-Pacific may exhibit positive growth during the forecast period. Its countries; such as China, Japan, and South Korea hold decent shares.

Industry - Competitive Outlook

Key players are attempting to tap advanced & cost-effective head-up display techniques. The same would improve market performance. Heavy investments by prominent companies are made in the R&D sector. Some of these firms comprise Panasonic Corporation, 3M Co., LG Display Co. Ltd., Ad flow Networks, and Omni Vex Corporation.