Digital Signage Market Research Report: Information By Product Type (Kiosks, Billboards, Signboards, Menu Boards), By Component Type (Hardware, Software, Services), By Technology (LCD, LED, OLED, Front Projection), By Application (Outdoor, Indoor) By Vertical (Entertainment, Transportation Retail, Healthcare, Banking, Education, And Government) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America])—Forecast Till 2030

Digital Signage Market Overview

The global Digital Signage market is expected to witness substantial growth during the forecast period, primarily due to the increasing incorporation of gesture recognition in Digital Signage. As per MRFR, the Digital Signage market was valued at USD 21,367.1 million in 2020 and is expected to grow at a CAGR of 7.2% during the forecast period 2022–2030.

The study indicates that Digital Signage provides benefits such as no paper waste, audience engagement, overcoming spatial limitations, dynamic content control and cost-effectiveness, targeted content, and interactive Digital Signage. These numerous benefits boost the market. The study indicates that the increasing demand for Digital Signage in public & commercial sectors and its cost-effectiveness and assured return on investment is driving the Digital Signage market growth. The study indicates that the rise in demand for infrastructure for in-store Digital Signage for making brand value and growing digital technology. However, the lack of technical expertise and high initial cost and lack of standardization are the major factors that are hindering the growth of the Digital Signage market.

The global Digital Signage market has been broadly classified by component, product, technology, application, and vertical. By component, the global Digital Signage market has been segmented into hardware, software, and services. By product type, the global Digital Signage market has been segmented into billboards, kiosks, signboards, and menu boards. By technology, the global Digital Signage market is classified into LED, LCD, OLED, front projection, and others. By application, the global Digital Signage market is classified into outdoor and indoor. By vertical, the global Digital Signage market is classified into retail, entertainment, transportation, healthcare, education, banking, government, and others

Covid-19 Analysis

The current COVID-19 epidemic has had a negative impact on the display sector, with manufacturing activities being temporarily halted throughout key manufacturing centers, resulting in a significant output slowdown. People are becoming significantly more isolated because of increased restrictions on public meetings and travel. Due to supply chain delays and market demand instability, players in the Digital Signage business are also suffering from the effects of the COVID-19 epidemic. The ambiguity surrounding the length of the lockdown and supply chain interruptions has made it even more difficult for industry stakeholders to predict the displays and digital signs sector's return. During the COVID-19 epidemic, several companies used Digital Signage to aid in the fight against the coronavirus pandemic. NoviSign Digital Signage, for example, has released a Digital Signage hand sanitizer kiosk that has an auto-dispenser that may use gel, foam, or liquid sanitizer, as well as a 21.5-inch display that runs NoviSign's Digital Signage software.

Market Dynamics

The global Digital Signage market is expected to witness substantial growth during the forecast period, primarily due to the increasing demand from the e-commerce sector. Furthermore, many small and medium-size companies are looking to outsource their lead generation requirements, which is expected to create a growth opportunity for players in the global web scraping software market. However, the availability of free tools is expected to hamper the growth of the market.

Drivers

• INCREASING INCORPORATION OF GESTURE RECOGNITION

Digital Signage vendors offer a range of new ways for consumers to interact with the information provided by advertisement and entertainment companies. Various manufacturers have been working on developing display processors embedded with gesture recognition technology. Gesture recognition technology is expected to be one of the most widely used technology in Digital Signage interfaces. The automotive and transportation sectors are the main adopters of gesture recognition with Digital Signage. This technology is used by performing recognizable hand or finger gestures within an allotted space without touching a screen. Gesture recognition helps visualize the designs in 3D and can interact with the system using hand movement. Digital Signage enabled with gesture technology, and an invisible user interface could help change the way people interact with technology. One of the key benefits offered by invisible user interfaces or natural interfaces is that they limit the dominance of screens in front of the user's face. Furthermore, gesture-enabled Digital Signage is increasingly being used in the education industry to make learning more interactive and interesting. Thus, the increasing incorporation of gesture recognition in Digital Signage is expected to drive the growth of the global Digital Signage market during the study period.

RESTRAINT

• HIGH COSTS INVOLVED IN DIGITAL SIGNAGE SYSTEMS

As the urban density increases, so does traffic. To meet the challenges presented by heavy traffic and manage urbanization, a smarter approach is required. One of these approaches includes adopting Digital Signage systems. Smart Digital Signage systems provide a large amount of information for managing transportation issues. There are several types of Digital Signage displays available in the global market. However, each type of digital display has certain technical limitations. Although Digital Signage has several benefits, the advanced wayside and transfer station signboards systems constitute high prices. Advanced signage systems are usually extremely expensive, making it unfeasible to implement them on a large scale. Furthermore, the installation prices for the basic Digital Signage system are also usually very high. Apart from it, the underdeveloped countries and the countries with the lower economy cannot afford expensive Digital Signage boards, which have limited their adoption in these countries. Therefore, there is a need to develop advanced yet less expensive Digital Signage systems. Thus, the high costs involved in Digital Signage are expected to restrain the growth of the global Digital Signage market during the forecast period.

Market Segmentation

The global Digital Signage market has been segmented on the basis of product type, component type, technology, application, and vertical.

Based on product type, the global Digital Signage market is segmented into Kiosks, billboards, signboards, menu boards)

Based on component type, the global Digital Signage market is segmented into hardware, software, services)

Based on technology, the global Digital Signage market is segmented into LCD, LED, OLED, Front Projection)

Based on application, the global Digital Signage market is segmented into outdoor, indoor

Based on vertical, the global Digital Signage market is segmented into entertainment, transportation retail, healthcare, Banking, education, and government).

Regional Analysis

The global Digital Signage market, by region is divided into North America, South America, the Middle East & Africa, Europe, and Asia-Pacific. The market is led by North America, which occupied a 31.93% market share in 2020. increasing investments by key market players such as Sony, Panasonic, Intel, and Samsung are the factors which expected to drive the market in North America in the coming years. North America is followed by Europe, which occupied around 25.98% market share in 2020. Asia-Pacific is the fastest-growing market with the highest CAGR of 9.3% during the forecast period.

GLOBAL: DIGITAL SIGNAGE MARKET, BY REGION, 2020 (% SHARE)Source: Industry Expert, Secondary Research, and MRFR Analysis

Competitive Landscape

The growth of these vendors depends upon the market conditions, government support, and industry development. Therefore, it becomes necessary for the vendors to provide cost-effective components and value-added services to their customers to maintain their market position and gain a competitive advantage. There are several domestic, regional, and global players operating in the Digital Signage market who continuously strive to gain a significant share of the overall market.

Key Players

• NEC Corporation


• LG Electronics


• Samsung Electronics


• HP Inc


• Sharp Corporation

These players focus on innovation and thus, invest in research & development to present a cost-effective product portfolio. There have been recent mergers and acquisitions among the key players, a strategy the business entities leverage to strengthen their reach to the customers.

Recent Developments

• In March 2021, Sharp NEC Display Solutions has announced the launch of its new MultiSync Message Series, which includes displays from the ME, M, and MA Series. The new portfolio offers an ultra-high definition and commercially focused display lineup optimized for Digital Signage applications, as well as modular expandability to give different customers the solutions they require to make an impact.


• In August 2021, Panasonic unveiled its Complete Digital Signage Solution ecosystem, which includes customized products, software, and services. According to the company, the solution simplifies setup and maintenance and adds flexibility to workflows by allowing users to control content locally or remotely. Panasonic's new lineup is aimed at the House of Worship (HOW), Education, Corporate, and Retail markets.


• In January 2021, Sony Corporation launched premium direct view LED professional displays, modular Crystal LED C-Series and B-Series for applications in corporate showrooms, lobbies, and production houses.

Report Overview

This study estimates revenue growth at global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2018 to 2030. For this analysis, MRFR segmented the global Digital Signage market has been segmented based on product type, component type, technology, application, and vertical.

By Product Type

• Kiosks


• Billboards


• Signboards


• Menu Boards

By Component Type

• Hardware


• Software


• Services

By Technology

• LCD


• LED


• OLED


• Front Projection

By Application

• Outdoor


• Indoor

By Vertical

• Entertainment


• Transportation


• Retail


• Healthcare


• Banking


• Education


• Government