Market Highlights
The application of digital signage boards in diverse locations such as transportation systems, public spaces, museums, and stadiums, among others, is expected to motivate the demand for the digital signage market in the approaching period. The increasing emphasis on audience engagement is expected to further reinforce the development of the digital signage industry in the approaching period.
The need to drive the band value across the entire selling process has led companies to strategize in a way that optimizes most mediums. Reports that deliver insights into the semiconductor and electronics industry has been presented by Market Research Future, which creates reports on industry verticals that judge the market progress and options for growth. An income level worth USD 26.3 Billion is foreseen to be achieved by the market with the aid of a 6 % CAGR.
High need for digital signage solutions in commercial and public sectors is expected to augur well for market growth over the forecast period. Moreover, the shift towards digital displays for information over traditional layouts such as newspapers will bolster the digital signage market growth. Development of signages embedded with gaze tracking technology which can assess and record consumer behavior by the presence of large crowds can heighten market demand.
Evolution of LED, OLED, and super AMOLED can improve the quality of Ads to be displayed providing space for manufacturers to market their product. Innovations by display engineers and researchers and changing distribution strategies can propel the market.
Lack of technical expertise in handling digital signage and high initial costs of procurement are factors which can hamper the market growth.
Detailed Regional Analysis
North America is touted to dominate the global digital signage market size till 2022 due to high demand from the retail sector and numerous suppliers. Rise in research and development by various product manufacturers coupled with supportive initiatives by governments for maintaining a steady flow of information
The Asia Pacific digital signage market is headed for massive growth due to developments in public infrastructure, retail, and transportation. Low labor and installation costs are the primary driver of the region. Rising investments by consumer electronic behemoths such as LG Electronics and Samsung in facilities can spur the market growth. Countries such as Singapore, Thailand, Malaysia, India, and Australia offer potential for the market to prosper within the region.
Segmentation:
The segmental investigation of the digital signage market globally is conducted out on the basis of the product type, component type, region, technology type, and application. On the basis of the product types, the market for digital signage is segmented into kiosks, billboards, and signboards. The technology type-based segmentation of the digital signage market comprises of LCD, LED, and OLED. Based on the component types, the digital signage market is segmented into service, hardware, and software. based on applications, the segmentation of the digital signage market comprises of transportation, education, retail, and government. The regions considered in the digital signage market are the Americas, Europe, the Asia Pacific, and the rest of the world.
Competitive Analysis
The enhancement of production resources is expected to create a favorable impetus for the advance of the market. The contenders in the market are crafting their strategy in a way that supports optimum profits and resource utilization. The development of more integrated supply channels is anticipated to provide an upper hand to the market contenders in the forthcoming period. The governmental bodies around the world are increasing their contribution to market development. The improvement in international trade is expected to further develop the development of the market in the coming years. The stabilization of export trends in the international market is expected to further encourage the market’s development in the coming period. The amplification in the number of investments is predicted to motivate the market considerably in the coming years. The presence of apt investments or funding is expected to motivate the progress of the global market in the forecast period.
The exceptional companies in the digital signage market are Samsung Corporation (South Korea), NEC Display Solutions Ltd (South Korea), Hewlett-Packard Company (U.S.), 3M Co. (U.S.), Bright Sign LLC (U.S.), Cisco System Inc. (U.S.), Panasonic Corporation (Japan), LG Display Co. Ltd. (South Korea), Ad flow Networks (Canada), and Omni Vex Corporation (Canada), among others.
Industry Updates:
Dec 2019 Psycho Bunny, a clothing brand for men's contemporary and golf attires, has included iGotcha Media's digital signage solution at more than a few of its stores across the US. The company chose iGotcha Media to run the content for displays alternating from 55-inch LG LCD displays toward 14 by 7.88-foot Absen LED displays.
