Digital Signage Market Is Expected To Catalyze The Overall Industry Growth

 Digital Signage Industry Overview

The global digital signage market size is predicted to attain USD 45.33 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 7.7% over the forecast period owing to increasing demand from end-use industries, which prominently include retail and healthcare. The creation and distribution of content with digital signage are effective promotional strategies for the enterprises, as they can reach out to a larger audience base. This is anticipated to spur the adoption of digitized marketing via signage across the corporate and hospitality sectors. Digital displays equipped with 4K technology have high demand as they offer enhanced, sharp images for displays.

 

Thus, the demand for advertising content with better sharpness and enhanced quality is fueling the adoption of digital signage. Moreover, the incorporation of LED-backlit panels has led to additional energy savings at a considerable level. Thus, the reduction in energy consumption due to the adoption of advanced technologies, such as LED, is luring enterprises to opt for digital signage. The software providers are focusing on new entrants to the industry by providing design solutions that are compatible with the Android operating systems. The emergence of IoT, coupled with the increasing adoption of cloud computing, is expected to enable the collection of vital operational and marketing data.

 

Digital Signage Market Segmentation

Grand View Research has segmented the global digital signage market on the basis of type, component, technology, location, content category, screen size, application, and region:

Based on the Product Insights, the market is segmented into Video Walls, Video Screen, Transparent LED Screen, Digital Poster, Kiosks, and Others.

• The video walls segment accounted for the largest share of more than 27.0% of the global revenue in 2021. Video walls and screens have captured a major market share across shopping malls and other public places.
• The kiosks segment is estimated to account for the maximum revenue share by 2030 becoming the largest type segment in the global market. Kiosks are generally used to provide information and for advertising in institutes and retail verticals.
• The transparent LED screens segment is expected to be the fastest-growing type segment over the forecast period. Transparent LED screens are capable of offering a transparency level beyond 80% coupled with high resolution.

 

Based on the Component Insights, the market is segmented into Hardware, Software, and Service.

• The hardware components segment accounted for the largest revenue share of more than 57.0% in 2021 and is anticipated to maintain its position during the forecast period. Hardware components consist of displays, components required to manufacture a digital panel, banners, and so on.
• The services segment registers a comparatively lower demand owing to fewer maintenance and service issues occurring in the product. The services offered in the industry include integration & installation, maintenance, and consulting.
• 1080p, 4K, and 8K display, is expected to propel the demand for hardware components in the coming years. Advancement in 3D technology has developed glasses-free 3D displays. Such displays are used in the product.

 

Based on the Technology Insights, the market is segmented into LCD, LED, and Projection.

• The LED segment accounted for the largest revenue share of more than 46% in 2021. LCD technology is one of the most extensively adopted technologies in the advertisement & marketing industry.
• The ease of producing LCDs and their lower manufacturing costs are a few factors behind the significant adoption of LCD technology in digital posters. However, LEDs have successfully made a mark as a standard product with their high-quality display.

 

Based on the Location Insights, the market is segmented into In-store, and Out-store.

• The in-store location segment accounted for the largest market share of over 71% in 2021. The in-store locations include the deployment of digital posters within closed premises, such as malls, corporate offices, retail shops, banks, and healthcare centers.
• The demand from the out-store location segment is expected to exhibit the fastest CAGR over the forecast years. The demand at out-store locations is expected to rise owing to the growing transportation sector, especially in developing countries.

 

Based on the Content Category Insights, the market is segmented into Broadcast, and Non-Broadcast.

• The broadcast content category segment is expected to emerge as the fastest-growing segment over the forecast period. The broadcast content category is further segmented into news, weather, sports, and others.
• The sports sub-segment dominated the market in 2021. The increasing adoption of digital signage for displaying sports-related content across the stadiums and sports grounds during tournaments is driving the growth of this sub-segment.

 

Based on the Screen Size Insights, the market is segmented into Below 32 Inches, 32 to 52 Inches, and More than 52 Inches.

• The below 32 inches screen size segment accounted for the largest revenue share of more than 40.7% in 2021. The high share is attributed to the greater adoption of this type of signage in the retail sector.
• The market for 32 to 52 inches digital posters is anticipated to witness the fastest CAGR over the forecast period owing to the increasing demand from the healthcare, corporate, and retail sectors.
• The demand for posters sized more than 52 inches is also expected to grow notably on account of the significantly expanding transportation sector and flourishing advertisement industry.

 

Based on the Application Insights, the market is segmented into Retail, Hospitality, Entertainment, Stadiums & Playgrounds, Corporate, Banking, Healthcare, Education, and Transportation.

• The retail application segment accounted for the largest revenue share of more than 20.0% in 2021. The retail sector is the most prominent sector demanding digitized advertisements for marketing and promoting the products and services.
• The transportation segment is expected to register the fastest CAGR over the forecast period. The transportation sector includes the application of digitized promotions & posters at airports, railway stations, metro stations, and bus stands.

 

Digital Signage Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The introduction of innovative solutions is anticipated to propel the business in the coming years. For instance, Intel Corp. introduced Open Pluggable Specification (OPS), which has helped in standardizing the design of digitized marketing. In addition, Nippon Telegraph and Telephone (NTT) Corp., Japan, created digitized signs using aroma-emitting devices. The companies, through R&D efforts and continuous innovations, are also endeavoring to develop premium-quality and high-value products at an optimum cost to gain a competitive edge in the price-sensitive market.

 

Some prominent players in the global digital signage market include:

• ADFLOW Networks
• BrightSign, LLC
• Cisco Systems, Inc.
• Intel Corp.
• KeyWest Technology, Inc.
• LG Electronics (LG Corp.)
• Microsoft Corp.
• NEC Display Solutions
• Omnivex Corp.
• Panasonic Corp.
• SAMSUNG
• Scala Digital Signage
• Winmate Inc.

 

Order a free sample PDF of the Digital Signage Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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