Global digital signage market is anticipated to amass around US $34.9 billion by the year 2026, showing a 15.8 percent CAGR, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
Digital signages are widely adopted across a plethora of industries, owing to the cost effectiveness and the convenience of content sharing offered by them. The data on digital signages can be shared on different screens, installed at different places, at the same time, thereby reducing the time and cost incurred along with providing enhanced control over the data that is displayed. Hence, the aforementioned factors are poised to offer lucrative growth opportunities to the global digital signage market over the coming years.
The latest study reveals that displays play a significant role in the entire digital signage market. Display technologies including LED, LCD, and projection are used extensively. The market for LCD is flourishing currently, yet, the market for LED display is more likely to strengthen its foothold during the predicted period, on account of the higher flexibility, clarity, and brightness provided by the LED screens. A wide variety of digital signages are nowadays being deployed in the market, that include video walls, transparent LED screens, video screens, kiosks, and digital posters. Despite the market for video screens being high currently, the video walls market is expected to flourish, given the growing usage of the video walls in various industry verticals. On the other hand, kiosks are also being extensively employed in a large number of educational institutes, malls, offices, etc. for the purpose of self -help, and are likely to garner hefty proceeds in the market during the projected timeline.
Based on the component type spectrum, the worldwide digital signage market is fragmented into software, hardware, and services. One of the most vital components for digital signage is the hardware, as it is used for displaying information. The hardware is expensive, and comprises connectivity hardware, screens, and sensors. However, software helps in uploading and displaying the content on the screens, and aids screens in connecting with the central servers. The service segment majorly involves the installation and maintenance of the hardware and software equipment. Market analysts speculate that the hardware market, followed by the software and services segments, would witness significant growth over the projected period.
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The worldwide digital signage market is regionally bifurcated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. The various end-users of the digital signages include the banking, education, corporate, retail, healthcare, hospitality, transportation, government, and other sectors. As per the findings of the report, the retail sector is the biggest adopter of the digital signage technology, followed by the banking, government, transportation, and hospitality industries. Increasing adoption by the retail industry is credited to the burgeoning requirement of retail stores to endorse their products, offerings, and services in a more creative fashion, in a bid to lure more customers.
The report further cites that the transportation sector is also implementing computerized advertising at railway stations, airplane terminals, transport stands, and metro platforms. Moreover, the digital screens are used on the streets, taxis, public transport systems, and terminals for information sharing and advertising. The global digital signage market is thus getting a push due to increased application in different business verticals, cites the report.
Well-known companies participating in the worldwide digital signage market include Panasonic Corporation, LG Electronics, Omnivex Corporation, Microsoft Corporation, Brightsign LLC, Scala Inc., Intel Corporation, Adflow Networks Inc., Samsung Electronics, and Cisco Systems Inc.