Global Digital Signage Market - Segmented by Product (Kiosks, Menu Boards, Bill Boards), Type (LCD/LED Displays, OLED Displays, Projection Equipment), Application (Commercial, Industrial, Institutional), and Region - Growth, Trends, and Forecast (2018 - 2023)
The digital signage market is expected to grow at a CAGR of 7.51% over the forecast period (2018 - 2023).The scope of the report includes insights on the solutions offered by major players, including providers of hardware, professional services, and integration solutions. The regions included in this study are North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The study comprises insights on various end-user-based applications such as commercial, industrial, institutional, etc. It also emphasizes on signage products such as kiosks, bill boards, sign boards, etc.
Innovative Content and Real-time Information Sharing Possibility Creates Demand
The growth in transport networks, public infrastructure, and new commercial buildings, particularly in developing economies is creating more opportunities in this market. Digital signage is being used in and on all modes of public transportation to attract the attention of on-the-go viewers, providing real-time location and context awareness related to traveler information and advertising. Moreover, it is fast becoming a standard in many educational facilities, with schools and corporate campuses facilitating digital signage systems. Digital signage systems also benefit in eliminating the frequent compatibility and interoperability issues between media players and displays. Furthermore, digital signage boards are being extensively used as arrival and departure boards in airports known as Flight Information Display Systems (FIDS). Along with all these factors, enhancement of brand awareness and perception among the global leaders is expected to drive the growth of the market. However, digital signage boards require a high amount of electricity, indirectly affecting the maintenance costs. This could hinder the growth of the market.
Commercial Use for the Digital Signage is Experiencing Upward Demand in Emerging Economies
Digital signage offers significant benefits over the traditional signage systems. The information can be changed in real-time. Multiple types of information can be run on the same display. Companies use these signboards to get attention of passersby towards the products, whether in a busy market or a highway. In recent times, with device connectivity and AI support, advertising companies have been able to create innovative ideas to introduce new products in the market and educate customers. Recently, Coca Cola introduced a “drinkable” advertisement, on TV and billboards, etc., of sharing the drink digitally and being able to taste it, which got huge attention. Such benefits of creating a buzz among the potential customers makes it a favorable destination for end users and create a huge opportunity in the market.
Key Developments in the Market