Worldwide demand for digital signage accounted for nearly US$19 Bn in the year 2021. Preliminary research and estimations of Fairfield point to a healthy growth outlook for the market over the upcoming years.
Growing Penetration Across Retail Uplifts Growth Prospects of Digital Signage Market
Several retail businesses are leveraging digital signage to provide enhanced shopping experience to their customers. They have been investing in digitalisation to improve customer experience and help them in their journey. Moreover, with the use of digital signage solutions, retailers can offer a personalised touch by providing customised offerings and theme based digitally improved expedience in stores. By using these solutions, not only retailers but businesses operating in other industries are able to provide continuous flow of critical information, messages and updates regarding products and services thus influencing customer buying decision. That said, gaining customer visibility, acquisition of new customers and retaining of existing clientele is possible using such digitised solutions, which continues to critically influence the growth of the digital signage market.
Cloud-based Signage to Significantly Ramp up in Digital Signage Market
Cloud technology has been evolving transforming every sector ensuring business connectivity. Several companies are leveraging cloud platform to deploy their digital signage solutions by adopting web based software to display information and messages. Moreover, owing to higher flexibility, cloud has been a viable option for digital signage providers as their clients can access these solutions remotely thus saving time and costs. In addition, cloud based digital signage solutions are easier to deploy and are more scalable as compared to on-premises digital signage solutions. Their high scalability quotient makes them a viable option especially for applications that include content which needs to be controlled at several locations. Furthermore, benefits associated with cloud-based digital signage such as lower infrastructure costs, higher safety, and overall reduction in the TCO (total cost of ownership). These aspects have fuelled the use of cloud in the digital signage space, thus complementing the growth of digital signage market.
Video Walls to Gain Strong Ground in Digital Signage Market
The adoption of video walls is expected to increase at a significant pace largely contributing towards the valuation of the digital signage market. Technological advancements have provided an impetus to this solution as companies rely on advertising of their products through this digital signage solution. Besides LED video walls, the video walls are available in OLED, and LCD, which further ensure optimum clarity, high definition and thus effective promotion of products or services. In addition, video walls are eye catching and prominent as they can draw customer attention even in highly crowded areas, traffic areas, and malls. Owing to their aesthetics, they keep customer engaged, which increases the chances of gaining new clientele. These aspects are expected to drive the demand for video walls, thus influencing the growth of the digital signage market.
Asian Countries to Prevail as an Opportunistic Cash Cow in Digital Signage Market
Developing economies in Asia Pacific are likely to reflect high adoption of digital signage solutions. This can be attributed towards stable economic growth coupled with increasing industrialisation, and urbanisation. In addition, the region has prevailed as a manufacturing hub for several companies on the back of favourable business environment, cheap availability of land and labour and huge customer pool owing to increasing population rate. Furthermore, companies and stakeholders are inclined towards adoption of digitalisation solutions to promote their products and services. This has resulted in a decline in the use of traditional billboards and a shift towards digital products such as digital signage solutions.
Furthermore, digital signage has a crucial role in influencing individual purchase decision, which is being leveraged by entities such as institutions, public transport, retail stores, commercial businesses, and other government bodies. Other family owned businesses such as jewellery, restaurants and hotels are also adopting digital signage solutions to promote their products and services by ensuring right promotion to their respective audiences. This factor coupled with growing jewellery industry in the region is expected to augment growth of the digital signage market in Asia Pacific. For instance, according to India Brand Equity Foundation (IBEF), gold and diamond business in India contributed approximately 7.5% to the country’s GDP and is expected to further grow. Moreover, India stands on the forefront with regards to export of polished and cut diamonds and second in silver jewellery, gold jewellery, and lab-grown diamonds. In addition, investments in this sector have grown considerable providing ample opportunities for jewellery businesses in India. This factor is directly to the use of digital signage solutions as these businesses heavily rely on these digitised platforms to market their products and reach new clientele. This factor remains instrumental in driving growth of the digital signage market in Asia Pacific.
Digital Signage Market: Competitive Scenario
New product launches, collaborations and portfolio expansions have been witnessed in the digital signage market as companies strive to gain competitive edge. A few of the major players operating in global digital signage market include NEC Display Solutions Co. Ltd., Sony Corporation, Samsung Electronics Co. Ltd., LG Display Co. Ltd., Panasonic Corporation, Scala, Omnivex Corporation, E Ink Holdings Inc., Daktronics, Deepsky Corporation Ltd., Leyard Optoelectronic Co. Ltd., and Exceptional 3D.
Recent Notable Developments
The Global Digital Signage Market Is Segmented As Below:
By Product Type
By Display Size
By Installation Location
Key Elements Included In The Study: Global Digital Signage Market
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