Fairfield Market Research
Digital Signage Market

Digital Signage Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Information & Communications Technology | Author Name: Mohit


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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

  • In 2020, NEC Display Solutions and BrightSign entered a partnership to deliver advanced digital signage solutions suitable for large format displays

  • In 2021, Sony Corporation introduced BZ30J, and BZ35J series of 4K HDR Bravia displays, thus expanding its product offerings. This solution supports mid to high end businesses by offering customised settings and rapid optimisation based on timely requirements

  • In 2021, LG Electronics, and VITEC signed a collaboration with which the enterprise customers can view multicast MPEG videos on smart digital signage displays

  • In 2021, Scala Enterprise Version 12.50 was launched by Scala. This flagship digital signage solution of the company has new feature enhancements including snapshot capabilities, workgroup management and collapsible and intuitive menu panels

The Global Digital Signage Market Is Segmented As Below:

By Offering

  • Hardware
  • Software
  • Content
  • Services

By Product Type

  • Standalone Display
  • Video Wall

By Display Size

  • Below 32 inch
  • Between 32 and 52 inches
  • Above 52 inch

By Application

  • Commercial
  • Institutional
  • Infrastructure
  • Industrial

By Installation Location

  • Indoor
  • Outdoor

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Digital Signage Market

  • Digital Signage Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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Disclaimer:

  • The segmentation/company profiles/countries depicted above may vary in the actual report.

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