According to a new market research report published by Transparency Market Research the global digital signage market is expected to reach value of US$ 28,538.7 Mn by 2027, expanding at a CAGR of 5.5% from 2019 to 2027. Asia Pacific is likely to continue to lead the global market, with the market in the region expanding at a CAGR of 6.3% between 2019 and 2027.
Global Digital Signage Market: Scope of Report
The global digital signage market has been broadly segmented in terms of type, display technology, offering, application, and geography. Based on type, the market has been segregated into standalone digital signage, web-based digital signage, and IPTV-based digital signage. In terms of revenue, the standalone digital signage segment holds the maximum market share. It is anticipated to continue its position, expanding at the highest CAGR of 6.0% during the forecast period. In terms of display technology, the global digital signage market has been classified into OLED, LCD, HD projector, LED, and others. Among these, the LCD segment accounted for a major i.e. 31.10% share of the global market in 2018.
Based on offering, the global digital signage market has been divided into hardware (including display/monitor and media player), software (including audience analytics software and others), and services. The software segment is prominently expanding due to increasing number of cloud-based and audience analytics software being introduced in the market.
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In terms of application, the global digital signage market has been categorized into transportation, retail, hospitality, entertainment & sports, education, corporate, banking, and others. In 2018, the retail segment accounted for a prominent market share. The segment is estimated to expand at a significant CAGR of 6.3% during the forecast period, due to increase in advertisement across different manufacturing industries.
Based on region, the global digital signage market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe is anticipated to hold a leading share of the global market during the forecast period, followed by North America and Asia Pacific. This is primarily due to technological advancements in the region.
Furthermore, presence of a large number of manufacturers of display panels in North America has made it another prominent region of the global digital signage market. Moreover, the market in Asia Pacific is projected to expand at a significant CAGR of 6.3% during the forecast period. Innovative and rapidly expanding companies are driving the economies in Asia Pacific. The market in Middle East & Africa is estimated to witness moderate growth from 2019 to 2027. The market in South America is expected to witness sluggish growth during the forecast period.
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Global Digital Signage Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global digital signage market. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments. Key players operating in the global market are AdMobilize LLC, Advantec Co Ltd, BroadSign International, Cisco Systems Inc., LG Electronics, NEC Corporation, Omnivex Corporation, Panasonic Corporation, Quividi, RedFalcon, Samsung Electronics Co., Ltd, Sharp Corporation, and Sony Corporation. Companies are focusing on expanding their business through acquisitions and strategic partnerships.