Digital Signage Market: Snapshot
Digital technologies have touched every worldwide sector. Of them, products from the digital signage market have emerged as a powerful tool with information-sharing capabilities. Digital signage is an electronic display platform useful in building brand awareness as well as advertising of a wide range of products. There is consistent growth in use of these digital tools in exhibitions and marketing events. This technology adoption is pushing the growth of the global digital signage market.
Many companies today have moved their focus on using digital technologies. The main motive of these efforts is to connect with their customer base. Making the use of digital signage, they are able to share key information about their new products or services easily. As a result, there is rising demand for digital signage from across many sectors. This indicates the growth opportunities for global digital signage market. Standalone digital signage, IPTV-based digital signage, and web-based digital signages are some of the options from which companies can select as per their need.
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There are numerous industries such as transportation, retail, hospitality, education, sports, banking, and entertainment where digital signage finds application. This signifies a wider range of opportunities for players in the global signage market to expand their businesses. Besides, growing demand for anonymous viewer analytics (AVA) technology, interactivity, and superior-performance OLED is projected to drive the growth of the global digital signage market. Increased requirement of digital fabric graphics and new configurations and large-format displays is expected to create lucrative avenues for digital signage market during upcoming period.
In recent period, integration of digital signage and biometric technology has gathered the traction among many businesses. Using this integration, many companies have developed products that help to track heat paths and gaze tracking. Of them, gaze tracking technology is useful in locating the crowded area that signifies a larger number of consumers. This factor is helping many vendors in tracking consumer behavior, which works as an efficient marketing tool. This signifies increased inclination toward use of abovementioned technology in the upcoming period. As a result, the digital signage market is projected to witness increased growth avenues.
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Global Digital Signage Market – Snapshot
Digital signage is dynamic electronic signage used to display multimedia content to engage viewers. Modern digital signage comprises a controller that uses a digital connection to deliver a crisp output signal to a digital display such as a plasma screen or LCD panel. This signage also comprises a playback device that uses a digital storage medium such as a hard drive to store digital content locally, ensuring smooth playback. In several cases, the device can be remotely controlled over the Internet to facilitate content updates, schedule changes, and compliance reporting. The global digital signage market is expected to expand at a CAGR of 5.5% between 2019 and 2027 and reach value of US$ 28,538.7 Mn by 2027.
The commercial sector across the world has undergone significant transformation over the last few years, owing to rapid technological advancements and digitization. Therefore, currently, well-established players as well as recent market entrants are investing in product innovation, brand strengthening, and customer retention and management, leading to increased competition among them. As a result, all these companies are investing to enhance the appearance of their products and services by promoting them through online marketing, exhibitions, and personalized display installations in their campuses for indoor and outdoor advertising. Amongst all, growth of digital signage has been the most significant. It has grown from a simple advertising medium to an effective retail engagement strategy. Thus, rapid technological advancements and digitization in the commercial sector are driving the digital signage market.
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However, increasing adoption of smartphones and affordable Internet packages has led to drastic rise in surfing through mobile phones over the last few years. This has encouraged small and large businesses, which were strategizing omni-channel marketing, to increase sales through online advertising. According to the World Federation of Advertisers, leading advertisers in the world increased their online advertising investments in 2018, with 50% of them anticipated to raise their spending to around 20% year-on-year in the near future. Furthermore, digital signage is expensive than online advertising. In spite of this, in the long term, digital signage is expected to be largely preferred in sectors including retail, sports & entertainment, and commercial, owing to flexibility, cross-integration platform, better performance, and interactivity offered by it. Thus, the impact of this restraint is expected to be medium in the short term and low in the mid and long terms. Furthermore, increasing demand for interactivity, anonymous viewer analytics (AVA) technology, digital fabric graphics and new configurations, superior-performance OLED, and large-format displays is likely to create lucrative opportunities for the global digital signage market during the forecast period.
Key players operating in the global digital signage market and profiled in this report are Panasonic Corporation, Samsung Electronics Co., Ltd., Sony Corporation, Sharp Corporation, Advantec Co Ltd, BroadSign International, Cisco Systems Inc., LG Electronics, NEC Corporation, Omnivex Corporation, AdMobilize LLC., RedFalcon, and Quividi SARL.
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