Digital Signage Market Key Segments Poised for Strong Growth in Future 2022

Posted by Ehtesham Peerzade on December 1st, 2020

Market Highlights

Digital signage is a type of electronic signage capable of displaying text, menus, digital images, and video over liquid crystal display (LCD), light-emitting diode (LED), and organic light-emitting diode (OLED). The global digital signage market size can inflate to USD 26.3 billion by 2022 by exhibiting a CAGR of 6% from 2016 to 2022 (forecast period).

The global digital signage market is predicted to expand at an ascending rate due to the demand for digitized promotion of products to attract audiences from selective demographics. Benefits of digital signage systems of cost-effectiveness, targeted content, and high audience engagement are likely to boost market growth.

Primary Drivers and Top Barriers

Digital signage systems are used for getting rid of frequent interoperability and compatibility issues between displays and media players. In addition, digital signage boards have now gained widespread use as arrival and departure boards that are called Flight Information Display Systems (FIDS).

The surge in public infrastructure, new commercial buildings and transport networks, especially in in developing countries is presenting the market with a host of growth opportunities. Digital signage enjoys robust demand in almost every mode of public transportation, which helps gain the attention of all the on-the-go viewers. These systems are used to give the real-time location along with the context awareness associated with traveler information as well as advertising. Besides, digital signage system has almost become a standard in several educational facilities, with corporate campuses as well as schools making extensive use of digital signage systems.

Furthermore, mounting brand awareness combined with the high perception among the worldwide companies regarding this technology is expected to induce market growth in the coming years. On the downside, digital signage boards, due to the fact they need a huge amount of electricity, can be expensive to maintain, which can negatively affect its sale in the years ahead.

Segmentation:

The worldwide digital signage market has been categorized into segments like products, technologies, components and applications.

Products mentioned in the report are Billboards, Kiosks, Menu Boards, Signboards, and others.

Technology-wise segregation of the market includes light emitting diodes (LEDs), liquid crystal display (LCDs), Front Projection as well as organic light emitting diodes (OLEDs).

Component-based segments include Software, Services along with Hardware.

With respect to the application, the market covers entertainment, Retail, Transportation, Banking, Education, Healthcare, Government, among others.

Regional Insight

North America is touted to dominate the global digital signage market till 2022 due to high demand from the retail sector and numerous suppliers. Rise in research and development by various product manufacturers coupled with supportive initiatives by governments for maintaining a steady flow of information

The Asia Pacific digital signage market is headed for massive growth due to developments in public infrastructure, retail, and transportation. Low labor and installation costs are the primary driver of the region. Rising investments by consumer electronic behemoths such as LG Electronics and Samsung in facilities can spur the market growth. Countries such as Singapore, Thailand, Malaysia, India, and Australia offer potential for the market to prosper within the region.

Top Market Vendors

A number of established vendors in the market are striving to expand their base by using advanced, yet cost-effective head-up display methods, which can also help them, perform better. Other than this, sizeable investments are being made by leading players in R&D activities. Some of the leading companies the market that are adopting such strategies include 3M Co., Panasonic Corporation, Ad flow Networks, Omni Vex Corporation and LG Display Co. Ltd., to mention a few.

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