Global Digital Signage Market Analysis By Type (Video Walls, Video Screen, Transparent LED Screen, Digital Poster, Kiosks, Others), By Component (Hardware, Software, Services), By Technology (LCD, LED, Projection), By Content (Broadcast, Non-Broadcast), By Screen Size (Below 32 Inches, 32 to 52 Inches, More than 52 Inches), By Location (In-store, Out-store), By Application (Retail, Hospitality, Entertainment, Stadiums & Playgrounds, Corporate, Banking, Healthcare, Education, Transportation) & Forecast
- PUBLISHED ON
- 4/24/2023
- NO OF PAGES
- 266
- CATEGORY
- Electronics & Communication
The global Digital Signage market was valued at USD 24.68 billion in 2022 and expected to grow at a CAGR of 8.6% during the forecast period. Digital signage refers to the use of digital displays to convey information or advertisements to a target audience. This technology has revolutionized the way companies, organizations, and institutions communicate with their customers, employees, and other stakeholders. Digital signage displays can vary in size, from small screens in retail stores to large-scale displays in stadiums and public spaces. They can also take various forms, including LCD and LED screens, projectors, and video walls. The content displayed on these screens can be customized to suit the needs of the audience, and it can range from text and images to videos and interactive content.
Report Scope
Report Attributes | Description |
Market Size in 2022 | USD 24,680 Million |
Market Forecast in 2033 | USD 35,190 Million |
CAGR % 2023-2033 | 8.6% |
Base Year | 2022 |
Historic Data | 2019-2021 |
Forecast Period | 2023-2033 |
Report USP | Production, Consumption, company share, company heatmap, company production capacity, growth factors and more |
Segments Covered | Type, component, technology, content, screen size, application |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | ADFLOW Networks, BrightSign, LLC, Cisco Systems, Inc., Intel Corp., KeyWest Technology, Inc., LG Electronics (LG Corp.), Microsoft Corp., NEC Display Solutions, Omnivex Corp., Panasonic Corp., SAMSUNG, Scala Digital Signage, Winmate Inc., Others |
Digital signage is used in various industries, including retail, healthcare, hospitality, transportation, and education. In the retail industry, digital signage is used to promote products and services, showcase promotions and sales, and provide information about the brand. In healthcare, digital signage is used to inform patients about health and safety guidelines, display waiting times, and provide directions. In transportation, digital signage is used to display schedules, arrival and departure times, and safety information.
One of the main benefits of digital signage is its flexibility and ease of use. Content can be updated and changed in real-time, allowing businesses to keep their audience informed and engaged with relevant and up-to-date information. Digital signage can also help businesses save on costs associated with traditional printed signage and advertising.
Overall, digital signage is an effective and powerful tool for businesses and organizations to communicate with their target audience and convey information in an engaging and interactive manner.
Covid-19 Impact:
The COVID-19 pandemic has had a significant impact on the digital signage industry. While digital signage has always been a valuable tool for communication, its importance has increased significantly during the pandemic due to the need for businesses and organizations to communicate safety information, social distancing guidelines, and other important updates to their customers and employees. Here are some of the ways in which COVID-19 has impacted the digital signage industry:
- Increased demand for digital signage: The pandemic has led to a significant increase in demand for digital signage solutions, particularly in industries such as healthcare, retail, and hospitality. Businesses have had to quickly adapt to the changing situation and use digital signage to communicate safety measures, new policies, and other important information to their customers and employees.
- Changes in content and messaging: With the pandemic, the content and messaging on digital signage has shifted to focus on safety guidelines, health and hygiene practices, and other COVID-19 related messaging. This has required businesses to create new content and update their messaging on a regular basis to keep up with the changing situation.
- Supply chain disruptions: The pandemic has led to supply chain disruptions and manufacturing delays, which has affected the availability of digital signage components and equipment. This has resulted in longer lead times and increased costs for businesses looking to implement or upgrade their digital signage solutions.
- Budget constraints: Many businesses have faced budget constraints and reduced revenues during the pandemic, which has made it challenging to invest in new digital signage solutions or upgrade existing ones.
- Shift to contactless technologies: The pandemic has accelerated the adoption of contactless technologies, such as touchless kiosks and digital signage displays. Businesses have had to invest in these technologies to minimize the risk of transmission and maintain social distancing.
Market Dynamics:
Drivers:
Increased engagement: Digital signage is an effective way to engage with audiences and capture their attention. The dynamic and interactive nature of digital displays allows businesses to create visually appealing content that can convey information in an engaging way.
Flexibility and customization: Digital signage offers businesses the flexibility to customize and change their content in real-time. This allows businesses to display targeted messaging to specific audiences, update content quickly, and respond to changes in the market or customer preferences.
Cost-effectiveness: Digital signage can be a cost-effective alternative to traditional print advertising and signage. Digital displays can be used to replace printed materials, reducing printing and distribution costs. Additionally, digital displays can be updated remotely, reducing the need for on-site maintenance and support.
Improved customer experience: Digital signage can enhance the customer experience by providing real-time information, promoting products and services, and reducing wait times. For example, digital displays in retail stores can provide product information, promotions, and pricing information to customers in real-time, leading to improved customer satisfaction.
Increased revenue: Digital signage can drive increased revenue by promoting products and services and influencing customer behavior. Studies have shown that digital signage can increase sales by up to 30% and improve brand recall by up to 84%.
Overall, digital signage provides a powerful tool for businesses to engage with their customers, improve the customer experience, and drive revenue. The flexibility, cost-effectiveness, and customization options offered by digital signage make it an increasingly attractive solution for businesses across various industries.
Restraints:
Cost: The initial cost of implementing digital signage can be high, particularly for small and medium-sized businesses. This includes the cost of purchasing hardware, software, and installation. Ongoing costs such as content creation and maintenance can also be a factor.
Complexity: Implementing digital signage can be complex, particularly for businesses that lack the technical expertise to set up and manage the system. This can lead to delays, additional costs, and frustration for businesses looking to implement digital signage.
Content creation: Digital signage requires regular content updates to remain engaging and effective. This can be a challenge for businesses that lack the resources or skills to create compelling content, leading to outdated or unengaging messaging.
Technical issues: Digital signage systems can be vulnerable to technical issues such as software glitches, connectivity issues, and hardware malfunctions. This can lead to downtime and delays in updating content or resolving technical issues.
Regulatory issues: Depending on the industry and location, there may be regulatory issues related to the use of digital signage, such as restrictions on placement or content. This can limit the use of digital signage in certain industries or locations.
Overall, while digital signage offers many benefits to businesses, there are several restraining factors that can limit its adoption and implementation. The cost, complexity, content creation, technical issues, and regulatory issues can all be factors that businesses need to consider when implementing digital signage.
Regional Analysis:
North America: The North American digital signage market is the largest in the world, accounting for the majority of global revenue. This can be attributed to the high adoption of digital signage in the region, particularly in the retail and hospitality sectors. The region is also home to several major digital signage companies, including Samsung, LG, and NEC.
Europe: The European digital signage market is the second-largest in the world, with significant growth potential. The region has seen increasing adoption of digital signage across various industries, including retail, healthcare, and transportation. The adoption of digital signage in the region is driven by the need for improved customer engagement and the desire to create immersive experiences.
Asia-Pacific: The Asia-Pacific digital signage market is the fastest-growing in the world, with increasing adoption across various countries, including China, Japan, and South Korea. The region has seen significant growth in the retail, transportation, and healthcare sectors, with a growing trend towards interactive and personalized displays.
Latin America: The Latin American digital signage market is growing rapidly, driven by increasing investment in infrastructure and the adoption of digital signage in the retail and hospitality sectors. The region has seen a shift towards interactive and mobile-friendly displays, with a focus on creating engaging customer experiences.
Middle East and Africa: The Middle East and Africa digital signage market is growing rapidly, driven by increasing investment in infrastructure and the adoption of digital signage in the retail, hospitality, and transportation sectors. The region has seen a trend towards large-format displays and the use of digital signage for wayfinding and information displays.
Overall, the digital signage market is growing rapidly across various regions, with increasing adoption across multiple industries. While North America and Europe currently dominate the global market, the Asia-Pacific and Latin America regions are seeing significant growth and present significant opportunities for businesses operating in the digital signage market.
Competitive Landscape:
The global Digital Signage market is highly competitive and fragmented with the presence of several players. These companies are constantly focusing on new product development, partnerships, collaborations, and mergers and acquisitions to maintain their market position and expand their geographical presence.
• ADFLOW Networks
• BrightSign, LLC
• Cisco Systems, Inc.
• Intel Corp.
• KeyWest Technology, Inc.
• LG Electronics (LG Corp.)
• Microsoft Corp.
• NEC Display Solutions
• Omnivex Corp.
• Panasonic Corp.
• SAMSUNG
• Scala Digital Signage
• Winmate Inc.
• Others
Segments
By Type
• Video Walls
• Video Screen
• Transparent LED Screen
• Digital Poster
• Kiosks
• Others
By Component
• Hardware
• Software
• Services
By Technology
• LCD
• LED
• Projection
By Content
• Broadcast
o News
o Weather
o Sports
o Others
• Non-Broadcast
By Screen Size
• Below 32 Inches
• 32 to 52 Inches
• More than 52 Inches
By Location
• In-store
• Out-store
By Application
• Retail
• Hospitality
• Entertainment
• Stadiums & Playgrounds
• Corporate
• Banking
• Healthcare
• Education
• Transportation
By Geography
• North America
o U.S.
o Canada
o Mexico
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
• Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
• Latin America
o Brazil
o Argentina
o Colombia
• MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt
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 Company Share Analysis by Product/Specification
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