Meticulous Research® – leading global market research company published a research report titled “Digital Signage Market by Product (Videowall, Kiosk, Menu boards & Billboards) Component (Hardware (LCD, LED & OLED)), Services), Application, Industry Vertical (Retail, Hospitality, Entertainment, Transportation, Healthcare) – Global Forecast to 2027”.
According to this latest publication from Meticulous Research®, the Digital Signage Market is expected to grow at a CAGR of 4.3% from 2020 to 2027 to reach $19.44 billion by 2027. The growth in this market is attributed to the factors such as increasing adoption of digital signage products in commercial vertical, rapid digitization in emerging countries, and growing technological advancements in display technology. Also, proliferation of smart cities offers significant opportunities for the players operating in the digital signage market. However, increasing trend of online advertisement obstructs the growth of this market to some extent.
The global digital signage market study presents historical market data in terms of value (2017 and 2018), current data (2019), and forecasts for 2027. The market is segmented on the basis of product type (video wall and standalone display (kiosk (interactive (self-service & vending) & non-interactive), menu boards (interactive & non-interactive) & billboards)) by component (hardware (display (LCD, LED & OLED), projectors & media players), software, services (installation, maintenance & support)), by application (indoor & outdoor), by industry vertical (retail, hospitality, entertainment, transportation, corporate, healthcare & others), and region. The study also evaluates industry competitors and analyses the market at a country level.
Based on product, the standalone display segment commanded largest share of the overall digital signage market in 2019. The large share of this segment is mainly attributed to growing transport networks, public infrastructure, and new commercial buildings particularly in developing economies along with the integration of interactive displays such as touch screens, movement detection, and active image capture devices.
Based on the component, the digital signage hardware segment commanded the largest share of the overall market in 2019. However, the advancements in digital signage software technology and increasing demand for better data analysis and content management will result in the software segment emerging as the fastest-growing segment during the forecast period.
Based on the application, the digital signage market is segmented into indoor digital signage and outdoor digital signage. Indoor applications accounted for the largest share of the overall market in 2019. However, the demand for outdoor signage is expected to grow with the fastest growth rate in the coming years, owing to its rapid adoption at street billboards, storefront windows, stadiums, transit, QSRs, shopping malls, and airports, among others. The outdoor digital displays also allows to deliver a unified brand identity and content messaging in outdoor environments. As demand accelerates for outdoor signage displays, the key players are helping to drive that growth by developing and delivering next-generation solutions that best meet customers’ needs. Superb viewability in challenging outdoor conditions, replaceable glass, smart platforms, easy installation, and reliability are some of the important areas companies are focusing on in outdoor segment.
Based on industry vertical, the retail segment accounted for the largest share of the overall digital signage market in 2019. The segment is predicted to maintain its market position over the forecast period and also exhibit growth at a considerable pace due to growing demand. Also, retailers are investing in smarter technologies and are increasingly focusing on upgrading their infrastructure to integrate digital signage solutions which is further expected to propel the growth of this market in the next few years.
Geographically, North America commanded the largest share of the global digital signage market in 2019. The large share of this region is primarily attributed to the presence of major digital signage manufacturing companies and their focus on developing advanced digital signage products; technological advancements; growing advertising sector; and growing retail and hospitality industry. Further, the growth in transportation networks, educational facilities, and commercial establishments is creating numerous opportunities for digital signage system vendors in this region.
The key players operating in the global digital signage market are LG Electronics, Inc. (South Korea), Samsung Electronics Co., Ltd. (South Korea), Shanghai Goodview Electronics Co., Ltd. (China), Intel Corporation (U.S.), Hewlett Packard Company (U.S), Cisco Systems, Inc. (U.S), NEC Corporation (Japan), Sony Corporation (Japan), Hitachi, Ltd. (Japan), Panasonic Corporation (Japan), Sharp Corporation (Japan), AU Optronics Corporation (Taiwan), Leyard Optoelectronics Co., Ltd. (U.S), Delta Electronics, Inc. (Taiwan), Barco NV (U.S), among others.
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