Digital Signage Market Analysis By Technology (LED, LCD, Front Projection), By Application (Transportation, Retail, Corporate, Banking, Healthcare, Education) And Segment Forecasts To 2020

Published: November 2014 | Report Code: 978-1-68038-157-3 | Report Format: Electronic (PDF)

Industry Insights

The global digital signage market size was reported at USD 13.25 billion in 2013. Rising need for advertising new product and growing consumer awareness regarding various marketing strategies to promote their portfolio is expected to propel growth over the forecast period.

The continuous evolution of new applications that require robust marketing content is likely to drive demand. Furthermore, growing adoption of technologically advanced products that require digital information guidance from a remote location is key drivers anticipated to propel the industry growth over the next six years.

Digital signage is a method of electronic display for the purpose of advertising, broadcasting television programs, and flowing information related to new products or anything. It is primarily used across public environments including retail stores, hospitals, shopping malls, hotels, corporate buildings and restaurants. It is comprised of real world interface technology with human interface system having gesture recognition, image capturing and touch screen panels for fetching required information.

Digital signage helps in catering to a larger audience with the required information at a broader level by using large displays. It enables the people to gather instant information collectively without any costs or any physical hindrances, thus helping them to take spontaneous discussion. The factors mentioned above have allowed the market to anticipate considerable growth over the next six years. Increasing awareness among consumers regarding the drawbacks of print advertising such as expensive, short-lived, susceptible to damage and low penetration enables the industry to act as the substitute and thus anticipation of considerable growth over the forecast period.

Growing demand from end user industries for information flow, easy accessibility of resources, and optimization of several processes also enables the market to expect significant growth over the next six years. Furthermore, the growing technological advancement in the display system such as the advent of LCD, OLED, Super AMOLED, and LED is likely to bolster market growth over the forecast period. However, the rising software glitches such as non-compatibility issues, networking issues, electrical interference, and connectivity issues are few challenges in the sector which are expected to hinder growth going forward till 2020.

North America digital signage market share, by application, 2012 – 2020 (USD Million)

North America digital signage market

Application Insights

The market is expected to witness substantial growth owing to increasing use in corporate and healthcare advertising spending. Healthcare application is projected to witness the fastest growth, growing at a CAGR of over 8.0% from 2014 to 2020. Retail dominated the market share for digital signage, which accounted for over 40.0% share in 2013. This trend is expected to continue over the forecast period owing to rising adoption of cloud computing technology and growing dependence on internet usage.

The increasing application of digital signage having a 50-inch display with 4K technology, increasing demand from healthcare and retail industry, and increasing the availability of vast content distribution are expected to boost the sector demand over the next six years.

Technology Insights

Rising demand for emerging technologies including LED, Ultra high definition (UHD), and LCD is anticipated to drive the market growth over the next six years. The introduction of biometric technology in integration with digital signage such as gaze tracking and track heat paths is also projected to bolster the market demand over the forecast period. Gaze tracking, for an instance, primarily helps in locating the area where consumers spent the most time, thus helping the companies to understand the consumer behavior for effective marketing of the products.

Microsoft is one of the players that incorporate the aforementioned biometric technology for the purpose of recognizing and finding the time where the user interacts with the digital display. In addition, dynamics that include enhanced user experience, infrastructure development, and reduction in the prices of display panels are also anticipated to fuel the sector demand over the next six years.

Regional Insights

North America and Europe, together, are likely to dominate the global market over the forecast period owing to the growing presence of dedicated suppliers of digital signage and rising demand from end-user industries. Notably, UK, Germany, Italy, France and the US are projected to account for highest growth in the region primarily due to rising R&D endeavors by digital signage manufacturers to enhance quality and increasing government initiatives to install digital signage technology at various offices for maintaining continuous information flow system.

Asia Pacific is anticipated to account the fastest growth and second largest market share by 2024 mainly owing to the growing awareness regarding benefits of digital signage and increasing technological advancements. India, China, Japan, and Singapore are anticipated to account significant market share primarily due to the rising application in the retail stores, corporate offices, hospitals, and hotels.

The Middle East & Africa will witness significant growth by 2020 mainly owing to increasing urbanization, globalization, and industrialization. The market has tremendous potential in this region primarily owing to growing economic development, and rising purchasing power parity.

Competitive Insights

Key players in the market include Omnivex Corporation, Microsoft Corporation Intel Corporation, Key West Technology, Cisco System Inc., NEC Display Solutions Ltd, ADFLOW Networks, Polk Audio, BrightSign LLC, Scala Inc., Winmate Communication Inc., Samsung Electronics, Panasonic Corporation, and LG Electronics.

The market will grow at a rapid pace due to continuous innovations and technological proliferation by companies. For instance, Intel Corp introduced open pluggable specification (OPS) that has helped in standardizing the design of digital signage devices. Also, NTT, Japan created the technique of digital signs with aroma emitting devices.

The companies through R&D efforts and continuous innovation are also endeavoring to develop premium quality products and high-value products with the optimum cost for price sensitive industry. The efforts mentioned above by the companies have enabled them to anticipate significant growth over the forecast period.

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