"Growing demand for digitized advertising is anticipated to boost the deployment of digital signage"
The global digital signage market size was valued at USD 14,986.1 million in 2015 and is expected to reach USD 29,939.6 million. This is attributed to the rising demand of promoting products digitally which help enterprises to reach larger targeted audience in an effective manner.
The continuous evolution of new and innovative product such as home monitoring system and leak detector as well as complex financial product such as forex cards that require robust and informative marketing content is likely to drive demand. Furthermore, growing adoption of advanced products that require digital information guidance from a remote location is key driver which is anticipated to propel the industry growth over the next eight years.
Digital signage provides, required information to large audience using large displays in the location with concentrated target audience. It provides information in a digitized manner with motion and pictures that lures customer in more effective manner as against any traditional mediums of reaching consumers. Increasing awareness among consumers regarding the drawbacks of short-lived expensive print advertising is instigating companies to spend on digital signage which is expected to catalyse growth in next eight years.
The growing technological advancement in the display system with the evolution of LCD, OLED, Super AMOLED, and LED is bolstering the industry growth. However, issues related such as compatibility, networking, electrical interference, and connectivity are expected to pose challenge to industry growth.
"Growing use in corporate and hospitality advertising to market their content to the visitors"
The industry is expected to witness substantial growth owing to its growing usage in corporate and hospitality sector. It is used in retail sector primarily for advertising in shopping malls and other self-service stores, which accounted for over 40.0% share in 2015. The availability of content with large size along with growing need to display minute details primarily in corporate and healthcare sector are expected to boost the demand over the next eight years.
"LCD technology-based product to continue dominating the industry"
Liquid Crystal Display (LCD) technology based product dominated the industry and accounted for more than 45% share (in terms of revenue). Rising demand for emerging technologies including Ultra high definition (UHD), and LCD is anticipated to drive the market growth. The introduction of biometric technology in integration with digital signage has developed products such as gaze tracking and track heat paths. Gaze tracking, for an instance, primarily helps in locating the area where consumers spent the most time, thus helping the companies to track the consumer behavior for effective products marketing. Thus, growing use of the aforementioned technology is projected to bolster the demand over the forecast period.
Microsoft Corporation is one such player that incorporates the aforementioned biometric technology for recognizing and estimating time which the user interacts with the digital display.
In addition to this, additional dynamics including enhanced user experience, infrastructure development, and reduction in the prices of display panels are also anticipated to fuel the demand over the forecast period.
"Transparent LED screen to witness high growth"
Transparent LED screen provide transparency level of more than 80% with high resolution. They are energy efficient, thus reducing the user’s overhead cost, which is expected to be catapult product demand over the foreseeable future.
Video walls and screens are generally used for advertising purpose in shopping malls and other public places. Kiosks are generally used as an information terminal and for the advertising purpose in the education, transportation as well as retail sector.
"Proliferation of Full HD 4K, 8K Displays to catalyse market growth"
Growing number of innovative display such as Full HD, 4K and 8K display is expected to catapult digital signage hardware components demand over the forecast period. Advancement in 3D technology have developed glasses-free 3D displays, which is used in as a digital signage. For Instance, a graphics design agency, in the Netherlands, turned its focus to 3D holographic display cases. The agency is promoting them for use in everything from advertising in malls to use as showpieces at trade shows.
North America digital signage market, by application, 2014 - 2024 (USD Million)
"North America to dominate the industry"
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 product clubbed with rising demand for signage in the retail industry. Notably, UK, Germany, and the US are projected to exhibit considerable growth primarily due to rising R&D endeavors by the product manufacturers to enhance quality and increasing government initiatives to install digital signage at various offices for maintaining continuous information flow system.
Asia Pacific is anticipated to overtake Europe, in terms of market share, by 2024 mainly owing to the growing awareness regarding benefits of the digital signage. India, and China are anticipated to witness significant growth primarily due to the rising application in the retail stores, corporate offices, hospitals, and hotels. Increasing disposable income has surged the visitors in the malls and multiplex stores in the emerging countries of Asia Pacific. Enterprise are therefore leveraging this opportunity to promote their offering’s through large displays which helps them to attract targeted audience in a better manner. With increasing number of shopping malls and multiplexes, the adoption of digital signage in the hospitality industry is expected to continue over the forecast period.
"LG Electronics, Microsoft Corporation and NEC Displays Solution Ltd. are leading the market"
Key players in the market include Omnivex Corporation, Microsoft Corporation, Key West Technology, NEC Display Solutions Ltd, ADFLOW Networks, Polk Audio, BrightSign LLC, Scala Inc., Winmate Communication Inc., Samsung Electronics, Panasonic Corporation, and LG Electronics.
Introduction of innovative solutions is anticipated to drive the market growth during the forecast period. For instance, Intel Corp introduced open pluggable specification (OPS) that has helped in standardizing the design. Also, Nippon Telegraph and Telephone (NTT) Corporation, Japan created the technique of digital signs with aroma emitting devices. The companies through R&D efforts and continuous innovation are also endeavouring to develop premium quality and high-value products with the optimum cost to obtain edge in the price sensitive industry.
Avail customized purchase options to meet your research needs:
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
Speak to the report author to design an exclusive study to serve your research needs.
A testimonial for service excellence represented in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.