Digital Signage Market Size, Share & Trends Report

Digital Signage Market Size, Share & Trends Analysis Report By Screen Type, By Component, By Technology, By Location, By Content Category, By Screen Size, By Application, And Segment Forecasts, 2021 - 2028

  • Published Date: Apr, 2021
  • Base Year for Estimate: 2020
  • Report ID: 978-1-68038-157-3
  • Format: Electronic (PDF)
  • Historical Data: 2017 - 2019
  • Number of Pages: 215

Report Overview

The global digital signage market size was valued at USD 21.49 billion in 2020. It is expected to grow at a compound annual growth rate (CAGR) of 7.5% from 2021 to 2028. The market growth is accredited to the increasing demand for the digitized promotion of products and services to attract the attention of the target audience effectively. Furthermore, the demand for 4K digitized sign display with the embedded software and media player is rising as it offers customers an affordable Ultra HD digital signage solution, which is expected to drive the market further. The advent of innovative products, such as home monitoring systems and leak detector systems, along with complicated monetary products, such as forex cards that need informative and succinct advertisement content, is also estimated to boost the market growth.

U.S. digital signage market size, by screen type, 2017 - 2028 (USD Billion)

Moreover, there is a rising demand for advanced products that require digitized information management and guidance and can be accessed from remote locations. This is also among the key factors anticipated to boost the global market growth during the forecast period. With digitized display technology, information is provided in a digitized format that includes motion and pictures to promote a business more effectively than the traditional modes of reaching out to customers. Moreover, the integration of biometric technology with modern digitized signs has developed products, such as track heat paths and gaze tracking. Gaze tracking technology helps in locating the area, which is crowded with a greater number of consumers, thereby helping the companies to track consumer behavior for effective marketing. Thus, the growing use of the aforementioned technology is expected to strengthen the product demand in the coming years.

Rising consumer awareness regarding the drawbacks and complexity of traditional advertising, such as short-lived print marketing, is instigating digitized advertisement adoption. In addition, many display designers, researchers, and advertisement companies are spending more on the improvement of the product’s display technology. All these factors are expected to catalyze the overall industry growth. Furthermore, with the advancement in display technologies, the evolution of LCD, LED, UHD, OLED, and super AMOLED is further strengthening the industry growth.

These technologies have led to the enhancement of the quality of advertisement content, thus creating a favorable impact on the target audience. The adoption of such advanced technologies in display systems by digital poster providers is anticipated to boost the overall industry growth. However, factors, such as software and hardware compatibility, networking, electrical interface, and connectivity, are likely to hinder the market growth. Moreover, the complex taxations levied upon the erection of digitized signs and screens, coupled with the regulatory processes, such as licensing, are projected to limit the growth.

Screen Type Insights

The video walls segment accounted for the largest market share of over 27% in 2020 and is expected to retain the leading position during the forecast period. The video walls and kiosks segments gained a high share in 2020 followed by the video screens segment. Video walls and screens have captured a major market share across shopping malls and other public places. Kiosks are generally used to provide information and for advertising in institutes and retail verticals.

However, transparent LED screens are expected to emerge as the fastest-growing segment expanding over the forecast period. Transparent LED screens offer high resolution and a transparency level beyond 80%. Besides, they are adequately efficient in terms of energy, thus, reducing energy consumption and optimizing the overhead expenditure of users. All these factors are anticipated to catapult the demand for transparent LED screens over the coming years.

Component Insights

The hardware component segment accounted for the largest revenue share of 56.56% in 2020 and is anticipated to maintain its position during the forecast period. Hardware components consist of displays, components required to manufacture a digital panel, banners, and so on. Compared to software, the hardware requirement is huge, and thus, the segment accounts for a large share in the industry. Growing technological innovations, such as 1080p, 4K, and 8K display, are expected to propel the demand for hardware components, thereby supporting the segment growth. Advancement in 3D technology has developed glasses-free 3D displays. Furthermore, the graphics design agencies are shifting their focus to 3D holographic display cases. For example, HYPERVSN, a European provider of holographic technology is providing them for various applications ranging from advertising in malls to showpieces at trade shows.

The services segment registers a comparatively lower demand owing to fewer maintenance and service issues occurring in the product. The services offered in this industry include integration & installation, maintenance, and consulting. The installation of a digital display and internet connectivity are the major services involved here.

Application Insights

The retail sector accounted for the largest market share of 20.42% in 2020. Retail is the most prominent sector using digitized advertisements for marketing and promoting products and services. The competition among the retailers owing to the variety of product offerings in the industry has led to the growing awareness of effective marketing strategies. Thus, digital posters are widely used in the retail sector as digitized advertising is an effective way of marketing.

Transportation is expected to emerge as the fastest-growing segment over the forecast period. The transportation sector includes the application of digitized promotions & posters at airports, railway stations, metro stations, and bus stands. Besides, the digital display is also extensively used on the roads over cabs, public transport buses, and other vehicles that advertise products and services. Owing to the growing urbanization and rapid development of the transportation sector in emerging countries, the advertisement industry is expected to grow, ultimately boosting the product demand.

Location Insights

The in-store locations segment accounted for the largest revenue share of more than 72% in 2020. The high share is attributed to the increased product demand from retail stores since the retail sector is the most promising application segment in the global market. The segment is estimated to retain its dominant share exhibiting a considerable growth rate throughout the forecast period due to consistent demand. In-store locations include the deployment of digital posters within closed premises, such as malls, corporate offices, retail shops, banks, and healthcare centers.

However, the out-store location segment is expected to register the fastest CAGR over the forecast years. The product demand at out-store locations is expected to rise owing to the growing transportation sector in developing countries. Also, the rising demand for promoting products effectively and on a large scale along with new trends, such as introductory offers on products & services, and the increasing number of live concerts & shows are likely to boost the adoption in this segment.

Content Category Insights

The non-broadcast segment led the market in 2020 with the largest revenue share of over 57%. However, the broadcast content category is expected to emerge as the fastest-growing segment expanding at a CAGR of over 8% from 2021 to 2028. The broadcast content category is further segregated into the news, weather, sports, and others. The sports segment dominated the segment in 2020 and accounted for the highest market share. The increasing adoption of digital signage for displaying sports-related content across the stadium and sports ground during the tournaments is driving the segment growth.

The news categories are likely to account for a considerable share as well, followed by the sports content category. These segments are anticipated to witness significant growth in the forthcoming years owing to the rapidly increasing demand from corporate sectors where digital signage is used extensively for communication purposes. Also, the weather forecast is displayed majorly in external premises, such as roads and transport facilities along with offices. The market for weather content is projected to maintain its share and generate stable revenue.

Screen Size Insights

The below 32 inches display segment accounted for the largest revenue share of 40.89% in 2020. The high share is attributed to the greater adoption of this type of signage in the retail sector. Shop dimensions are one of the most important reasons for concern in retail shops. Due to the limitations of the area, the adoption of smaller-sized digital advertisements is greater. Thus, the segment accounted for a healthy market share and is anticipated to dominate the industry over the forecast period.

Owing to the necessity of enhanced and enlarged advertisement content to attract customers more effectively, the industry is changing considerably in terms of size specifications and demands. The market for 32 to 52 inches digital posters is anticipated to witness the fastest growth, owing to the increasing demand from the healthcare, corporate, and retail sectors. Furthermore, the demand for more than 52 inches posters is also expected to grow notably due to the significantly expanding transportation sector and flourishing advertisement industry. The increasing demand across out-store locations is fuelling the demand for above 52 inches displays.

Technology Insights

The LED segment accounted for the largest revenue share of over 45% in 2020 and will expand further at the fastest CAGR from 2021 to 2028. The LCD technology is also estimated to register significant growth in the years to come. LCD technology is one of the most extensively adopted technologies in the advertisement & marketing industry. The ease of producing LCDs and their lower manufacturing costs are a few factors behind the significant adoption of LCD technology in digital posters. However, LEDs have successfully made a mark as a standard product with their high-quality display. Manufacturers remain aspirant of the designing of flat-paneled, larger, brighter, and slimmer displays.

Global digital signage market share, by technology, 2020 (%)

LEDs are one of the achievements in display technology. Further advancements in LEDs have led to the evolution of OLED displays that are anticipated to propel the overall adoption of LEDs in displays. Superior picture quality offered by the OLED is predicted to be a prominent factor for the increasing demand. However, the production costs and complicated manufacturing process coupled with a shorter lifespan of LEDs could hamper the segment growth.

Regional Insights

North America emerged as the dominant regional market in 2020 with a revenue share exceeding 35%, followed by Europe. The high share is attributed to the presence of dedicated product suppliers along with the high demand for signage in the retail industry of the region. The U.K., Germany, and the U.S., in particular, are projected to exhibit considerable growth primarily due to rising R&D endeavors by the product manufacturers and increasing government initiatives to install digital signage at various offices for maintaining a continuous information flow system. Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period. The growth can be attributed to the growing awareness about the product benefits.

India and China are anticipated to witness significant growth primarily due to the rising scope of product application in 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. Enterprises are therefore leveraging this opportunity to promote their offerings through large displays, which helps them attract a targeted audience in a better manner. With the rising number of shopping malls and multiplexes, product adoption in the hospitality industry is expected to increase over the forecast period.

Key Companies & Market Share Insights

The introduction of innovative solutions is anticipated to propel the business in the coming years. For instance, Intel Corp. introduced Open Pluggable Specification (OPS) that has helped in standardizing the design of digitized marketing. In addition, Nippon Telegraph and Telephone (NTT) Corp., Japan, created digitized signs using aroma-emitting devices. The companies, through R&D efforts and continuous innovation, are also endeavoring to develop premium-quality and high-value products at an optimum cost to gain a competitive edge in the price-sensitive market. Some prominent players in the global digital signage market include:

  • 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

  • Winmate, Inc.

Digital Signage Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 23,033.2 million

Revenue forecast in 2028

USD 38,231.1 million

Growth rate

CAGR of 7.5% from 2021 to 2028

Base year for estimation

2020

Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments Covered

Screen type, component, technology, location, content category, screen size, application, region

Regional scope

North America; Europe; Asia Pacific; South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; U.K.; Germany; France; China; India; Japan; Brazil

Key companies profiled

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; Winmate, Inc.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028 For the purpose of this study, Grand View Research has segmented the global digital signage market report on the basis of screen type, component, technology, location, content category, screen size, application, and region:

  • Screen Type Outlook (Revenue, USD Million, 2017 - 2028)

    • Video Walls

    • Video Screens

    • Transparent LED Screens

    • Digital Posters

    • Kiosks

    • Others

  • Component Outlook (Revenue, USD Million, 2017 - 2028)

    • Hardware

    • Software

    • Services

  • Technology Outlook (Revenue, USD Million, 2017 - 2028)

    • LCD

    • LED

    • Projection

  • Location Outlook (Revenue, USD Million, 2017 - 2028)

    • In-store

    • Out-store

  • Content Category Outlook (Revenue, USD Million, 2017 - 2028)

    • Broadcast

      • News

      • Weather

      • Sports

      • Others

    • Non-Broadcast

  • Screen Size Outlook (Revenue, USD Million, 2017 - 2028)

    • Below 32 Inches

    • 32 to 52 Inches

    • More than 52 Inches

  • Application Outlook (Revenue, USD Million, 2017 - 2028)

    • Retail

    • Hospitality

    • Entertainment

    • Stadiums & Playgrounds

    • Corporate

    • Banking

    • Healthcare

    • Education

    • Transportation

  • Regional Outlook (Revenue, USD Million, 2017 - 2028)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • U.K.

      • Germany

      • France

    • Asia Pacific

      • China

      • Japan

      • India

    • South America

      • Brazil

    • Middle East & Africa

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