Digital Signage Market Growth & Trends
The global digital signage market size is predicted to attain USD 45.94 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 8.0% over the forecast period owing to increasing demand from end-use industries, which prominently include retail and healthcare. The creation and distribution of content with digital signage are effective promotional strategies for the enterprises, as they can reach out to a larger audience base. This is anticipated to spur the adoption of digitized marketing via signage across the corporate and hospitality sectors. Digital displays equipped with 4K technology have high demand as they offer enhanced, sharp images for displays.
Thus, the demand for advertising content with better sharpness and enhanced quality is fueling the adoption of digital signage. Moreover, the incorporation of LED-backlit panels has led to additional energy savings at a considerable level. Thus, the reduction in energy consumption due to the adoption of advanced technologies, such as LED, is luring enterprises to opt for digital signage. The software providers are focusing on new entrants to the industry by providing design solutions that are compatible with the Android operating systems. The emergence of IoT, coupled with the increasing adoption of cloud computing, is expected to enable the collection of vital operational and marketing data.
Digital signage helps companies decrease their long-term operational costs by reducing the use of paper for advertising and frequent damages and changes that are associated with traditional marketing activities. Asia Pacific is estimated to be the fastest-growing regional market over the forecast period owing to factors, such as demand for a better viewing experience, the growing transportation sector, and decreasing prices of display panels. The North American region accounted for the largest revenue share in 2021 owing to the high demand for digital signage across various application sectors on account of technological advancements and the modern customer base.
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Digital Signage Market Report Highlights
LED digital signage dominated the global display market in 2022 and accounted for the largest market share, owing to the high-quality display offered by the LEDs.
Retail and Transportation dominated the market with 19.8% and 17.2% of the total revenue in 2022, respectively, and are projected to remain the highest revenue-generating segments over the forecasted period.
The healthcare sector has significant potential as hospitals have increasingly incorporated digital signage for numerous purposes such as sharing important registration information, display notifications, and conveying wellness tips for improving health of patients.
The transparent LED screen segment is anticipated to exhibit significant growth, owing to LED screens’ energy-efficient performance capabilities, and emerging touchscreen displays with multi-touch technology.
Interactive apps for kiosks and other digital signage products are projected to spur the growth of software segment.
The hardware segment, which includes 8K and 4K-UHD displays, is projected to dominate the component segment.
The out-store segment is anticipated to witness considerable growth over the forecast period owing to the surging demand for out-store applications.
Retail will attract the integration of interactive product recognition technology, which will allow the customers to scan the products themselves.
The Asia-Pacific region is likely to witness a robust growth rate over the forecast period, owing to factors such as demand for better viewing experience, growing transportation sector, and decreasing prices of display panels.
The North American region accounted for the largest market share in 2022, owing to the high demand of digital signage across various application sectors, on account of technological advancements and the modern customer base.
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