Digital Signage Market to Value USD 29939.6 Million Till 2024 | Million Insights

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According to new report available with Million Insights, technological advancement and continuous innovation in display technology will help Digital signage market and its hardware components to grow. Growing demand for digitized advertising is anticipated to boost the deployment of digital signage. Growing use in corporate and hospitality advertising to market their content to the visitors

“Growing demand for digitized advertising is anticipated to boost the deployment of digital signage”

Digital Signage is a segment of signage. In 2015, the Digital Signage Market size was valued at USD 14986.1 million globally and it is predicted to reach USD 29939.6 million. There is rise in demand of promoting products digitally so organizations reach their targeted audience in an effective manner with help of Digital signage.

The advancement in technology has lead to use of various marketing channels. The products such as leak detector, forex cards and home monitoring system requires informative marketing, this can drive market in a forecasted period. It makes use of LED, LCD and projections in various functional areas for marketing and advertising. The innovation of advanced products which requires digital information guidance for alien locations can propel the industry growth.

Digital signage use large displays which provides information in digitized manner to targeted audience. It makes use of motion pictures, images, and videos which are far more effective than traditional approaches of reaching customers. The drawbacks and flaws in existing print advertising and increase of its awareness among consumers can drive Digital signage market in next eight years. The advancement is display system like OLED, LED, LCD, and super AMOLED will help this industry. The issues such as connectivity, networking and compatibility may act as hurdle in market growth.

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“Growing use in corporate and hospitality advertising to market their content to the visitors”

Corporate and hospitality are two key sectors to witness its growing use. Retail sector make use of digital signage mainly for advertising its products which contributed 40% share in 2015. Content with large size and increasing need to display every minute detail in healthcare and corporate sector is expected to boost demand. It can be use for brand building, providing public information, product information, and navigation.

“LCD technology-based product to continue dominating the industry”

There has been significant dominance in Liquid Crystal Display (LCD) technology based products which accounts 45% of share in terms of revenue. Market growth is anticipated by rising demand of technologies such as LCD and UHD. Gaze tracking can be used to track and locate areas where consumer spent their most time. It helps companies to analyze consumer behaviour and buying patterns for effective products marketing. The use of technology is predicted to boost the demand for industry.

Microsoft Corporation makes use of technology for analyzing and estimating time the user interacts with digital display. Infrastructure development and reduced cost of display panel will propel the growth over a given period.

“Transparent LED screen to witness high growth”

Transparent LED screen are energy efficient and are cheaper. This technology can be used in Digital signage market and its demand is expected to go up. It also provides about 80% of transparency level with high resolution.

Shopping malls and public areas make use of videos walls. The sector such as transportation, retail and education make use of information terminal for marketing purpose.

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“Proliferation of Full HD 4K, 8K Displays to catalyse market growth”

Technological advancement and continuous innovation in display technology will help Digital signage market and its hardware components to grow. Recent innovation such as 4K, 8K and HD Display are important factors taken into consideration. 3D displays have started to grab attention of Network operators and companies to reach their customers. Digital signage makes use of various hardware components such as screens, media players, content management server. Connectivity is an important factor to be considered here.

“North America to dominate the industry”

The global market owing to facts such as rising demands and growing number of suppliers of products will be dominated by North America and Europe. Economies such as US, Germany and UK will have a steady growth. Government support and R&D approach to improve quality in these countries will drive the market. They are looking forward to install digital signage at various places to provide continuous information flow.

By 2024, Asia pacific will overtake Europe in terms of market share by considering its benefits. Retail stores, hospitals, corporate offices and hotels will drive digital signage market in China and India. Rise in disposable income in emerging economies of Asia pacific will lead its use. Targeted audience can be attracted by different firms to increase their market share and to reach maximum number of customers.

“LG Electronics, Microsoft Corporation and NEC Displays Solution Ltd. are leading the market”

Key West Technology, ADFLOW Networks, Samsung Electronics, LG Electronics; Microsoft Corporation and Panasonic Corporation are major players in Industry.

Innovative and efficient solutions will help the growth of this industry. Example can be Open pluggable specification technology introduced by Intel Corporation. R&D departments of these major companies are continuously working for betterment of product that will help this industry by offering products at optimum cost.

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