The digital signage market is expected to grow from USD 20.8 billion in 2019 to USD 29.6 billion by 2024, at a CAGR of 7.3% as per a report by MarketsandMarkets.
Increasing adoption of digital signage products in commercial vertical
The market for digital signage displays is growing owing to many digital signage being installed in commercial places such as retail stores, hospitality, and other public spaces for advertisement, product information, instructions, wayfinding, entertainment, and so on.
How increasing transition of traditional stores to smart stores in retail unravelling more opportunities in this market?
As consumers are demanding connected experiences to meet their changing shopping behaviors, retailers provide real-time insights as well as enhance business efficiency by connecting with customers by displaying most relevant content in the store with the help of digital signage.
Digital signage helps transform traditional bricks-and-mortar store into a smart store by delivering targeted promotions, relevant information, enhanced store environment, real-time store data, and other online data. Moreover, many traditional stores are transforming to smart stores to maintain existing customer base and attract new customers with the help of digital signage and smart signage, thereby creating significant opportunities for digital signage providers in the near future.
Why developing robust equipment suitable for harsh environmental conditions a key challenge?
Digital signage is used in indoor and outdoor applications. In outdoor applications, signage in the form of kiosks, billboards, and sign boards are used. Apart from rain, snow, dirt, and extreme temperature conditions affect the performance of the digital signage, which is turning out to be a major challenge for signage manufacturers to create a prototype for outdoor applications. These digital signage are required to withstand the harsh environment, which might degrade its functionality. Further, these displays should be designed with a protective coating to protect from physical damages, such as scratches, caused by using hard objects by customers to operate the touch panel on the screen.
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Moreover, the brightness of these screens should be more than the screens used in indoor applications. These screens should feature auto-brightness functionality for various lighting conditions so that it clearly readable and viewable, as well as tempered with security glass having AR and UV filters or coating to guarantee optimal protection against solar beams. Manufacturers of digital signage need to consider the design of displays with fully ruggedized casing to protect the display from accidental damage caused due to the rigor use made by the public. However, implementing such features raise the product and maintenance cost. Therefore, developing robust equipment, especially display, is considered a major challenge.
Increasing trends of online/broadcast advertisement
Increasing expenditure by leading retailers and product suppliers on online and broadcast advertisement would hinder the growth of the digital signage market in the future. The number of individuals using the Internet is growing rapidly and advertising companies are targeting more audiences via online promotions.
This high growth in online advertisement may eventually lead to less expenditure on physical and stationary advertisements, including digital signage, by the advertisement companies. Companies have to divide their expenditure on advertisement into online/broadcast and physical/ stationary advertisement type.
Please Explore Relevant Reports:
Display Market by Product (Smartphone, Wearables, Television, Automotive, Signage), Technology (LCD, OLED (Flexible, Foldable, Rigid), Direct-View LED, Micro-LED), Panel Size (Micro, Small & Medium, Large), Industry, and Geography – Global Forecast to 2024
Large Format Display Market by Offering, Display Type (Video Wall & Standalone), Technology (LED-Backlit LCD, Direct-View LED, OLED, E-Paper), Size, Brightness Level, Application (Indoor & Outdoor), Vertical, and Region – Global Forecast to 2023
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