The retail industry is witnessing structural changes along with the adoption of refined strategies that will have a direct impact on the demand for signages. Highly fragmented market and increasing competition for offline stores from e-commerce businesses have resulted in changes in the conventional retail. As per a study by Future Market Insights (FMI), this will create attractive scope for the expansion of the signage market between 2021 and 2031.
Signage for retail stores can be made in different sizes and forms based on location of installation and intent of the business, but they all have the same purpose to attract customers and increase the awareness about the brand. Signage design plays a vital part in increasing the sales of the business. Signage design is the first brand impression that many customers remember about a brand. A good signage communicates products and services of company and what can a customer can expect from the company.
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For instance, McDonald’s emphasis on signage presentation at every location of theirs helps in enhancing their brand value in the minds of the customers. The company makes sure that it installs signage to reinforce branding at every new location.
There also is high focus on outdoor signages as businesses seek to read a wider audience. As per FMI, outdoor signages will account for over 60% of sales in the market in terms of products available. Meanwhile, rising demand from supermarkets and hypermarkets will continue supporting growth.
Key Takeaways of Signage Market Study
- Rising at 6.4% CAGR between 2021 and 2031, signage market will grow in response to expansion of the retail sector
- Presence of a high number of supermarkets and hypermarket makes the U.S. dominant. It is expected to account for over 85% of sales in North America
- Focus on outdoor digital advertising will drive the U.K. market at 2% y-o-y growth in 2021
- Expansion of the retail sector will position India as a key market for signage sales within South Asia
- China’s bustling retail sector will catapult it as a chief signage market within East Asia
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“Marketers are keenly focusing on investing on advertisement to grab customers’ attention which is a challenging task. Digital signage have the potential to overcome the challenges associated with conventional advertising. A major trend observed recently is replacement of conventional signage with digital signage at multiple locations.” says an FMI analyst.
Cost Effectiveness of Signage Creating Lucrative Opportunity
Companies need to assure that their marketing investment is being used wisely and no business would be interested in wasting the money on a signage that would not help in increasing the footfall. Businesses need to clearly know the intent of what they want to achieve by signage advertising.
A signage helps the businesses to grow in the long term when compared to other marketing efforts, for instance, an ad in the newspaper. This serves or caters to achieve the short term marketing goal of the business. However, signage can help the business build their brand. With the integration of technology, brands can use digital signage which can be changed with minimum efforts every time the business wants to revise its marketing strategy.
Signage are cost effective marketing solutions, even though the initial cost might be high it’s worth to invest in a quality product which can reap benefits for a longer duration by minimizing maintenance costs. Moreover, there is no specific time for the signage marketing to work as it reaches out to anyone who passes by the signage at any point of the day or night.
Impact of COVID-19 on Signage Market
Pre COVID-19 witnessed an accelerated growth owing to digital innovations in outdoor advertising. Post the pandemic companies have taken their steps back and scaled their investments on advertising. Companies were concerned about buying outdoor spaces as the world was hit with lockdowns resulting in few people stepping out of their homes. Coronavirus has led to an immediate decline in advertising spending by businesses. Multiple media agencies and businesses have paused their spending on advertisement owing to economic slowdown heat faced by numerous brands. In an optimistic scenario, governments of various nations have emerged as advertising buyers to promote health and safety messages associated with the COVID-19.
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Who is Winning?
FASTSIGNS International. Inc., Signarama, Walton Signage Corporation, R.R. Donnelley & Sons Company, Impact Signs Inc., Back Bay Sign Company, Pearce Signs Group, Sovereign Signs (Strata Holdings Limited), HNS Signs Ltd, Allsigns International Ltd, Harrisons Signs Limited, Benson Signs Ltd., Lavastar Signs Ltd, National Signs Ltd, Signs Express Ltd, Dlinexsign Ltd and One Digital Signage Ltd. are prominent players in the signage market. The signage market is highly fragmented and the Tier 1 players in the market hold 15–20% share in the global signage market.
Signage Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global signage market, analysing historical demand from 2014-2020 and forecast statistics for 2021-2031. The study reveals growth projections on the signage market on the basis of product type (in-store signage (promotional signage and directional signage) and outdoor signage (promotional signage and directional signage), end use (supermarkets & hypermarkets, stores, schools & offices, industrial sectors, entertainment, and others) and across seven regions.
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