The global digital signage is anticipated to grow at a CAGR of 10.2% during the forecast period. Signage is the design or a set of signs and symbols used for marketing. Digital signage is also known as electronic signage. Digital signs involve technologies such as LED, LCD, and projection to display content such as videos, information, digital images, and streaming media. Digital signage is extensively used in restaurants, exhibitions, public spaces, transportation systems, retail stores, museums, stadiums, retail stores, hotels, and others to provide way-finding, marketing, and outdoor advertising. Digital signage offers various benefits such as interactive digital signage, overcoming spatial limitations, no paper waste, audience engagement, dynamic content control, cost-effectiveness, targeted content, etc.
Top Driver: Introduction of Innovative Products and Growing Awareness Concerning Traditional Method of Marketing
The introduction of innovative products such as leak detector systems, home monitoring systems, and others, along with complicated monetary products such as forex cards, are some of the factors anticipated to drive the product demand. The inclusion of biometric technology with modern digital signage has introduced products such as track heat paths and gaze tracking. Thus, the extensive employment of such technology is expected to strengthen the demand in the near future. Moreover, growing awareness among consumers concerning the demerits and complexity of traditional advertising, along with improved product’s display technology, is expected to catalyze global digital signage market growth.
Hardware Segment Accounts for the Largest Market Share
Based on components, the market has been segmented into hardware, software, and services. The hardware components segment holds the leading market share and is anticipated to dominate the market over the forecast period. Hardware components involve components required to manufacture a digital panel, displays, and banners, among others. The requirement for hardware is huge as compared to software, and thus, the segment accounts for a large market share. An introduction of innovative display technologies such as 4K, 8K, 1080p display is expected to further fuel the demand for hardware components in the forecast period.
Based on the type, the market has been segmented into video walls, video screen, digital poster, kioks, and others. On the basis of technology, the market is segmented into LCD, LED, and projection.
Rising Research & Development Activities to Benefit North America Market
North America and Europe are likely to dominate the global market over the forecast period due to the growing presence of dedicated product suppliers and surging demand from the retail industry. Countries such as U.K., Germany, and the U.S. are anticipated to exhibit significant growth due to rising R & D activities by the product manufacturers to improve quality and various government initiatives to deploy digital signage at various offices to maintain information flow system.
Players to Focus on Digital Signage Market
The global market is expected to stay fragmented with the increase in the number of new entrants in the coming years. Panasonic Corporation, Samsung Electronics Co., Ltd., Sony Corporation, Sharp Corporation, Advantec Co Ltd, BroadSign International, Cisco Systems Inc., LG Electronics, NEC Corporation, Omnivex Corporation, AdMobilize LLC., RedFalcon, and Quividi SARL are few major players.
Panasonic Corporation: Panasonic Business completed the expansion of its 4K display range, which was initially launched at ISE 2019, with the CQ1 series featuring six new models for use in collaborative spaces. Available from 43 to 86 inches, the series offers high picture quality with 4K resolution (3840 x 2160) and support 4K/60p signals to create engaging imagery with intricate detail for presentations and information display in meeting rooms, classrooms, and offices.
Samsung Electronics Co.: In February 2019,Samsung Electronics Co., Ltd. launched the first signage products featuring the unmatched picture quality of QLED 8K at the Integrated Systems Europe (ISE) 2019 in Amsterdam. The new 82” QLED 8K Signage combines the market’s highest resolution with AI upscaling technology, producing lifelike images, enabling users to enjoy immersive viewing experiences.
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