Digital Signage Market Analysis and Strategies | Analyzing Growth Potential

Digital Signage Market expands as businesses adopt dynamic displays for advertising and communication.

AUSTIN, TEXAS, UNITED STATES, June 17, 2024 /EINPresswire.com/ -- Market Scope and Overview

The SNS Insider report estimates the Digital Signage Market size at USD 18.19 billion in 2023, with a projected CAGR of 7.94% to reach USD 31.25 billion by 2031. The market growth is accounted by the rising demand for the digitized promotion of products as well as services to grab the attention of the target audience effectively. Moreover, the demand for 4K digitized sign displays with embedded software along with the media player is increasing as it delivers customers the cost effective Ultra HD digital signage solution, that is also witnessed to boost the demand. The transformation of innovative products including leak detector systems, home monitoring systems, and so on, along with complex complicated monetary products including forex cards which require informative and advertisement content are some of the key factors that are estimated to boost the product demand.

However, there is an increasing demand for deploying advanced products which need digitized information management as well as guidance which is accessed from the remote locations. This is one of the significant driver witnessing to boost the global industry during the forecast timeframe. Digital signage boards delivers the mandatory quality information to a huge number of viewers by using large display screens across the location with a major target audience. With digital signage display technology, information delivered in a digitized format involves motion and pictures to attract customers with major impact as compared to the traditional modes of reaching out to customers. Additionally, the collection of biometric technology along with modern digitized signs has developed products including track heat paths as well as gaze tracking.

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Key Players:

The major players in the market are Panasonic Holdings Corporation, Sharp NEC Display Solutions, Ltd., AUO Corporation, LG Electronics, Leyard Optoelectronic Co., Ltd., Cisco Systems, Inc., Sony Group Corporation, Samsung Electronics Co., Ltd., Intel Corp., Barco, BrightSign LLC, Shanghai Goodview Electronics Technology Co., Ltd., Winmate Inc., and others.

Strategic Alliances & Partnerships

The Digital Signage Market is fragmented, with majority of global players, such as Sony Corporation, Samsung Electronics Co. Ltd, NEC Display Solutions Ltd & Panasonic Corporation that covers the hardware end of the surface. At the same time, there are also various medium & niche players who delivers software for digital signage. Moreover, majority of players are entering the market by delivering unique product applications as small domestic players in the industry.

Market Segmentation Analysis

The digital signage market can be segmented into three main offerings: hardware, software, and services. However, hardware reigns supreme, capturing the largest market share. This dominance stems from a confluence of factors.

First and foremost, hardware necessitates a substantial upfront investment, unlike software or services. Digital signage systems are built upon physical displays like LED screens, video walls, or interactive kiosks. The price tag associated with these displays dwarfs the cost of software or ongoing services.

Secondly, digital signage has permeated a wide range of industries. From retail environments and transportation terminals to educational institutions and healthcare facilities, all these applications rely on hardware to function and effectively communicate their message.

Finally, the hardware segment is on a constant trajectory of advancement, fueled by technological innovations. The demand for features like high-resolution displays, interactive touchscreens, and integrated media players continues to propel the market forward. These cutting-edge features elevate the user experience and necessitate sophisticated hardware components.

In essence, while software and services are instrumental in content management and functionalities, hardware forms the bedrock of any digital signage system. This dependence on physical components, coupled with the high initial investment and the relentless march of technological advancements, solidifies hardware's position as the largest segment within the digital signage market.

Market Segmentation and Sub-Segmentation Included Are:

By Display Size

➤ Less than 32 Inches
➤ Between 32 and 52 Inches
➤ More than 52 Inches

By Offering

➤ Hardware
➤ Software
➤ Services

By Product Type

➤ Video Walls
➤ Standalone Displays

By Installation Location

➤ Indoor
➤ Outdoor

By Application

➤ Commercial
➤ Infrastructural
➤ Institutional
➤ Industrial

Recent Developments

In March 2022, Planar has launched two novel LED video wall display families especially developed to cater the needs of fast-paced event along with high-ambient light environments such as the Planar Luminate Pro Series along with Planar Venue Pro Series. The novel families feature mechanical elements that augment set-up and takedown for temporary and mobile events as well as also feature complete front installation and serviceability which is opening the door to more permanent wall-mounted applications.

In February 2022, NanoLumens launched a transparent LED mesh product series known as CLRVU. This display is installed for TK Elevators' headquartered at The Battery Atlanta. This display could be utilized indoors or outdoors to blend basically into the architecture of the building seamlessly which enables the user to personalize the power consumption, display's resolution, as well as transparency.

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Regional Analysis

North America has ascended to the throne of the digital signage market, reigning supreme over other regions. This preeminence can be attributed to a confluence of key factors. First and foremost, North America boasts a flourishing ecosystem of companies specializing in digital signage solutions. These are not fledgling players, but rather seasoned veterans with a wealth of experience and a keen understanding of the market landscape. This translates into a relentless pursuit of innovation, guaranteeing that North American offerings stay ahead of the curve and cater effectively to the diverse requirements of various industries within the region.

Secondly, the retail sector in North America has provided fertile ground for the proliferation of digital signage. Retailers have become fervent proponents of this technology, leveraging it to showcase products, target promotions, and craft exceptional customer experiences. This enthusiastic adoption by a major industry segment significantly strengthens the overall market share of digital signage solutions in North America. In essence, the interplay between established players, robust retail adoption, and a dedication to R&D has solidified North America's position as the dominant force in the global digital signage market.

Key Takeaways

➤ The digital signage market is experiencing steady growth, driven by factors such as rising customer demand for engaging content and the effectiveness of digital advertising.

➤ Hardware, encompassing displays, kiosks, and media players, represents the largest segment due to high upfront investment needs and widespread adoption across various industries.

➤ North America currently leads the market due to established players, strong adoption in retail, and a focus on research and development in the digital signage space.

Table of Contents - Major Key Points

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis
4.1. Impact of Ukraine- Russia war
4.2. Impact of Ongoing Recession on Major Economies

5. Value Chain Analysis

6. Porter’s 5 Forces Model

7. PEST Analysis

8. Digital Signage Market Segmentation, By Display Size

9. Digital Signage Market Segmentation, By Offering

10. Digital Signage Market Segmentation, By Product Type

11. Digital Signage Market Segmentation, By Installation Location

12. Digital Signage Market Segmentation, By Application

13. Regional Analysis

14. Company Profile

15. Competitive Landscape

16. USE Cases and Best Practices

17. Conclusion

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SNS Insider | Strategy and Stats
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