July 24, 2024
Ict

Global Digital Signage Market Is Estimated To Witness High Demand Owing To Rapid Digitization And Increasing Development Of Infrastructure

Overview:

Digital signage, a dynamic and versatile communication tool, has swiftly become an integral part of daily lives. Embraced by businesses, organizations, and institutions worldwide, it offers a multitude of uses that redefine how information is conveyed. Digital Signage replaces paper-based signage with screens controlled by a management system that broadcasts updated information remotely and in real time. It’s a powerful communication tool for businesses of all kinds, including retail, restaurants, schools, banks and healthcare facilities. It’s also a wayfinding solution that can enhance a business with building directories, campus maps, and even interactive experiences. One of the key reasons for using Digital Signage is to communicate with employees. Screens help simplify a company’s internal communications network and can reduce costs with automated content updates and central management. Digital signage is a great way to improve customer experience in any type of business.

Market Dynamics:

Rising product development is estimated to augment growth of the global digital signage market during the forecast period. For instance, a digital signage solution supplier Mvix, released a cloud-based program Mvix CMS, in January 2022. This program enables more efficient workflow in creating and scheduling content. Moreover, rising power concerns are anticipated to restrain growth of the global digital signage market during the forecast period.

Impact of COVID-19:

The outbreak of the pandemic impacted several companies across the world.  The pandemic led to shutting down operations in many industries, owing to the strict nationwide lockdowns imposed in various countries. Many companies had to shut down their offices and work remotely. This led to increased adoption of cloud computing during the pandemic. There was an increase in number of key players operating in the digital signage market offering cloud-based digital signage platforms and solutions. These digital signage solutions were easy to use and had low cost of ownership. This led to growth of the global digital signage market during the pandemic. Thus, the pandemic augmented the growth of the market.

Key Takeaways:

The global Digital Signage Market is expected to witness high growth, exhibiting a CAGR of 7.7 % over the forecast period, due to growing partnerships among key players. For instance, LG Electronics and a video streaming and encoding solutions provider VITEC, partnered up in May 2021, for securely delivering, view,ing and multicast MPEG video. This partnership is aiming to support advanced IPTV apps in an efficient manner.

North America is anticipated to witness significant growth in the global digital signage market during the forecast period, due to growing adoption and advancement in technology and the increasing presence of key players.

Rising disposable income and a growing global population are expected to drive growth of the global Consumer Electronics Market during the forecast period.

Key players operating in the global digital signage market are Winmate Inc., ADFLOW Networks, Scala Digital Signage, BrightSign, LLC, SAMSUNG, Cisco Systems, Inc., Panasonic Corp., Intel Corp., Omnivex Corp., KeyWest Technology, Inc., NEC Display Solutions, LG Electronics, and Microsoft Corp.,