May 24, 2024
Ict

India Digital Signage System Market Is Led By Advanced Technologies In 2024

The India digital signage system market has witnessed robust growth in recent times owing to the increasing adoption of advanced display technologies by various industry verticals. Digital signage systems allow easy sharing of customized information with audiences through LCD, LED and other high-resolution display panels. These systems find widespread usage across airports, retail stores, hospitals and other commercial complexes for branding, advertising as well as internal communications. The digital signage concept provides an interactive way to engage customers with seamless content management capabilities.

The Global India digital signage system market is estimated to be valued at US$ 924.63 Bn in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024 to 2030. Digital signage finds usage in various verticals such as transportation, retail, healthcare, hospitality and education for delivering targeted messages to audiences. The interactive capabilities of digital signage allow end-users to upgrade or change displayed content and messages remotely according to the needs of customers.

Key Takeaways
Key players operating in the India digital signage system are Meggitt Sensing Systems (Meggitt PLC), SKF AB, Brüel & Kjaer Vibro, Parker Kittiwake (PARKER HANNIFIN CORP.), Rockwell Automation Inc., Thermo Fisher Scientific Inc., GE Bently Nevada, Perkin Elmer Inc., Emerson Electric Co., Gastops Ltd, Nippon Avionics Co. Ltd, AMETEK Spectro Scientific, FLIR Systems Inc. and Fluke Corporation. These players are focusing on developing enhanced display and media player technologies for the India market.

The rising demand from industries such as retail, transportation and corporate for effective customer engagement is driving the growth of digital signage systems in India. The interactive features along with remote management capabilities make digital signage an attractive proposition for customer-centric businesses.

The market is also witnessing increased adoption across Tier-II and Tier-III cities in India. This is encouraging global players to expand their footprint through partnerships with local integrators and distributors. The Made in India initiative is further pushing localization of components which is helping drive down costs and foster innovation.

Market key trends
The India Digital Signage Market Size is witnessing increased adoption of artificial intelligence-enabled interactive displays. These displays detect user gestures, face and audio to deliver personalized and engaging content. Technologies such as computer vision are helping digital signage providers customize signage experiences according to customer demographics and behaviors. Furthermore, the integration of digital signage with IoT is enabling remote monitoring and predictive maintenance of systems. Advanced analytics of consumer usage data can help optimize content strategies based on user preferences.

Porter’s Analysis
Threat of new entrants: Low cost barriers for new players to enter the digital signage system market in India. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various digital signage system vendors. Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are number of component manufacturers. Threat of new substitutes: Risk of substitution is moderate as digital signage is replacing traditional signage but complements other forms of digital advertising. Competitive rivalry: High as the players compete intensely on the basis of product offerings, pricing, and quality.

Geographical regions where market in terms of value is concentrated
The Southern region of India holds around 30% share of the digital signage system market in terms of value. This is mainly due to high adoption of digital signage across various industries like retail, hospitality, healthcare etc, in states like Telangana, Karnataka and Tamil Nadu.

Fastest growing region for the market
The Western region of India, comprising states like Maharashtra and Gujarat, is expected to register highest CAGR of over 12% during the forecast period. This can be attributed to growing digital infrastructure, emerging smart city projects and increasing deployment of digital signage across airports, malls and commercial complexes in these states.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it