June 14, 2024
India Digital Signage System Market
Ict

India Digital Signage System Market Boosts Consumer Experience

Digital signage systems facilitate interactive two-way communication and help businesses create an immersive consumer experience. They display information, advertisements, and messages through digital screens mounted on walls or stands. Digital signage finds applications in corporate offices, retail stores, healthcare, transportation and public infrastructure to effectively manage internal communication, marketing activities and provide real-time updates.

The 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 2031.

Key Takeaways

Key players operating in the India digital signage system market 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.

 The growing demand for omnichannel communication and experiential marketing is driving increased spend on India Digital Signage System Market Size across industry verticals. Major players are also expanding their presence across Tier-I and Tier-II cities to tap into the widespread opportunity.

The growing demand in retail, hospitality and public sectors for interactive and engaging communication is fueling the India digital signage market growth. Content management has become crucial for customer acquisition and retention, pushing brands to invest in digital signage networks. Furthermore, easy availability of customized solutions tailored for different industries is boosting adoption.

Major players are focusing on R&D to develop innovative interactive and sensor-enabled digital signage products. Additionally, localization of content and technologies is helping networks get quicker approvals and expand footprint in India’s small cities. Integration of artificial intelligence and Internet of Things is also a growing trend as they enable advanced applications around predictive maintenance and energy management.

Market key trends

The consolidation of display and content management platforms into unified solutions is a key trend in the India Digital Signage System Market Size. All-in-one offerings providing hardware, content creation tools and remote management on a single dashboard are increasingly popular. Furthermore, transition to cloud-based content delivery and software-as-a-service models is facilitating flexible deployment and reducing upfront investment needs of end-users. Growing preference for eco-friendly LED display options owing to their energy-efficiency is also impacting purchase decisions. Implementation of computer vision and facial recognition is allowing signage networks to glean consumer insights at physical locations.

Porter’s Analysis

Threat of new entrants: Low upfront costs and market growth make this an attractive sector for new companies to enter. However, established brands have strong name recognition and supply contracts that make competing difficult.

Bargaining power of buyers: Large buyers have significant purchasing power and can demand lower prices. However, the availability of substitutes limits their ability to greatly influence prices.

Bargaining power of suppliers: A few large players dominate the supply of key components, giving them control over prices. However, minimal differentiation between components limits how much suppliers can increase prices.

Threat of new substitutes
: Technological changes open opportunities for new display technologies that could replace digital signage. High switching costs protect existing solutions from being quickly replaced.

Competitive rivalry: Competition is intense as companies fight for contracts. Differentiation comes through content, integration, and customer support rather than technology. Margins remain low as players seek to outprice each other.

Geographical Regions

India is the largest market for digital signage systems in terms of value, driven by growing retail and transportation sectors. Major cities like Delhi, Mumbai, Bengaluru, and Chennai account for over 60% of demand. Expansions of metro systems and malls provide ongoing opportunities to deploy new signage networks.

China is currently the fastest growing regional market. The Chinese government’s push to digitize public services and infrastructure such as hospitals, airports, and train stations supports strong 20% annual growth. Rapid urbanization increases advertising and information dissemination needs across developing cities.

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