April 13, 2024
India Digital Signage System Market

India Digital Signage System Market is Expected to be Flourished by Increasing adoption of Digital Signage in Retail and Hospitality Industries

Digital signage systems are electronic display boards used to display information such as advertising, directions, menus, or specific messages. They have become a popular medium for marketing and brand promotion across various industry verticals in India. Some key uses of digital signage include product and price promotions in retail stores, welcome/notification screens in public spaces, appointment schedules and waiting room entertainment in hospitals and clinics, flight/gate information at airports, and menu boards and promotional offers in quick-service restaurants. The increasing adoption of digital signage in retail stores, malls, and hotels is expected to drive growth of this market. Digital signage allows dynamic and engaging content to be displayed to attract customers. Rapid expansion of retail brands and thriving shopping mall culture in tier 1 and tier 2 cities has boosted installations of digital displays.

The global India digital signage system market is estimated to be valued at US$ 802.63 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

One of the major drivers for the growth of India digital signage system market is the increasing adoption of digital signage in retail and hospitality industries. Retailers are increasingly utilizing digital signage for attracting customers’ attention, dynamic pricing & promotions, and engaging customer experience. Major retail chains like Reliance Retail, Future Group, and Shoppers Stop have made significant investments in digital display networks across their stores. Digital signage allows retailers to convey targeted marketing messages, run interactive touchscreen kiosks, and transmit real-time inventory updates which has boosted their adoption. Similarly, hospitality industry is also adopting digital signage solutions for branding & advertisement in hotel lobbies, conference halls, and restaurants. Wayfinding digital displays in hotels provide convenience to guests. Such growing applications of digital signage across retailers and hotels is propelling the market growth.

Another driver is the lower maintenance and energy costs of LED and LCD digital signage displays compared to traditional signage. Modern digital displays require no lamp replacement and have significantly higher lifespan than traditional illuminated boards. This makes digital signage a very cost-effective promotional medium for brands and retailers. The total ownership cost over the lifetime of an LED display is much lower than traditional billboards or printed posters. Such operational cost benefits are encouraging widespread replacement of conventional signage with digital alternatives.

Segment Analysis
The India digital signage system market is segmented into hardware, software, and service. The hardware segment is dominating the market and is expected to maintain its dominance during the forecast period. Hardware component includes displays, media players, and other components. The demand for hardware is high due to increasing adoption of digital signage across various sectors such as retail, hospitality, transportation and others.

PEST Analysis
Political: The Government of India is taking initiatives to promote digitalization which is positively impacting the growth of digital signage market. It is implementing various digital programs for improving citizen services.
Economic: Rising disposable income and spending power is driving several organizations to invest in digital signage for interactive communication with customers. This is fueling the market growth.
Social: Changes in lifestyle and increasing adoption of advanced technologies among people is supporting the use of digital signage across public places like malls, restaurants for effective customer engagement.
Technological: Advancements in LED and LCD display technologies, emergence of touch screen displays are providing enhanced visual and interactive experience. This is augmenting the demand for digital signage solutions.

Key Takeaways
Global India Digital Signage System Market Size is expected to witness high growth. The global India Digital Signage System Market is estimated to be valued at US$ 802.63 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.

Regional analysis 
The Western region dominates the India digital signage system market currently owing to rapid urbanization and growth of retail industry. The region exhibits highest installation of digital signage in malls, restaurants, and other commercial complexes. Several technological developments and infrastructure projects in the region are further augmenting the market growth.

Key players

Key players operating in the India digital signage system market are Bio Bidet, Kohler Co., Inc., HomeTECH, Toshiba, LIXIL Corporation, Coway Co., Ltd, Roca Sanitario SA, Panasonic Corporation of America, RinseWorks, Inc, Brondell Inc., and TOTO USA, Inc. These players are focusing on new product launches and mergers & acquisitions to strengthen their market presence. For instance, in 2021, Bio Bidet launched BB-2000, an advanced bidet seat with various premium features.

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