by Market Overview:
Digital signage uses display screens and digital technologies to provide engaging visual content and information distribution. The key product segments include LCD, LED and Projection. They are useful for branding, creating awareness and marketing products and services.
Market key trends:
One of the key trends driving the digital signage market is transition towards hardware independence. Traditionally, digital displays and media players were tightly integrated hardware solutions. However, with advanced connectivity and interoperability standards like HTML5 and mobile display standards, the hardware and software components of digital signage networks can now be easily separated. Content can be created, managed and distributed independently of any specific display hardware. This brings more flexibility and scalability to digital signage network deployments. It also allows existing hardware to be upgraded smoothly by just changing the media player or software, without requiring a complete hardware replacement. This trend is positively impacting the adoption of digital signage across various end-use sectors.
The global Digital Signage Market Share is estimated to be valued at US$ 26.46 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Digital signage provides customized and engaging content to target audiences in public spaces. It allows effective promotion of products, services and events through its dynamic visual medium.
Weakness: High initial investments and maintenance costs associated with digital signage hardware and software limit its adoption. Digital contents need frequent updates to remain engaging and relevant.
Opportunity: Growing retail sector and widespread availability of low-cost displays and content management systems fuel the adoption of digital signage. Emergence of OOH and DOOH advertising increases opportunities for digital signage players.
Threats: Rising security threats from malware and hacking endanger confidential data displayed through digital signage. Stiff competition from traditional advertising mediums constrains market growth.
Key Takeaways
The global digital signage market is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing demand for interactive and engaging display mediums from enterprises and public venues.
Regional analysis: North America dominated the global digital signage market in 2022 owing to high technology adoption and increasing investments in interactive signage across various industries in the US and Canada. Asia Pacific is expected to be the fastest growing regional market, driven by rapid digital transformation of industries and rising infrastructural developments in major economies like China and India.
Key players: Key players operating in the digital signage market include Samsung Electronics, Daktronics, Exceptional 3D, LG Electronics, Panasonic Corporation, Sony Corporation, Leyard Optoelectronic Co., Ltd., Scala, E Ink Holdings Inc., Deepsky Corporation Ltd., Intel Corporation, and Microsoft Corporation. Strategic partnerships and new product launches have helped these players to strengthen their global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
