May 22, 2020: The global digital signage market size is predicted to attain USD 31.71 billion by 2025, as per a new study by Grand View Research, Inc. The market is expected to witness a CAGR of 8.0% over the forecast period, owing to increasing demand from end-use industries, which prominently include retail and healthcare, is anticipated to propel the growth. In terms of shipments, the market was estimated at 3,500 thousand units in 2018 and is expected to reach 6,451 thousand units by 2025.
The creation and distribution of content with digital signage are the effective promotional strategies for the enterprises, as they are able to reach out to a larger audience base. This is anticipated to spur the adoption of digitized marketing via signage across the corporate and hospitality sectors. Greater screen sizes, such as above 52-inch displays, are likely to gain popularity over the forecast period.
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Digital displays with 4K technology address the growing demand for sharp images. Software providers have been targeting new entrants by designing solutions compatible with Android OS. The emergence of IoT, coupled with increasing adoption of cloud computing, is expected to enable the collection of vital operational and marketing data. Digital signage helps companies decrease their long-term operational costs by reducing the use of paper for advertising. Furthermore, the incorporation of LED-backlit panels has resulted in considerable energy savings.
Digital displays equipped with 4K technology have high demand as they offer enhanced sharp images for displays. Thus, the demand for advertising content with better sharpness and enhanced quality is fueling the adoption of digital signage. The adoption of advanced display technologies is therefore likely to propel the market growth.
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Furthermore, the software providers are focusing on the new entrants of the digital signage industry by providing design solutions that are compatible with the Android operating systems. The use of digital signage helps in optimizing and reducing the company’s long-term operational spending. This drop in the operational expenditure is due to avoiding the use of paper for advertisement purposes and frequent damages and changes associated with the traditional marketing activities.
The incorporation of LED-backlit panels has led to additional energy savings at a considerable level. Thus, the reduction in energy consumption due to the adoption of advanced technologies, such as LED, in digital signage is luring the enterprises to opt for digital signage.
Further key findings from the study suggest:
• LCD digital signage led the global display market in 2018 and accounted for the largest market share, owing to the decline in prices and benefits provided by the LCD technology
• Retail and transportation led the market with over 18% of the total revenue in 2018 and are projected to remain the highest revenue-generating segments over the next eight years
• Healthcare sector has significant potential as hospitals have increasingly incorporated digital signage for numerous purposes such as sharing important registration information, display notifications, and conveying wellness tips for improving health of patients
• Transparent LED screen segment is anticipated to exhibit significant growth, owing to LED screens’ energy-efficient performance capabilities and emerging touchscreen displays with multi-touch technology
• Interactive apps for kiosks and other digital signage products are projected to spur the growth of software segment
• The hardware segment, which includes 8K and 4K-UHD displays, is projected to dominate the component segment
• The out-store segment is anticipated to witness considerable growth over the forecast period due to the surging demand for out-store applications
• Retail will attract the integration of interactive product recognition technology, which will allow the customers to scan the products themselves
• Asia Pacific for digital signage market is likely to witness a robust CAGR over the forecast period, owing to factors such as demand for better viewing experience, growing transportation sector, and decreasing prices of display panels
• North America accounted for the largest market share in 2018, owing to the high demand for digital signage across various application sectors, on account of technological advancements and presence of modern customer base
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