Global Digital Signage Market to Touch Valuation of USD 43.8 Billion By 2032, at 7.97% CAGR: Astute Analytica
The digital signage market is experiencing strong growth, driven by advancements in display technology, increasing adoption across industries, and the need for effective multichannel marketing. Key trends include AI integration, QR code usage, and interactive solutions. However, the market faces challenges such as lack of interoperability standards and vulnerability to supply chain disruptions.
New Delhi, April 24, 2024 (GLOBE NEWSWIRE) -- The global digital signage market is projected to reach a valuation of US$ 43.8 billion by 2032, up from US$ 22.0 billion in 2023, at a CAGR of 7.97% during the forecast period 2024–2032.
The digital signage market exhibits immense promise, fueled by its integral role in modern marketing and customer experience strategies. As a versatile part of multichannel campaigns, digital signage seamlessly bridges the online and in-store experience. It offers a distinct advantage with higher customer engagement rates than other channels like Facebook and online video platforms. The exceptional recall rate demonstrates the power of digital signage in making a lasting impact. Retailers are increasingly drawn to digital signage for its flexibility, cost-effectiveness, and high-impact advertising. Benefits extend far beyond advertising with improved audience engagement, streamlined operations, increased sales, and reduced waste.
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Technological trends are accelerating the digital signage market's growth, with beacon and gaze tracking technologies enabling personalized messaging and audience insights. The rise of 3D, 4K, and 8K displays promises even more immersive experiences. Digital signage adoption is booming across various sectors like transportation, hospitality, healthcare, education, and industry, where it enhances communication, productivity, and safety. Consumers are shifting towards digital channels, with the pandemic amplifying this trend as convenience becomes a major driver. However, the importance of physical retail still persists. Lower-income populations might need additional support for fully embracing digital technologies.
Samsung, NEC Display Solutions, BrightSign, and Displays2Go are key innovators shaping the digital signage market, offering a diverse range of products suitable for various applications. Regionally, the U.S. market is experiencing strong growth driven by widespread adoption across crucial industries. The future of digital signage looks exceptionally bright, with advancements in embedded signage players and appliance design paving the way for greater integration and innovation. The projected CAGR indicates substantial market expansion, and strategic initiatives from key players will further accelerate this growth.
*Key Findings in Global Digital Signage Market *
Market Forecast (2032) US$ 43.8 billion
CAGR (2024-2032) 7.97%
Largest Region (2023) North America (34.9%)
By Component Hardware (64.2%)
By Display Technology LCD and LED (42.3%)
By Display Resolution 8K (37.5%)
By Display Brightness/ Luminance 501 - 1,000 nits (35.4%)
By Display Size Below 32 Inches (38.8%)
By Product Kiosk (35.6%)
By Application Security Surveillance/ Control Centers (28.3%)
By Installation Location Indoor (64.0%)
By Industry Education (17.5%)
Top Trends · Rise of interactive and touch-enabled digital signage solutions.
· Integration of AI and machine learning for data-driven content and audience analytics.
· Increased focus on cloud-based digital signage management platforms.
Top Drivers · Demand for high-resolution displays (4K, 8K) for superior visual experiences.
· Decreasing costs of hardware and software solutions, making adoption more accessible.
· Growth of smart retail and omnichannel marketing strategies.
Top Challenges · Security concerns associated with networked digital signage systems.
· Need for continuous content creation and management.
*Sector-Specific Adoption*
Digital signage market is making significant inroads across various industries. Education remains the dominant sector, holding a substantial 17.5% market share. The Retail sector also recognizes the value of digital signage, with 12.2% market share, this widespread adoption highlights the power of digital signage in transforming the in-store customer experience. The transportation sector is anticipated to hold a significant market share as digital signage becomes ubiquitous in airports, bus depots, and railway stations, streamlining information flow for travelers.
As per Astute Analytica, retailers are particularly enthusiastic about the potential of digital signage market, with 94% having deployed it to enrich the in-store experience. It plays a significant role in managing customer expectations, reducing perceived wait times by as much as 35%. Digital signage also enhances internal communication, ensuring employees feel informed about company initiatives and events, with 60% acknowledging its positive impact.
*LCD and LED Leaving a Positive Impact on Sales and Marketing, Generating Over $ 9.3 Billion in Revenue *
The ability of digital signage to capture attention is undeniable, with digital displays attracting four times more views compared to static displays. This attention-grabbing power translates into tangible sales results, with 80% of brands reporting a sales uplift of up to 33% after implementing digital signage. In the food service industry, digital menu boards have proven particularly effective, with the potential to increase sales by up to 32%.
The digital signage market is continually evolving, with interactive capabilities and self-service features driving further growth. Advancements in display technologies, including OLED, UHD, LED, and LCD, offer stunning visuals and enhance content presentation. The emergence of smart, remote-accessible signage enables seamless, centralized management, making digital signage a flexible and scalable solution. In fact, in 2023, the LCD and LED segment of the display technologies generated a revenue of over $9 billion. While LCD panels currently account for less than 80% of all units shipped within the digital signage industry, they boast a remarkably diverse range of applications. LCD technology is ubiquitous, powering everything from televisions and computer monitors to instrument panels, aircraft cockpit displays, and both indoor and outdoor signage. However, as LED technology advances in areas like image quality, efficiency, and fine pitch, there's strong potential for it to capture market share currently dominated by LCD and even projection technologies in the future.
*Consumer Behaviour and Preferences*
Consumers are responding positively to digital signage market. Nearly four out of ten consumers report visiting a website after seeing a digital display, demonstrating its ability to drive online traffic. Moreover, 90% of shoppers find in-store videos helpful in making purchasing decisions. Compared to traditional media ads with a recall rate of 32%, digital signage boasts an impressive 47% recall rate, showcasing its power to make a lasting impression.
*8K Revolutionizes Digital Signage: A Lucrative Display Resolution Reaching $8.2 Billion*
8K resolution is rapidly disrupting the digital signage market, promising unparalleled image quality and immersive viewing experiences. With four times the resolution of 4K, 8K displays render images with such exquisite detail that individual pixels become invisible. This enables the presentation of finer textures and smaller text with unmatched clarity, creating a truly captivating visual experience. The rise of 8K technology is fueled by several factors. Content availability is increasing, driven by the adoption of 8K on streaming platforms. The semiconductor industry is rapidly innovating, providing powerful 8K-ready processors and chips that are essential to supporting widespread 8K display adoption. Early adopters like Samsung (launching their first consumer 8K TV in 2016) and LG have paved the way, accelerating market development. Additionally, major events like the 2020 Summer Olympics spurred the growth of 8K displays.
This surge in the digital signage market is reflected in the impressive revenue growth, reaching a substantial $8.7 billion. Projections are even more optimistic as sales are expected to surge from 100,000 units in 2018 to a staggering 6.3 million in 2023. As prices become more competitive, increased adoption is inevitable. 8K displays are invaluable for applications where high-detail imaging is critical, including medical imaging and the marketing of luxury goods. Their ability to deliver exceptional clarity also makes them ideal for control rooms and live camera feeds.
To bridge the gap in native 8K content across digital signage market, AI-driven upscaling technology is transforming 4K material into stunning 8K visuals. With 8K displays poised to become the new standard in digital signage, businesses across industries would be wise to consider incorporating this transformative technology into their marketing and communication strategies.
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*North America's Digital Signage Boom: A Sector-by-Sector Analysis*
North America stands at the forefront of the global digital signage market. The U.S., in particular, demonstrates a high adoption rate across various sectors. The retail industry is a major driver, with key enterprises increasingly opting for advanced solutions powered by AI and machine learning. This trend is expected to continue throughout the forecast period, solidifying retail's dominance within the market. Simultaneously, the out-store segment is rapidly catching up, with a projected high CAGR between 2024-2030. Demand is surging across diverse industries like transportation, healthcare, BFSI, and stadiums.
The widespread adoption of digital signage transcends industry lines. Healthcare, retail, technology, nonprofit, education, and corporate offices are all utilizing it for enhanced communication. Notably, the sports segment dominated the U.S. market in 2023 with over a 36% share, fueled by its use in displaying sports-related content. This leadership in digital disruption is further underscored by the fact that at least 30% of executives across all industries anticipate significant digital transformation within their sectors.
Technology giants like Apple and Samsung recognize the region's strong technology penetration and have made substantial investments in the digital signage market. This influx of innovation and resources further propels market growth. Digital signage is becoming an integral part of multichannel marketing strategies, bridging the gap between online and in-store experiences to provide customers with a seamless omnichannel journey. By acting as a visual representation of a brand, it enhances recognition and familiarity for the target audience. From an advertising standpoint, digital signage boasts an impressive recall rate compared to traditional mediums like TV, internet, and billboards. Retailers, in particular, favor digital signage for its flexibility, cost-effectiveness, and high-impact results. Studies show 8 out of 10 consumers have entered an unfamiliar store after seeing a digital sign, highlighting its power in driving retail foot traffic.
Digital signage isn't just about external marketing; it plays a vital role in employee communication across the US. In fact, 47% of employees can't even identify their company's core values, an issue digital signage can effectively address. The pandemic accelerated the remote work trend, with organizations using digital tools witnessing a 67% surge in productivity. Apart from this, the education sector across Canada and US also recognizes the value, with an 87% adoption rate of digital signage in institutions. Libraries incorporating digital signage have a 46% probability of capturing attention, leading to increased usage rates. In the food service industry, digital menu boards have demonstrated their ability to boost sales by up to 30%.
While North America leads the way, Canada is hot on its heels. With a stable economy, substantial growth in retail spaces, and a shift towards smart stores, Canada's digital signage market is projected to experience significant expansion. Despite all these positive indicators, cost remains a challenge for small and medium-sized businesses, influencing their adoption rates.
*Global Digital Signage Market Key Players *
· AU Optronics
· BenQ Corporation
· Brighsign LLC
· Cisco Systems, Inc.
· Daktronics
· Delta Electronics
· DynaScan
· LG Electronics
· Omnivex Corporation
· Samsung Electronics
· Sharp Corporation
· Sony Corporation
· Other Prominent Players
*Key Segmentation:*
*By Component*
· Hardware
· Software
· Services
*By Display Technology*
· All in one display (SoC System)
· Commercial Displays without SoC
· LCD and LED
· OLED
· Direct view fine pixel LED
· Direct view large pixel LED
· Other
*By Display Resolution*
· 8K resolution
· 4K resolution
· High definition (HD)
· Full high definition (FHD)
*By Display Brightness/ Luminance*
· 0 - 500 nits
· 501 - 1,000 nits
· 1,001 - 2,000 nits
· 2,001 - 3,000 nits
· More than 3,000 nits
*By Display Size*
· Below 32 Inches
· 32 to 52 Inches
· 52 Inches to 100 Inches
· 100 Inches to 300 inches
· More than 300 Inches
*By Product*
· Video Wall
· Kiosks
· Standalone Displays (Single Screen)
· Digital Menu Board
· Digital Posters
*By Application*
· Information Display
· Security Surveillance/ Control Centers
· Video Streaming (Entertainment)
· Visualization
· Rental Services
· Billboards/ Hoardings
· Others
*By Installation Location*
· Indoor
· Lobby/ Reception
· Conference rooms
· Security Centers
· Other Areas
· Outdoor
*By Industry*
· Telecommunications
· Retail
· Hospitality
· QSRs
· Hotels & Cafes
· Cruises
· Transportation
· Aviation
· Rail
· Road
· Marine
· Education
· Media (Print & Publishing) & Advertising
· Sports & Entertainment
· Stadiums/ Arenas
· Theatres
· Museums
· Events & Exhibitions (Arenas)
· Adventure Parks
· Enterprises
· Manufacturing
· Government
· Others
*By Region*
· North America
· Europe
· Asia Pacific
· Middle East & Africa (MEA)
· South America
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*About Astute Analytica*
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
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CONTACT: Vipin Singh
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
Email: sales@astuteanalytica.com
Website:https://www.astuteanalytica.com/