“The increase in demand for digital signage from commercial sector has fuelled the growth of the digital signage market. Digital signage is effective in gaining attention of a large number of customers and hence is significantly used for the promotion and advertising purpose. Extensive use of digital signage boards in railway stations and airports for displaying vital information about schedules of trains and flights over the years have increased the digital signage market revenue. Moreover, advanced features of digital signage including live video streaming and adjustable screen brightness while interacting have fueled the growth of the market.”
According to a recent report published by Market Decipher, titled, “Digital Signage Market Revenue, Sales Volume & Trend Forecast Report, 2019-2026" the global digital signage market was valued at $XX million in 2019, and is projected to reach $38 billion by 2026, growing at a CAGR of 8.2% from 2019 to 2026.
With the advent of new technologies such as an electronic paper display (EPD) and OLED, the digital signage market is expected to grow at a rapid pace. Also, with the growing adoption of LCD and LED displays, the digital signage industry is anticipated to exhibit high growth across the globe. Digital signage boards are mostly used in hospitality, retail, stadiums, corporate, playgrounds and transportation sector. Furthermore, these boards are prominently used in banking sector. Rising adoption of advanced technology in ATM and other banking facilities are driving the digital signage market growth.
The high efficiency of digital signage in terms of energy will result in reducing the energy consumption and the overall price of these boards. However, the issues related to hardware and software compatibility, electrical Interface and connectivity are projected to hamper the market growth. The fact that advertisement sector have adopted the digitized format for advertising is expected to catalyse the industry growth. All these fact are expected to drive the growth of the digital signage market due to increase in its end-use in varied industries.
Growing awareness about the sophistications in the traditional methods of advertising has played a vital role in increasing the market growth. The digital signage market size, trend, and opportunity have been analysed in the report. The report segments the cocoa products market is segmented based on product. In addition, based on type, video walls segment has captured significant market growth. However, the requirement of high speed internet connection may be a major obstacle in the market growth. By components, it is classified into LED, LCD and projection. Based on application, it is categorized into weather, news, sports, health and wellness and vertically oriented content.
Owing to the innovative solutions used by the various industry players, the digital signage business during the forecast period. For example, Open Pluggable Specification (OPS) has been introduced in marketing industries by Intel corporation. Thus, the rapid development of marketing industries in developing countries such as India, Japan etc., will help the digital signage market in gaining competitive edge.
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