The global digital signage market is on a trajectory of robust growth, with the worldwide demand reaching nearly US$19 billion in 2021, according to preliminary research and estimations. The markets promising outlook is attributed to several key factors driving its expansion.
Retail Revolutionizes Customer Experience
Retail businesses are increasingly turning to digital signage to enhance the shopping experience for their customers. These businesses are investing in digitalization to improve customer engagement and provide a personalized touch through customized offerings and digitally enhanced in-store experiences. Digital signage solutions enable retailers and businesses in various industries to convey critical information, messages, and updates, influencing customer buying decisions. This digitized approach is instrumental in gaining visibility, acquiring new customers, and retaining existing clientele.
The Cloud Unleashes New Possibilities
The evolution of cloud technology has been transformative, impacting various sectors, including digital signage. Many companies are leveraging cloud platforms to deploy their digital signage solutions, employing web-based software for information and message display. The clouds flexibility allows clients to access solutions remotely, saving time and costs. Cloud-based digital signage solutions are easier to deploy and highly scalable compared to on-premises alternatives, resulting in lower infrastructure costs, enhanced safety, and reduced total cost of ownership. These advantages have accelerated the adoption of cloud-based digital signage, contributing to market growth.
Video Walls Shine Bright
The adoption of video walls is rapidly increasing and significantly contributing to the digital signage markets valuation. Technological advancements have driven the popularity of video walls, offering companies an effective platform for product promotion. These video walls are available in various formats, including LED, OLED, and LCD, ensuring optimal clarity and high-definition displays. Their eye-catching nature and prominence make them effective in drawing customer attention, even in crowded areas such as malls and high-traffic locations. As a result, businesses are increasingly turning to video walls to engage customers and increase their chances of acquiring new clientele.
Asia Pacific: A Lucrative Market
Asia Pacific, particularly developing economies, is witnessing high adoption of digital signage solutions. Stable economic growth, increasing urbanization, and industrialization are driving this adoption. The regions favorable business environment, cost-effective land and labor, and a burgeoning customer base have established it as a manufacturing hub. Moreover, businesses in Asia Pacific are embracing digitalization to promote products and services, leading to a shift away from traditional billboards in favor of digital signage solutions.
Digital signage plays a pivotal role in influencing individual purchase decisions across various sectors, including institutions, public transport, retail stores, commercial businesses, and government bodies. Family-owned businesses, such as jewelry stores, restaurants, and hotels, are also adopting digital signage solutions to effectively market their products and services to their target audiences. The growing jewelry industry in the region, particularly in India, presents substantial opportunities for digital signage, as these businesses rely on digitized platforms for marketing and attracting new clientele.
Competitive Landscape
The digital signage market is witnessing new product launches, collaborations, and portfolio expansions as companies strive to gain a competitive edge. Major players in the global digital signage market include NEC Display Solutions Co. Ltd., Sony Corporation, Samsung Electronics Co. Ltd., LG Display Co. Ltd., Panasonic Corporation, Scala, Omnivex Corporation, E Ink Holdings Inc., Daktronics, Deepsky Corporation Ltd., Leyard Optoelectronic Co. Ltd., and Exceptional 3D.
The future of the digital signage market continues to shine bright as businesses across industries recognize the immense potential of this technology to engage customers, drive sales, and enhance brand visibility.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/digital-signage-market
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COMTEX_442320060/2840/2023-10-23T08:21:17