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Digital Signage Market to be Worth $45.33 Billion by 2030: Million Insights
SAN FRANCISCO, Dec. 19, 2022 /PRNewswire/ -- The global digital signage market size is projected to reach USD 45.33 billion by 2030, advancing steadily at 7.7% CAGR during the assessment period. The continued growth of the commercial and industrial sectors in developed and developing nations has created significant growth opportunities for companies in this industry.
Key Industry Insights & Findings from the report:
- The use of digital signage has been pronounced across end-use industries such as retail, hospitality, banking, transportation, and healthcare, among others. For instance, in the retail sector, it is used for driving traffic, generating more sales, and influencing purchasing decisions. As such, more and more retailers are investing in deploying digital signage.
- In terms of the type of digital signage, the transparent LED segment is expected to progress at the highest growth rate during the projection period. These screens can offer transparency levels above 80%, while also providing high resolution and being highly energy-efficient, which has boosted their appeal.
- With regards to component, the hardware segment dominated the industry in 2021 in terms of revenue share and is expected to remain the segment leader during the forecast period. On the other hand, the services segment accounts for a smaller share, as major offerings like internet connectivity and digital display installation are cheaper compared to hardware & software needs.
- In terms of the location of digital signage, the out-store segment is projected to advance at the highest CAGR through 2030, aided by the increasing demand for these signages at out-store locations in developing economies, due to advances made in the transportation sector.
- Based on the content category, the broadcast category is expected to become a significant contributor to market revenue in the coming years. The content broadcast includes weather, news, and sports, among others. Of these, the sports sub-segment is projected to have a significant market share on account of the extensive presence of digital signage at sports stadiums and grounds.
- The technologies utilized in the digital signage industry include LCDs, LEDs, and projection displays, with the LED segment spearheading the industry's growth. LEDs have witnessed significant technological advancements in recent years, with the popularity of OLED displays expected to drive the segment growth in the near future.
- Companies involved in the digital signage industry aim to generate revenue through the introduction of innovative technologies and the launch of new products, besides partnerships and acquisitions. For instance, Philips Professional Display Solutions has launched the Philips S-Line, a range of stretched digital signages, featuring an ultra-wide 32:9 aspect ratio, a luminance of 700cd/m², and built for all-day operations.
Read 215 page full market research report for more Insights, "Digital Signage Market Size, Share & Trends Analysis Report By Type, By Component, By Technology, By Location, By Content Category, By Screen Size, By Application, By Region And Segment Forecasts From 2022 To 2030", published by Million Insights.
Digital Signage Market Growth & Trends
Digital signage involves the use of technologies such as LED, LCD, and projection, in order to propagate videos and information to target audiences. In large public spaces such as retail stores, museums, restaurants, hotels, and transportation systems, these displays are used for marketing, wayfinding, and advertising purposes. Major metropolitan cities across the globe have been observed to utilize this form of signage extensively.
The use of digital displays that utilize 4K technology is on a constant rise as they are able to display sharp and enhanced images. As companies aim to advertise their products through better visual quality, the demand for such digital signage is expected to advance further. The presence of panels using backlit LED offers eergy-saving options for enterprises, while software providers are offering extensive design solutions for better compatibility with operating systems such as Android. The use of traditional advertising and marketing strategies, in many cases, incurs increased costs, which drives up long-term operational expenses; this can be largely avoided by using digital displays.
The retail sector has been a significant end-user of digital signage displays, as they offer benefits both for the enterprise and for the consumer. As per an article by ScreenCloud, more than 40% of shoppers have stated that the presence of digital displays helps in changing or modifying their buying patterns, through relevant information displays. Additionally, around 80% of customers state that the presence of digital signage leads them to enter a store, thus increasing footfall and generating product sales. Accordingly, leading global retail brands have invested significantly in digital signage technologies. For instance, Burberry has been at the forefront of using such signages, with their flagship outlet in London featuring mirrors that also work as video displays and iPads & RFID-enabled screens that show related catwalk footage, whenever a product is taken to fitting rooms.
Digital Signage Market Segmentation
Million Insights has segmented the global digital signage market on the basis of type, component, technology, location, content category, screen size, application, and region:
Digital Signage Market - Type Outlook (Revenue, USD Million, 2017 - 2030)
- Video Walls
- Video Screen
- Transparent LED Screen
- Digital Poster
- Kiosks
- Others
Digital Signage Market - Component Outlook (Revenue, USD Million, 2017 - 2030)
Digital Signage Market - Technology Outlook (Revenue, USD Million, 2017 - 2030)
Digital Signage Market - Location Outlook (Revenue, USD Million, 2017 - 2030)
Digital Signage Market - Content Category Outlook (Revenue, USD Million, 2017 - 2030)
Digital Signage Market - Screen Size Outlook (Revenue, USD Million, 2017 - 2030)
- Below 32 Inches
- 32 to 52 Inches
- More than 52 Inches
Digital Signage Market - Application Outlook (Revenue, USD Million, 2017 - 2030)
- Retail
- Hospitality
- Entertainment
- Stadiums & Playgrounds
- Corporate
- Banking
- Healthcare
- Education
- Transportation
Digital Signage Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
List of Key Players of Digital Signage Market
- ADFLOW Networks
- BrightSign, LLC
- Cisco Systems, Inc.
- Intel Corporation
- KeyWest Technology, Inc.
- LG Electronics (LG Corp.)
- Microsoft Corp.
- NEC Display Solutions
- Omnivex Corp.
- Panasonic Corp.
- SAMSUNG
- Scala Digital Signage
- Winmate Inc.
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About Million Insights:
Million Insights, is a market research and consulting company, provides syndicated as well as customized research reports and consulting services. We have a comprehensive marketplace, that will enable you to compare data points, before you make a purchase. Enabling informed buying, is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.
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