Global Digital Signage Market to Reach $44.72 Billion by 2030 Owing To Increasing Demand for Digital Advertising | Says Coherent Market Insights

BURLINGAME, Calif., Feb. 20, 2024 /PRNewswire/ -- Coherent Market Insights published a report, titled, Global Digital Signage Market, By Type (Video Walls, Video Screens (Transparent LED Screens), Digital Poster, Kiosks, and Others), By Component (Hardware, Software, and Service), By Technology (LCD, LED, and Projection), By Application (Retail, Hospitality, Entertainment (Stadiums & Playgrounds), Corporate, Banking, Healthcare, Education, and Transportation), By Location ( In-Store and Out-Store), By Content Category (Broadcast ( News, Weather, Sports, Others), and Non-broadcast), By Size (Below 32 Inches, 32 - 52 Inches, and Above 52 Inches), By Geography: Size, Share, Outlook, and Opportunity Analysis, 2023-2030. According to the report, the global digital signage market was valued at US$ 26.46 Bn in 2023 and is expected to reach US$ 44.72 Bn by 2030, exhibiting a compound annual growth rate (CAGR) of 7.8% from 2023 to 2030. Digital signage is electronic display screens that show multimedia content such as advertisements, information, and announcements. These signages are typically placed in public spaces, retail stores, hotels, restaurants, and corporate buildings to provide information to customers and employees.

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Market Dynamics:

The Digital Signage Market is expected to experience significant growth during the forecast period due to the increasing demand for digital advertising. Digital signage offers a dynamic and visually appealing platform for advertising, which enables businesses to attract attention and engage with their target audience more effectively. The ability to deliver targeted and personalized content through digital signage has become a preferred choice for advertisers, leading to the rapid adoption of this technology across various industries.

Digital Signage Market Report Coverage

     Report Coverage         

        Market Revenue in 2023                                                          
            $26.46 billion

        Estimated Value by 2030                                                         
            $44.72 billion

     Growth Rate                                                            Poised to grow at a CAGR of 7.8%

     Historical Data         

     Forecast Period         

     Forecast Units          
     Value (USD Million/Billion)

     Report Coverage         
     Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

     Segments Covered          By Type, By Component, By Technology, By Application, By Location, By Content
                                   Category, By Size

     Geographies Covered     
     North America, Europe, Asia Pacific, and Rest of World

        Restraints & Challenges 
     -- High initial investments

     Growth Drivers            -- Increasing demand for customized digital signage solutions across different

     -- Increasing demand for 4k digital signage

Furthermore, the advancements in display technologies, such as high-resolution screens and interactive touchscreens, have enhanced the overall customer experience and effectiveness of digital signage. The ability to display high-quality and engaging content on large screens has proven to be more impactful in capturing the audience's attention and conveying messages effectively.

Additionally, the cost-effectiveness and flexibility offered by digital signage compared to traditional advertising methods have also contributed to its growing popularity. Digital signage allows businesses to easily update and schedule content remotely, reducing the need for printing and distribution costs associated with traditional advertising.

Market Trends:

Integration of Artificial Intelligence (AI) and IoT: The integration of AI and IoT technologies in digital signage is one of the key trends driving market growth. AI-powered digital signage systems can analyze audience demographics and behavior, enabling advertisers to deliver personalized and targeted content. The integration of IoT allows for real-time data collection, enabling businesses to monitor and optimize the effectiveness of their digital signage campaigns.

Interactive Digital Signage: The increasing trend of interactive digital signage is another significant development in the market. Interactive displays and touchscreens enable users to actively engage with the content, offering a more immersive and interactive experience. This trend has gained traction in various sectors, including retail, hospitality, and healthcare, as it facilitates better customer engagement and provides valuable insights into consumer preferences and behavior.

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Market Opportunity:

The retail industry is one of the key drivers for the growth of the digital signage market. With the increasing competition in the retail sector, businesses are looking for innovative ways to attract and engage customers. Digital signage provides an effective solution by delivering dynamic and interactive content that can capture the attention of consumers.

In terms of the type segment, video walls are expected to dominate the market. Video walls are large display screens made up of multiple smaller screens, allowing businesses to create visually stunning and impactful displays. These video walls are commonly used in retail stores to showcase product advertisements, promotions, and brand messaging.

In terms of region, North America is anticipated to hold a dominant position in the digital signage market. This can be attributed to the high adoption rate of digital signage in the retail industry, along with the presence of key players in the region.

Key players operating in the digital signage market include Samsung Electronics, LG Electronics, Panasonic Corporation, Sony Corporation, and Microsoft Corporation. These players are continuously investing in research and development to introduce innovative products and gain a competitive edge in the market.

The hospitality industry is also emerging as a significant market opportunity for digital signage. Hotels, restaurants, and resorts are leveraging digital signage to enhance their guest experience and improve operational efficiency. Digital signage can be used for various purposes in the hospitality industry, such as displaying wayfinding information, promoting hotel amenities, providing real-time updates, and creating a personalized guest experience.

Recent Developments:

In June 2022, LG Electronics acquireed South Korean EV charger manufacturer AppleMango and subsidiaries GS Energy and GS Neotek. The acquisition will enhance the company's ability to develop advanced charging stations and integrate their in-house charging management system.

In July 2021, Intel Corporation partnered with Clevertouch Technologies to expand its product offerings by providing a diverse range of Intel-based products for customers and partners.

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Key Market Takeaways:

The digital signage market is anticipated to witness a CAGR of 7.8% during the forecast period 2023-2030, owing to the increasing demand for interactive and engaging advertising solutions across various industries.

On the basis of type, the video walls segment is expected to hold a dominant position, owing to its ability to create impactful visual displays and attract customer attention. Video screens, digital posters, kiosks, and other types of digital signage solutions are also gaining traction in the market.

In terms of components, hardware is dominating the market, as it includes displays, media players, and other necessary equipment for setting up digital signage solutions. Software and services are also important components for managing and operating digital signage networks.

LED technology is expected to dominate the market, as it offers high brightness, excellent color reproduction, and energy efficiency. LCD and projection technologies are also being used in specific applications.

The retail segment is expected to hold a dominant position in the market, followed by the hospitality, entertainment, corporate, banking, healthcare, education, and transportation sectors.

In terms of location, in-store digital signage is more prevalent in the retail sector, while out-store digital signage is used for advertising and information display in public spaces.

Broadcast content category is dominating the market, as it includes live TV, news, sports, and other media content. Non-broadcast content, such as interactive applications and social media feeds, is also gaining popularity.

Below 32 inches size category is dominating the market, as it is suitable for small-scale applications such as display shelves and checkout counters. However, larger sizes above 52 inches are being increasingly used for public spaces and high-impact installations.

North America is expected to hold a dominant position in the digital signage market, followed by Europe, Asia Pacific, and the rest of the world. This can be attributed to the presence of key market players, early adoption of technology, and advanced infrastructure in these regions.

Key players operating in the digital signage market include Samsung Electronics, Daktronics, Exceptional 3D, LG Electronics, Panasonic Corporation, Sony Corporation, Leyard Optoelectronic Co., Ltd., Scala, E Ink Holdings Inc., Deepsky Corporation Ltd., Intel Corporation, and Microsoft Corporation. These players are focusing on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position and gain a competitive edge.

Read complete market research report, "Global Digital Signage Market, By Type, By Component, By Application, By Content Category, By Size, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2023-2030", Published by Coherent Market Insights.

Detailed Segmentation:

By Type:

    --  Video Walls
    --  Video Screens (Transparent LED Screens)
    --  Digital Poster
    --  Kiosks
    --  Others

By Component:

    --  Hardware
    --  Software
    --  Service

By Technology:

    --  LCD
    --  LED
    --  Projection

By Application:

    --  Retail
    --  Hospitality
    --  Entertainment (Stadiums & Playgrounds)
    --  Corporate
    --  Banking
    --  Healthcare
    --  Education
    --  Transportation

By Location:

    --  In-Store
    --  Out-Store

By Content Category:

    --  Broadcast
        --  News
        --  Weather
        --  Sports
        --  Others
    --  Non-broadcast

By Size:

    --  Below 32 Inches
    --  3252 Inches
    --  Above 52 Inches

By Region:

    --  North America
        --  U.S.
        --  Canada
    --  Latin America
        --  Brazil
        --  Mexico
        --  Rest of Latin America
    --  Europe
        --  Germany
        --  U.K.
        --  Spain
        --  France
        --  Italy
        --  Russia
        --  Rest of Europe
    --  Asia Pacific
        --  China
        --  India
        --  Japan
        --  Australia
        --  South Korea
        --  Rest of Asia Pacific
    --  Middle East & Africa
        --  South Africa
        --  GCC Countries
        --  Rest of Middle East & Africa

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SOURCE Coherent Market Insights