According to Precedence Research, the global digital signage market size was valued at US$ 21.9 billion in 2021 and is expected to reach US$ 42.54 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 7.7% from 2021 to 2030.
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The rapid market growth is witnessed by the increasing demand for the digitized promotion of products and services to attract the attention of the target audience effectively and effectively. Moreover, the demand for 4K digitized sign display with the embedded software and media player is increasing as it offers the users an affordable Ultra HD digital signage solution, and this is expected to drive the market growth.
By the use of digitized display technology, information is provided in a digitized format that comprises of motion and pictures to promote a business more effectively. Moreover, the increasing popularity of the digital advertisement and huge investments made to improve the product display technology are some of the factors that is expected to drive the growth of the digital signage market.
With the advancement of display technologies, digitized display technology, information is provided in a digitized format that includes motion and pictures to promote a business more effectively. The evolution of LED, UHD, OLED, LCD and super AMOLED is nourishing the industry growth. This development in technologies has strengthened the impact of a digital advertisement on the target audience. Thus, the adoption of such advanced technologies in the display systems will boost the growth of the digital signage market.
Report Scope of the Digital Signage Market
|Market Size in 2021||US$ 21.9 Billion|
|Growth Rate||CAGR of 7.7% from 2021 to 2030|
|Market Size||US$ 42.54 Billion by 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Segments Covered||Screen Type, Component, Technology, Content Category, Application, Region|
|Companies Mentioned||ADFLOW Networks, SAMSUNG, BrightSign LLC, NEC Display Solutions, Cisco Systems Inc., Intel Corp., Panasonic Corp., KeyWest Technology Inc., Microsoft Corp., Omnivex Corp., LG Electronics, and Winmate Inc.|
Mode of Screen Type
Based on the screen type, the market is divided into Video Walls, Video Screens, Transparent LED Screens, Digital Posters, Kiosks and Others. The video walls segment is expected to lead the market with largest market share of over 27% in 2021 and will retain its dominance during the forecast period. The video walls and kiosks segment gained the largest market share followed by the video screens. Video walls have captured a significant market share across shopping malls and other public places. Kiosks are used for providing information and for advertising in institutes and retail verticals.
The transparent LED screens are anticipated to be the fastest growing segment over the forecast period owing to the high resolution and a transparency offered by them. Apart from this they are energy efficient and thus consume less energy. All these factors are estimated to act as a catalyst towards the growth of the digital signage market.
Based on the component, the hardware component segment is expected to dominate the market with the largest revenue share of 56.60% in 2021 and will maintain its position in the upcoming years.
Hardware components comprises of displays, components required to manufacture a digital panel, banners, and others. With the rapid technological advancements such as 1080p, 4K, and 8K display is expected to raise the demand for the hardware components in the market. Also, the advancement in 3D technology has enabled the production of glass free 3D displays and the graphic designing companies are shifting their focus in the formation of 3D holographic display cases. For instance, HYPERVSN, a European provider of holographic technology is providing them for diverse applications starting from advertising in malls to showpieces at trade shows.
Based on the technology, the market is divided into LCD, LED and Projection. The LED segment contributed the largest revenue share accounting for over 47% in 2021 and is expected to expand during the forecast period owing to its high quality displays. LCD technology is also estimated to contribute significantly towards the market growth owing to its extensive use in the advertisement & marketing industry.
Based on the location, the in-store location segment is estimated to hold the largest revenue share of more than 73% in 2021. The high share is based on the increased product demand in the retail stores. This segment will continue to grow during the forecast period owing to the significant growth of retails stores across the globe. Owing to the surge in the transportation sector is anticipated to fuel the growth of out-store location segment.
Content Category Insights
Based on the Content Category, the Digital Signage Market is divided into Broadcast and non-Broadcast. The broadcast content category will dominate the market with a market share of 81% in 2021 and is expected to grow with a CAGR of 7.9% in the upcoming years. The broadcast segment is further categorized into weather, sports, news and others. The sports and the news segment is estimated to contribute significantly towards the market growth.
Screen Size Insights
Based on the Screen Size, the Digital Signage Market is divided into Below 32 Inches, 32 to 52 Inches and More than 52 Inches. The below 32-inch display segment is forecasted to lead the market with a revenue share of 41% in 2021 owing to its rise in demand for this type of signage in the residential and retail sector. The rapid increase in the disposable income and the desire for high quality content viewing experience is attracting customers to go for the purchase of 32 to 52-inch screen size digital signages. The significantly expanding transportation and advertisement sector will positively contribute towards the surge in demand for more than 52-inch display segment
Based on the application, the market is divided into retail, hospitality, entertainment, stadiums & playgrounds, corporate, banking, healthcare, education and transportation. The retail sector will dominate the market with a revenue share of 21% in 2021 and is estimated to grow significantly during the forecast period. The retail sector id the major sector that uses digitized advertisements for marketing and promoting products and services and this factor is anticipated to drive the growth of the digital signage market.
North America is expected to dominate the market with a revenue share of more than 35% in 2021. The presence of major market players in this region and the high demand for digital signages in the retail industry are the major factors that drive the market growth in this region.
Asia Pacific region is anticipated to witness remarkable growth in the upcoming years owing to the increasing scope of signage usage in corporate offices, hospitals, retail stores, and hotels. Also, the rise in disposable income has surged the customers in the malls and multiplex theaters especially in the developing economies. All these attributes is estimated to drive the growth of the digital signage market in this region.
Key Companies Profiled
The global digital signage market is characterized by the presence of various small and big players. The major market players are ADFLOW Networks, BrightSign LLC, Cisco Systems Inc., Intel Corp., KeyWest Technology Inc., LG Electronics, Microsoft Corp., NEC Display Solutions, Omnivex Corp., Panasonic Corp., SAMSUNG and Winmate Inc. As the market is competitive in nature, the players are indulged in rapid adoption of advanced technologies to improve the viewing experience of the customersand in raising their competitive share by means of strategic initiatives like mergers, new product and acquisitions.
Segments Covered in the Report
By Screen Type
By Content Category
By Screen Size
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