London, March 30, 2020 (GLOBE NEWSWIRE) -- According to a new market research report titled, "Digital Signage Market by Product Type (Videowall, Kiosk, Menu boards & Billboards) by Component (Hardware (Display (LCD, LED & OLED)), Services), by Application, by Industry Vertical (Retail, Hospitality, Entertainment, Transportation, Corporate, Healthcare) – Global Forecast to 2027" the digital signage market is expected to grow at a CAGR of 6.4% from 2019 to 2027 to reach $26.3 billion by 2027.
Digital signage is a sub-segment of electronic signage which is nothing but centrally controlled content distribution platform that can be used to broadcast many different messages. Digital signs use technologies such as LCD, LED, and Projection to display content such as digital images, video, streaming media, and information. They are generally installed in public spaces, transportation systems, museums, stadiums, retail stores, hotels, restaurants, and corporate buildings, among others, for wayfinding, exhibitions, marketing, and outdoor advertising. The factors such as increasing adoption of digital signage products in commercial vertical, rapid digitization in emerging countries, and technological advancements in display technology are anticipated to boost the growth of the overall digital signage market during the forecast period. However, increasing trend of online advertisement can hinder the growth of this market to some extent.
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The overall digital signage market study presents historical market data in terms of value (2017 and 2018), current data (2019), and forecasts for 2027. The market is segmented on the basis of product type, component, application, industry vertical, and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on component, the hardware segment emerged as the largest segment during the forecast period in the overall digital signage market in 2019. The large share of this segment is mainly attributed to the factors such as growing adoption of digital signage products in commercial verticals, increasing retail space, and growing infrastructural developments in emerging economies. Besides, growing number of innovative display technologies such as 1080p, 4K, and 8K display as well as newer technologies such as fine-pixel LED and OLED are expected to further propel the demand for hardware components during the forecast period. However, the software segment is expected to witness rapid growth during the forecast period, owing to the growing advancements in digital signage software technology and increasing demand for better data analysis and content management.
Based on application, the indoor segment accounted for the largest share of the overall digital signage market in 2019. The growth of the digital signage market for indoor signage is driven by the usage of immersive and highly interactive display technologies in sports stadiums, indoor arenas, airports, bus/rail stations, retail stores, schools, hotels, restaurants, and so on. The indoor signage is generally based on LCD, OLED, or fine-pixel LED technology and requires no additional protective features to make them waterproof and operational at high temperatures. However, the demand for outdoor signage is expected to grow with the fastest growth rate in coming years, owing to its rapid adoption at street billboards, storefront windows, stadiums, transit, QSRs, shopping malls, and airports, among others. Moreover, as demand accelerates for outdoor signage displays, the key players are helping to drive that growth by developing and delivering next-generation solutions that best meet customers' needs. Superb viewability in challenging outdoor conditions, replaceable glass, smart platforms, easy installation, and reliability are some of the important areas companies are focusing on in outdoor segment.
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Geographically, North America region commanded the largest share of the global digital signage market in 2019. The large share of this region is primarily attributed to the presence of major digital signage manufacturing companies and their focus on developing advanced digital signage products; technological advancements; growing advertising sector; and growing retail and hospitality industry. Further, the growth in transportation networks, educational facilities, and commercial establishments is creating numerous opportunities for digital signage system vendors in this region. However, Asia-Pacific region is expected to witness rapid growth during the forecast period. The region has a large number of young and tech-savvy population which is the target population for digital signage. With increasing disposable incomes, this population is increasingly embracing the new technologies made available in the market. Owing to this, Asia-Pacific region is ranked as the fastest-growing regional market in the global digital signage market. Japan, China, and India are the major revenue generating countries in the APAC digital signage market on account of technological advancements and infrastructural development.
The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 4 years (2016–2019). The digital signage market has witnessed several product launches in recent years. For instance, in February 2019, NEC Display Solutions Inc. announced the launch of a major extension to its range of Direct View LED (dvLED) solutions for indoor and outdoor signage, as well as meeting room applications.
The global digital signage market is consolidated and dominated by few major players, namely LG Electronics, Inc. (South Korea), Samsung Electronics Co., Ltd. (South Korea), Shanghai Goodview Electronics Co., Ltd. (China), Intel Corporation (U.S.), Hewlett Packard Company (U.S), Cisco Systems, Inc. (U.S), NEC Corporation (Japan), Sony Corporation (Japan), Hitachi, Ltd. (Japan), Panasonic Corporation (Japan), Sharp Corporation (Japan), AU Optronics Corporation (Taiwan), Leyard Optoelectronics Co., ltd. (U.S), Delta Electronics, Inc. (Taiwan), and Barco NV (U.S), among others.
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Scope of the Report
Digital Signage Market by Product Type
- Video Wall
- Standalone Display
- Kiosk
- Interactive
- Self-service kiosk
- Vending Kiosk
- Non-interactive
- Interactive
- Menu boards
- Interactive
- Non-interactive
- Billboards
- Kiosk
Digital Signage Market by Component
- Hardware
- Display
- LCD Display
- LED Display
- OLED Display
- Projectors
- Media Players
- Display
- Software
- Services
- Installation Services
- Maintenance & Support Services
Digital Signage Market by Application
- Indoor
- Outdoor
Digital Signage Market by Industry Vertical
- Retail
- Hospitality
- Entertainment
- Transportation
- Corporate
- Healthcare
- others
Digital Signage Market by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Latin America
- Middle East and Africa
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