The global digital signage market size is projected to reach USD 35.94 billion by 2026 on account of the rapid progress being made in digital technology across the globe. Fortune Business Insights shares this information in its report, titled “Digital Signage Market Size, Share & Industry Analysis, By Component (Hardware, Software, Content, and Services), By Deployment (On-Premise, Cloud), By Location (Indoor, Outdoor), By Product Type (Video Walls, Digital Posters, Kiosks, Billboards, and Others), By Industry Vertical (Retail, Corporate, Hospitality, Transportation, Education, Healthcare, Sports and Entertainment, and Others) and Regional Forecast, 2019-2026”. According to the report, the market value stood at USD 19.78 billion in 2018 and is expected to exhibit a CAGR of 7.8% from 2019 to 2026.
Rising Adoption of Advanced Screen Technologies to Boost the Market
One of the primary digital signage market trends is the increasing investments made by organizations to enhance and personalize customer experience. This has pushed companies to adopt advanced digital displays to deepen customer engagement. For instance, Ebekek and Phygital Mind, both Turkey-based retailers, introduced kiosks to provide a novel interactive customer experience through the integration of e-commerce and sales platforms. Additionally, improved connectivity, flexibility, and affordability of electronic displays has also elevated the digital signage market potential in recent years. Lastly, the largest benefits of digitization are being availed by the banking and finance sector user interface has gotten transformed.
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- By Component: Based on component, the market is segmented into hardware, content, software, and services. Here, the hardware segment is expected to lead in terms of revenue on account of the rising investments being made by companies to provide novel digital signage hardware solutions. The remaining segments are also anticipated to grow at a steady pace, especially the content segment which will register a high CAGR.
- By Deployment: Based on deployment, the market is bifurcated into cloud and on-premise. Here, the cloud segment is expected to lead, according to the digital signage market research. This will mainly be on account of the remote access to content that cloud-based technologies enable for both the user and the service provider. While the consumer can use the signage to track her preferences in real-time, the service provider can use information to customize user experience for every individual customer. The other segments are also anticipated to rise at a healthy rate during the forecast period.
- By Location: On the basis of location, the market is divided into indoor and outdoor digital signage solutions. Here, outdoor digital signage is projected to emerge as the most promising segment as a result of increasing deployment of these displays in areas of large public gatherings such as Times Square in New York. The indoor segment is also expected to display steady growth owing to rise in interactive kiosks.
- By Product: In terms of product, the market is categorized into video walls, kiosks, billboards, digital posters and others. Here, the video walls segment is anticipated to lead with a market share of 35.4% as a result of growing implementation of LED video walls for advertizing purposes. The other segments will grow substantially, as per the digital signage market report.
- By Industry Vertical: Based on industry vertical, the market is segregated into retail, hospitality, corporate, transportation, education, healthcare, sports and entertainment, and others. Amongst these, the retail segment is expected to hold a commanding position owing to rising focus of retailers to deploy digital signage solutions to enhance customer experience. The other verticals are also expected to show noticeable growth.
- By Region: Geographically, the market is classified into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. Having generated a revenue of USD 8.32 billion in 2018, North America is slated to dominate the digital signage market share till 2026. This will be mainly because of decline in the demand for mass media outlets such as broadcast radio and television, which has upped the adoption of digital signage solutions in the region. The other regions are also foreseen to grow at a considerable rate.
Innovation Opportunities to be Exploited by Market Players
Exciting opportunities for innovation await the digital signage market leaders, with many key players doubling down their investment in R&D to bring out novel hardware solutions. Some of the top companies include:
- Deepsky Corporation Ltd.
- Sony Corporation
- LG Electronics
- Omnivex Corporation
- E Ink Holdings Inc.
- Leyard Optoelectronic Co., Ltd.
- Panasonic Corporation
- Exceptional 3D
- Samsung Electronics
Key Industry Developments:
- September 2019: Samsung Electronics announced its partnership with European streaming services under which Samsung would support 8K HDR10+ content.
- March 2017: LG Electronics introduced its lightweight, razor-thin LG OLED wallpaper, designed for commercial use.
The Global Digital Signage Market is Segmented as Follows:
Value (USD billion)
By Product Type
- Video Walls
- Digital Posters
By Industry Vertical
- Sports and Entertainment
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Scandinavia, and Rest of Europe)
- Asia-Pacific (Japan, China, India, Southeast Asia, and Rest of Asia-Pacific)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
- Latin America (Brazil, Mexico, and Rest of Latin America)