Digital Signage Market size to record USD 8,113.34 mn growth from 2023-2027, Introduction of SOC technology is one of the key market trends, Technavio
NEW YORK, April 3, 2024 /PRNewswire/ -- The global digital signage market size is estimated to grow by USD 8,113.34 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 9.04% during the forecast period. The digital signage market is growing due to AR integration in mobile devices like smartphones and tablets. Vendors offer AR applications, enhancing user experience and increasing value. Digital signage caters to large audiences through platforms like social media, apps, and retail media. Key players include LED media boards, digital display panels, video walls, projectors, and computerized systems. Retail, banking, hospitality, entertainment, healthcare, and dynamic content delivery are major sectors. Targeted messaging, product promotion, and real-time updates drive sales in retail establishments.
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Digital signage providers are leveraging AR technology to create immersive experiences for internet users, merging online advertisement and broadcast with large audiences. Social media platforms and apps are integral to this ecosystem, offering targeting capabilities for retail media in digital gaming environments. The 3PL market, retail, banking, hospitality, entertainment, and healthcare sectors are major consumers of digital signage. Dynamic content delivery and real-time updates enable targeted messaging for product promotion and enhancing in-store customer experience. Retail establishments, shopping malls, supermarkets, and LED media boards, digital display panels, video walls, projectors, and multimedia content are essential components of this market. Computerized systems, software, and traditional static signs are being replaced with real-time content updates, remote management, and communication platforms. Eye-catching content attracts customers, driving sales in retail stores and malls.
The digital signage market encompasses various industries such as airports, hotels, restaurants, corporate offices, transportation centers, and education sectors. Hardware advancements, including near field communication and touch screen technology, have revolutionized this market. Cost-effective single screen displays and kiosks have become popular in public transports and government offices. However, technological developments in large screen displays, like micro-LED and quantum dots, pose challenges due to power consumption and high costs. Rapid digitalization has led to the replacement of traditional billboards with widescreen alternatives and screenless displays. AI and machine learning enable personalized content delivery and real-time data-driven decision-making. 5G technology and touchless & interactive solutions are emerging trends in the retail industry. Market consolidation, strategic expansion, partnerships, and collaborations among leading companies, such as electronic giants, continue to shape the digital signage market.
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The Digital Signage Market encompasses a range of innovative products and services, including LED media boards and digital display panels. These technologies offer real-time content updates and remote management as alternatives to traditional static signs. Video walls and projectors are also integral components of this market, delivering multimedia content through computerized systems and software. Cost-effective solutions, such as micro-LED displays, are emerging as viable options for large screen displays in various sectors, including education and government offices. Technological developments continue to expand the possibilities of digital signage, with widescreen alternatives and screenless displays addressing power problems and enhancing the customer experience. The Digital Signage Market serves as a communication platform for businesses and organizations, offering flexible and adaptable solutions for various applications. As the demand for advanced and interactive displays grows, the market is poised for continued expansion and innovation. Traditional billboards and static signs face increasing competition from these dynamic and engaging digital alternatives. The future of digital signage lies in its ability to provide captivating visual experiences and seamless integration with other technological systems.
The Digital Signage Market is experiencing significant growth due to the increasing adoption of advanced technologies such as LED displays, motion sensors, and Wi-Fi connectivity. These technologies enable businesses to display dynamic and interactive content, enhancing customer engagement and experience. The market is segmented by component, application, and end-user industry. The component market includes hardware, software, and services. The application market is categorized into indoor and outdoor signage. The end-user industries are retail, healthcare, education, transportation, and hospitality. The market is driven by factors such as the need for real-time information dissemination, increasing competition, and the desire for innovative marketing strategies. The market is expected to grow at a CAGR of over 10% during the forecast period. The use of digital signage in Procter & Gamble's stores, McDonald's restaurants, and Softbank's telecom shops are some notable examples of its application. The market is competitive, with key players including Samsung Electronics, LG Display, and Panasonic Corporation. The market is also witnessing the entry of new players, leading to increased innovation and competition. The market is expected to continue its growth trajectory, driven by the increasing demand for interactive and personalized customer experiences.
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Digital Signage Market is fragmented ; the companies are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products. Digital Signage Market report includes information on the product launches, sustainability, and prospects of leading vendors including 3M Co., AT and T Inc., AU Optronics Corp., Cisco Systems Inc., Daktronics Inc., Hon Hai Precision Industry Co. Ltd., HP Inc., Intel Corp., LG Corp., Samsung Electronics Co. Ltd., Sony Group Corp., YFY Inc., BrightSign LLC, Cayin Technology Co. Ltd., Keywest Technology Inc., Leyard Group, Omnivex Corp., Rokk3r, Scala, Panasonic Holdings Corp.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
- Retail
- QSR And Restaurants
- Education
- Healthcare
- Others
- Component
- Hardware
- Software
- Services
- Geography
- North America
- APAC
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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