Digital Signage Market to Reach USD 41.55 Billion by 2031 with Enhanced Retail Signages | SkyQuest Technology

WESTFORD, Mass., July 24, 2024 /PRNewswire/ -- According to SkyQuest, the global Digital Signage Market size was valued at USD 15.98 Billion in 2022 and is poised to grow from USD 17.77 Billion in 2023 to USD 41.55 Billion by 2031, growing at a CAGR of 11.2% in the forecast period (2024-2031).

Digital signage is extensively used in public spaces like stores, transports, museums, and restaurants. These displays have the potential to show videos, text, weather data, and restaurant menus with the help of technologies like LED, LCD, and projections. These solutions are centrally managed and can be individually addressed to display information, entertainment, advertisement, and info about products. This is one of the primary reason due to which companies can utilize content creation and distribution with the help of digital signage to reach more audience. In the media players and screens there are frequent compatibility and interoperability issues that can be removed through digital signage. In many developing countries digital signage is used in public infrastructure, transport networks, and the construction of commercial structures. In public transportation sector this innovative technology is used to inform customers about their current location and advertise various products and services. Display technologies like microLED displays, OLED displays, and electronic displays are becoming more popular in various sectors that is encouraging organizations to build digital display products.

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Digital Signage Market Overview:

Segments covered in Digital Signage Market are as follows:

• Offering
• Hardware (Display {Technology - [LCD, LED, OLED, Projection], Resolution - [8K, 4K, Full High Definition (FHD), High Definition (HD), Lower than HD], brightness -[0–500 nits, 501–1000 nits, 1001–2000 nits, 2001–3000 nits, More than 3000 nits}, Media Players, Projectors, Others), Software (Edge Server Software, Content Management System, Others), Services (Installation Services, Maintenance & Support Services, Consulting & Other Services), Digital Poster, Kiosks, Others.
• Display Size
• Less than 32 Inches, Between 32 and 52 Inches, and More than 52 Inches
• Product Type
• Video Walls, Standalone Displays (Kiosks {Interactive kiosks, Automated teller machines (ATMs), Self-service kiosks, Vending kiosks}), Menu Boards {Interactive menu boards, Non-interactive menu boards}, Billboards
• Installation Location
• Indoor, Outdoor
• Application
• Commercial (Retail, Corporate Communications, Healthcare, Hospitality & Restaurants, Government), Infrastructural (Transportation & Public Places, Sports & Entertainment), Institutional (Banking, Financial Services and Insurance (BFSI), Education), Industrial, Non-Broadcast
• Enterprise Size
• Small Office/Home Office (SOHO), Small & Medium-sized Enterprises (SMEs), Large Enterprises (LEs)

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High Adoption of Gestural Recognition for Better Interaction to Increase Market Growth

Customers can directly interact with the information that has been offered by the media and entertainment organizations in various processes due to digital signage vendors. Many manufacturers are exploring the advancement of display processors integrated with embedded gesture recognition technique. One of the most popular approaches used in digital signage interfaces is gesture recognizing technology, boosting the growth of the market.

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Widespread Use of Electronic Large Screen Displays to Manage Content Propelling Digital Signage Market Growth

The market for digital signage is growing rapidly because of the extensive use of electronic large screen displays in various commercial industries like finance, retail, transportation, and hospitality. In recent times, digital signages are also utilized in automated teller machines and e-banking services in the financial industry. The technology has helped the sector to digitalize product promotion, display motion messages, and remotely update and manage contents. Technological developments in implementation of biometric technology combined with digital signage devices are also influencing positive growth in the market. The market is also fueled by enhancement in LCD/LED technologies and an increasing investment in advertising and marketing.

Increasing Development of Infrastructure in Retail Stores to Improve Shopping Experience Driving Market Growth

Today retailers are using digital signage to improve shopping experience, resulting in the augmentation of sales. They have started making immense investments in the infrastructure of retail stores to gain advantages from digitalization. With the increasing use of digital signage retailers can also offer theme-based digitally improved experience stores, personalized offering, and other innovative services. Nowadays, the digital signage solutions act as the customer touchpoints by offering improved control and information in the banking and financial industry. These improvements will augment the demand for digital signage solutions and improve its market value.

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SOURCE SkyQuest Technology