The global digital signage system market is estimated to reach a valuation of US$ 18.73 Bn and is likely to surpass US$ 55.63 Bn by 2032. The demand for digital signage systems is projected to grow at a CAGR of 11.5% from 2022-2032 Decline in price of display devices, rising scope of GPS market, increasing demand for digital out-of-home (DOOH) applications and a growing demand for additional integrated features in digital signage systems are expected to increase the scope of digital signage software market
A wired or wireless network connectivity platform enhances the system’s capabilities by allowing it to communicate with other connected digital devices. Effective content and an easy-to-use content management system (CMS) are essential components of any digital signage solution for delivering real-time dynamic material.
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The digital signage system market on the basis of technology can be segmented into LCD or plasma, OLED and LED display technology. On the basis of software, the market can be divided into content management software, distribution and scheduling software.
On the basis of types, the digital signage system market can be segmented into indoor and outdoor digital signage. Based on application, the market can be divided into various verticals, such as corporate and commercial sector, manufacturing, educational institutes, government, banking and financial institutes, transportation, retail and wholesale, media and entertainment, and health care.
What Factors are Driving the Digital Signage System Market Growth?
The digital signage system reduces the use of traditional signage materials, such as paper and paint, making it more eco-friendly. It is suitable for advertising with a high target audience.
Additional capabilities, such as extending its digital display size by connecting to other multiple screens, real-time content update, remote access, monitoring and controlling, data transmission via compressed files, fan-less design to prevent malfunctioning, energy-saving, tamper-resistant, cost-effectiveness, dynamic and interactivity, are some of the key factors driving the adoption of digital signage systems.
Furthermore, the breadth of the digital signage software market is predicted to expand as the price of display devices decreases, the GPS market expands, demand for digital out-of-home (DOOH) applications grows, and demand for new integrated features in digital signage systems grows.
The digital signage market, on the other hand, faces a number of problems, including a high initial cost of installation, a large investment in maintenance, content creation, support, and hardware and software.
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How is the Competition in the Digital Signage System Market?
Introduction of advanced digital signage solutions, collaboration with other organizations, joint ventures/partnerships, and acquisitions & mergers are a few strategies followed by key players operating in the digital signage system market.
For example, in 2014, Barco acquired X2O Media to expand its technology platform, connectivity capabilities and global presence, and strengthen its operations in the digital signage system market. Further, in April 2013, RMG Networks acquired an intelligent visual communication provider, Symon Communications, in order to strengthen its technological competencies and expand its digital signage offering and customer base.
North America and Europe have the greatest market share in the digital signage market among all regions. Due to the presence of rising economies such as India, China, Taiwan, and South Korea in this region, Asia Pacific is likely to grow rapidly during the forecast period, contributing more than 20% of the market share.
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