The global signage market is slated to witness a CAGR of 6.3% between 2022 and 2031, reaching US$ 63.3 Bn by the year 2031.
The retail sector is undergoing structural changes and adopting improved strategies, which will directly affect the demand for signs. The conventional retail industry has changed as a result of the highly fragmented market and growing e-commerce competition for offline establishments. According to a Future Market Insights (FMI) analysis, between 2021 and 2031, this will present enticing opportunities for the growth of the signage business.
Depending on the installation site and business goals, retail store signage can come in a variety of shapes and sizes, but they all serve the same objective: to draw customers in and raise brand awareness. The design of the company’s signage is essential to boosting sales. Many consumers’ first impressions of a brand are formed by its signage design. A excellent sign effectively communicates the company’s goods and services as well as what the client can anticipate from the business.
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For instance, McDonald’s emphasis on signage presentation at every location of theirs helps in enhancing their brand value in the minds of the customers. The company makes sure that it installs signage to reinforce branding at every new location.
There also is high focus on outdoor signages as businesses seek to read a wider audience. As per FMI, outdoor signages will account for over 60% of sales in the market in terms of products available. Meanwhile, rising demand from supermarkets and hypermarkets will continue supporting growth.
Key Takeaways of Signage Market Study
- Rising at 6.4% CAGR between 2021 and 2031, signage market will grow in response to expansion of the retail sector
- Presence of a high number of supermarkets and hypermarket makes the U.S. dominant. It is expected to account for over 85% of sales in North America
- Focus on outdoor digital advertising will drive the U.K. market at 2% y-o-y growth in 2021
- Expansion of the retail sector will position India as a key market for signage sales within South Asia
- China’s bustling retail sector will catapult it as a chief signage market within East Asia
“Marketers are keenly focusing on investing on advertisement to grab customers’ attention which is a challenging task. Digital signage have the potential to overcome the challenges associated with conventional advertising. A major trend observed recently is replacement of conventional signage with digital signage at multiple locations.” says an FMI analyst.
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Cost Effectiveness of Signage Creating Lucrative Opportunity
Companies need to assure that their marketing investment is being used wisely and no business would be interested in wasting the money on a signage that would not help in increasing the footfall. Businesses need to clearly know the intent of what they want to achieve by signage advertising.
A signage helps the businesses to grow in the long term when compared to other marketing efforts, for instance, an ad in the newspaper. This serves or caters to achieve the short term marketing goal of the business. However, signage can help the business build their brand. With the integration of technology, brands can use digital signage which can be changed with minimum efforts every time the business wants to revise its marketing strategy.
Signage are cost effective marketing solutions, even though the initial cost might be high it’s worth to invest in a quality product which can reap benefits for a longer duration by minimizing maintenance costs. Moreover, there is no specific time for the signage marketing to work as it reaches out to anyone who passes by the signage at any point of the day or night.
Who is Winning?
FASTSIGNS International. Inc., Signarama, Walton Signage Corporation, R.R. Donnelley & Sons Company, Impact Signs Inc., Back Bay Sign Company, Pearce Signs Group, Sovereign Signs (Strata Holdings Limited), HNS Signs Ltd, Allsigns International Ltd, Harrisons Signs Limited, Benson Signs Ltd., Lavastar Signs Ltd, National Signs Ltd, Signs Express Ltd, Dlinexsign Ltd and One Digital Signage Ltd. are prominent players in the signage market. The signage market is highly fragmented and the Tier 1 players in the market hold 15–20% share in the global signage market.
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Key Segments Covered In Signage Industry Research
Product Type:
- In-store Signage
- Promotional Signage
- Directional Signage
- Outdoor Signage
- Promotional Signage
- Directional Signage
End-use:
- Supermarkets & Hypermarkets
- Stores
- Schools & Offices
- Industrial Sectors
- Entertainment
- Others
Frequently Asked Questions (FAQs)
- What will be the growth of Signage Market in the coming years?
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- Which end-use type is expected to register significant growth in the Signage Market?
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- Who are the target audience in the Signage Market?
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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