The market for digital signage systems market is expected to be valued 18.73 billion dollars by 2022 and 55.63 billion dollars by 2032. Demand for digital signage systems is expected to grow at an 11.5% CAGR from 2022 to 2032, driven in part by:
A wired or wireless network connectivity platform that allows communication with other linked electronic devices enhances the system’s capabilities. Any digital signage solution that delivers real-time dynamic material must include high-quality content and an easy-to-use content management system (CMS).
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The LCD or plasma, OLED, and LED display technologies can be used to segment the market for digital signage systems. The market can be segmented into content management, distribution, and scheduling software on the basis of software.
The digital signage system market can be divided into indoor and outdoor digital signage based on type. The market can be segmented into a number of verticals depending on the application, including the corporate and commercial sector, manufacturing, educational institutions, government, banking and financial institutions, 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.
Digital Signage System Market: Key Segmentation
By Technology
- LCD or Plasma
- OLED and LED Display Technology
By Software
- Content Management Software
- Distribution
- Scheduling Software
By Type
- Indoor digital signage
- Outdoor digital signage
By Application
- Corporate and Commercial Sector
- Manufacturing
- Educational Institutes
- Government
- Banking and Financial Institutes
- Transportation
- Retail and Wholesale
- Media and Entertainment
- Healthcare
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