Projected to experience robust growth, the global signage market is expected to achieve a noteworthy Compound Annual Growth Rate (CAGR) of 6.3% from 2022 to 2031, culminating in a substantial valuation of US$ 63.3 billion by 2031. This forecast underscores the increasing significance of signage in various industries, serving as a vital communication tool. The consistent upward trajectory reflects the demand for innovative and eye-catching visual communication solutions. As businesses continue to recognize the pivotal role of signage in brand visibility and communication, the market’s expansion aligns with the evolving needs of a dynamic and competitive global landscape.
Widely embraced as a prominent marketing medium, signages serve as crucial marketing tools for businesses across diverse industries. The collaborative efforts between signage companies and business owners result in tailored designs that precisely meet specific requirements. Factors such as signage size and strategic placement wield considerable influence over customer footfall, underscoring the pivotal role these visual elements play in enhancing brand visibility and attracting potential customers.
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Market Drivers:
- Digital Signage Adoption: The increasing adoption of digital signage solutions is a significant driver. Digital signage offers dynamic content display, interactivity, and real-time updates, making it more engaging for consumers.
- Technological Advancements: Ongoing advancements in display technologies, including higher resolution, improved brightness, and enhanced durability, drive the demand for modern and innovative signage solutions.
- Rising Demand for Interactive Signage: The demand for interactive and touch-enabled signage is on the rise, especially in retail and hospitality sectors, as businesses seek to enhance customer engagement and overall experience.
- Growing Retail Sector: The retail industry’s expansion contributes to the demand for signage solutions for advertising, branding, and providing information to customers within stores.
- Smart Cities Initiatives: Increasing smart city initiatives worldwide lead to the integration of intelligent signage solutions for public information, wayfinding, and emergency notifications.
- Cost-Effective Printing Technologies: Advances in printing technologies, such as UV printing and eco-friendly inks, contribute to cost-effectiveness and sustainability in the signage industry.
Market Restraints:
- Initial Setup Costs: The initial costs associated with implementing advanced signage technologies, especially digital and interactive solutions, can be a barrier for small and medium-sized businesses.
- Security Concerns: Digital signage systems may be vulnerable to cybersecurity threats, raising concerns about the security of sensitive information and the potential for unauthorized access.
- Economic Uncertainty: Economic downturns and uncertainties can impact businesses’ willingness to invest in signage solutions, leading to a slowdown in market growth.
- Regulatory Compliance: Compliance with regulations related to content, accessibility, and environmental impact can pose challenges for signage providers, affecting their operations and market expansion.
- Integration Issues: Integrating new signage technologies with existing infrastructure can be challenging and may require additional investments in training and system upgrades.
- Environmental Impact: Concerns about the environmental impact of signage materials and electronic waste may lead to increased scrutiny and the need for eco-friendly solutions, which could pose challenges for certain segments of the market.
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
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.
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Competitive Landscape
Companies operating in the signage market are a part of highly fragmented market landscape where multiple domestic players exist in the market. Rising demand for marketing solutions with technological advancement across the emerging economies has led to business expansion. Improvised product development and advanced display technologies are commonly adopted strategies by the players in the signage market.
The companies are inclined towards providing green solutions to their customers.
- Signs Express Ltd offers an environmental advantage to its customers by switching to 100% recyclable PVC-free polypropylene board for all temporary construction site signs.
The Evolution of Signage: From Traditional to Digital
Signage has come a long way from its traditional roots. While classic options like banners, billboards, and posters still hold their charm, the advent of digital signage has added a new dimension to the market. Digital displays, interactive kiosks, and LED signs provide businesses with dynamic platforms to engage their audience in real-time.
“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.
Digital Signage to be the major Revenue generator
The proliferation of digital signage is driven by its manifold advantages, particularly evident in various commercial settings like retail stores, specialty outlets, hospitals, and public spaces where installations have surged in recent years. By captivating engaged shoppers through diverse graphics and designs, businesses employing digital signage have the flexibility to transform displays effortlessly, automatically switching content at pre-set intervals.
Automated Content Creation to promote growth
The seamless integration of IoT with digital signage enables the automatic generation of shareable content on displays. Moreover, it enhances store safety by connecting alarm systems to digital signage, incorporating sensors to detect store capacity and stock levels. This integration allows for the delivery of warning messages to customers, significantly reducing human interaction and facilitating adherence to safety protocols, particularly crucial during a pandemic. By leveraging this technology, businesses can create a safer shopping environment while simultaneously optimizing operational efficiency through real-time data insights provided by the interconnected digital signage and IoT infrastructure.
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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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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