The global digital signage market is anticipated to grow at a CAGR of 8.8% during the forecast period (2024-2031). The market growth is mainly attributed to rising launches of digital signage products and their several applications across the globe. For instance, in November 2020, Sharp Corp. has announced the launch of a new 8K Ultra-HD professional LCD. A wide colour spectrum colour filter and improved LED backlight phosphors are used in the new display, which has 33 million pixels. This allows the display to give stunning clarity and better red, blue, and green gradations in the pixels. Besides, in June 2020, Sony Corp had announced the launch of new 55 to 85-Inch BRAVIA 4K HDR BZ40H models of professional displays. The models are available in a variety of sizes, including 55-inch, 65-inch, 75-inch, and 85-inch models, all of which include an inbuilt 4K HDR processor and TRILUMINOS display technology. Digital signage, conference rooms, security camera surveillance, public places, radio and television, smart classrooms, museums and exhibition halls, and healthcare organisations can all benefit from the new models.
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The commercial segment is estimated to have one of the largest usages of digital signage owing to displays of products for advertisements and announcements. The commercial sectors include showrooms, retail stores, malls, hospitality centers and medical, and many more. The aim of use digital signage is to attract customers and run a business effectively by increasing brand awareness among the consumers who pass by the stores. Moreover, digital signage is a cost-effective means of communicating information to the audience and is less complex when compared to a traditional type of advertising. In addition to this, the government displays vital information to internal employees and external audiences and is used in emergency and public safety updates to offering vital services and information to a community. However, the use of alternatives like projectors and screenless displays can hamper the growth of the digital signage market in the forecast period.
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Market Coverage
- Segment Covered-
o By Component Type
o By Product
o By Application
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Samsung Electronics Co., Ltd., LG Electronics Inc., Intel Corp., Sharp Corp., Sony Corp., Barco NV, Daktronics, Inc., NEC Corp., and AU Optronics Corp, among others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Digital Signage Market Report Segment
By Component Type
- Hardware
- Software
By Product
- Standalone Display
- Video Wall
By Application
- Commercial
- Industrial
- Infrastructural
- Others (Institutional)
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