Spain digital signage market is estimated to grow at a CAGR of 7.5% during the forecast period to reach over $800 million in 2025 from $480 million in 2018. Major factor augmenting the growth of the market in the country include growing banking sector, increasing media and entertainment industry, surging food retail industry among others. The banking industry in Spain expanded considerably during the country’s rapid economic growth earlier 15 years to the international financial crisis. It has forced the country to restructure and recapitalize its financial sector. The banking sector in Spain consists of twelve banking groups, representing over 90% of the industry, as of January 2018. Such groups comprise two savings banks, 63 cooperative banks, and 59 private banks each, according to the European Banking Federation. Due to improving economic infrastructure, a significant focus on the banking sector has resulted in a significant number of bank branches and thereby, to facilitate customers, the banks are focusing on enhancing customer experience. This is turn, is expected to surge the demand for digital signage across banking sector in the country.
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Spain digital signage market is segmented on the basis of component type, product, application, and region. On the basis of component type, the market is divided into hardware and software. On the basis of the product, the market is classified into standalone display and video wall. Furthermore, the market is classified, on the basis of application, into commercial, industrial, infrastructural, and others. Commercial application of digital signage is estimated to be the fastest-growing segment during the forecast period. The segmental growth is attributed to the extensive application of digital signage displays for advertisement and for announcements in the commercial sector. The commercial sector includes retail, healthcare, hospitality, and government, with applications across hospitals, hotels, quick-service restaurants (QSRs), and malls.
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Spain Digital Signage Market Segmentation
By Component Type
- Hardware
- Software
By Product
- Standalone Display
- Video Wall
By Application
- Commercial
- Industrial
- Infrastructural
- Others (Institutional
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