Digital signage refers to dynamic digital displays that provides customizable information and advertisement content. Digital signage displays provide an interactive and engaging way for businesses to communicate and market products and services to customers. They are widely installed in public and commercial places like malls, airports, classrooms, and corporates. Digital signage displays offer advantages like centralized content management, flexibility to update content remotely, and ability to display multimedia content. The global Digital Signage Market is estimated to be valued at US$ 30.75 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the digital signage market is the rising demand for interactive displays. Interactive digital signage allows customers to engage more directly with content by tapping, swiping or gesture control. They provide opportunities to collect customer data and feedback. Many businesses are increasingly adopting interactive signage to enhance customer experience. Interactive displays encourage interactions, improve wayfinding, play videos and run application-based content. With continuous technological advancement, modern interactive displays offer multi-touch capabilities, bezel-less designs and life-like picture quality. Their ability to gather customer analytics is also boosting adoption. This has accelerated revenue growth for digital signage manufacturers globally.
Segment Analysis
The global digital signage market is dominated by the retail sub-segment. Retailers use digital signage extensively for product promotion and advertising within stores. Digital signage allows retailers to regularly update content on screen without having to change physical signage. They can also target ads and offers to specific customers based on their profile and purchase history. As retail moves increasingly online, digital signage helps physical stores enhance customer experience and continue driving sales.
Key Takeaways
The global digital signage market is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis shows that Asia Pacific region is projected to grow the fastest due to rapid expansion of organized retail and real estate sector in developing countries like China and India. Key players like Samsung Electronics and LG Electronics have the largest market share in the region benefiting from high demand for commercial displays and digital signage solutions from retail and transportation industries.
Key players operating in the digital signage market are Samsung Electronics, Daktronics, Exceptional 3D, LG Electronics, Panasonic Corporation, Sony Corporation, Leyard Optoelectronic Co., Ltd., Scala, E Ink Holdings Inc., Deepsky Corporation Ltd., Intel Corporation, and Microsoft Corporation. Samsung Electronics and LG Electronics have the largest market share due to their extensive portfolio of commercial display products optimized for digital signage applications. Daktronics is a leading provider of comprehensive hardware and software solutions for outdoor and indoor venues. Exceptional 3D, Scala and Deepsky offer specialized software platforms for content management, interactive features and audience analytics. The market remains competitive as players continue investing in new technologies around artificial intelligence, augmented reality and analytics integration.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
