The global Digital Signage Market is estimated to be valued at US$ 26.46 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Digital signage is a dynamic advertising tool that allows for interactive and personalized content delivery to target audiences. It involves the use of digital displays, such as LCD, LED, and OLED screens, to showcase advertisements, information, and other content in both indoor and outdoor settings. The key advantages of digital signage include enhanced audience engagement, real-time content updates, and the ability to measure the effectiveness of advertising campaigns. The increasing need for impactful and engaging advertising strategies is driving the demand for digital signage solutions across various industries.
Market Key Trends:
One key trend in the Digital Signage Market Size is the growing demand for interactive displays. Interactive displays enable users to actively engage with the content being showcased, providing a more immersive and personalized experience. These displays incorporate touchscreens, gesture recognition, and other interactive features, allowing users to interact with advertisements, explore product details, and even make purchases directly from the display. This trend is being driven by the increasing consumer preference for interactive and engaging retail experiences, as well as advancements in touchscreen and display technologies. Companies are increasingly adopting interactive digital signage solutions to enhance customer engagement and drive sales.
Porter’s Analysis
Threat of New Entrants: The digital signage market is expected to witness a moderate threat of new entrants due to several barriers to entry. These barriers include the need for significant capital investment to develop and manufacture high-quality digital signage solutions, as well as the requirement for advanced technological expertise. Additionally, established companies in the market benefit from economies of scale, making it difficult for new entrants to compete effectively.
Bargaining Power of Buyers: The bargaining power of buyers in the digital signage market is relatively high. Buyers have access to a wide range of suppliers and solutions, allowing them to compare and negotiate prices. Additionally, buyers have the option to switch suppliers easily, putting pressure on companies to offer competitive pricing and quality products.
Bargaining Power of Suppliers: Suppliers in the digital signage market hold a moderate level of bargaining power. The market is characterized by a few key suppliers who dominate the industry. These suppliers have significant control over the availability and pricing of components and technologies used in digital signage solutions. However, companies in the market can mitigate this power through strategic partnerships and diversification of suppliers.
Threat of New Substitutes: The threat of new substitutes in the digital signage market is relatively low. Traditional advertising mediums such as print, radio, and television cannot match the interactive and dynamic features offered by digital signage. Furthermore, advancements in technology have made digital signage more cost-effective and efficient, making it an attractive option for businesses.
Competitive Rivalry: The competitive rivalry in the digital signage market is intense. With numerous key players operating in the market, competition is fierce in terms of product offerings, pricing, and distribution channels. Companies are constantly innovating to gain a competitive edge and secure a larger market share.
Key Takeaways
The global digital signage market is expected to witness high growth, exhibiting a CAGR of 7.8% over the forecast period from 2023 to 2030. This growth can be attributed to the increasing adoption of digital signage solutions across various industries. Businesses are leveraging digital signage to enhance customer engagement, improve brand visibility, and deliver targeted advertising messages.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the digital signage market. The region is witnessing rapid urbanization, increasing disposable income, and a growing number of retail outlets. This, coupled with advancements in technology, is driving the demand for digital signage solutions in the region.
Key players operating in the digital signage market include 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. These key players are focusing on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position and expand their customer base.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
