Digital Signage Industry Size, Share of Key Players, SWOT Analysis, and Report

Global Digital Signage Market:

The global digital signage market size reached US$ 26.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 45.5 Billion by 2032, exhibiting a growth rate CAGR of 5.8% during 2024-2032. The escalating demand for interactive and visually engaging content, several improvements in display technologies, and the growing influence of smart cities are some of the digital signage industry trends augmenting the global market.

Global Digital Signage Market Analysis:

• Major Market Drivers: The rising integration of the Internet of Things (IoT) technology into digital signage is one of the key drivers stimulating the digital signage market outlook. Additionally, the emerging popularity of contactless and touchless displays is also acting as another significant growth-inducing factor.
• Key Market Trends: The emerging popularity of cloud-based digital signage solutions for remote content management is one of the digital signage market technology trends. Furthermore, the widespread adoption of data analytics for content optimization and the introduction of digital menu boards in the food service industry are also propelling the digital signage industry's growth.
• Geographical Trends: North America exhibits a clear dominance in digital signage market growth, owing to the expanding retail sector, technological advancements, and extensive investments by government bodies in smart city initiatives.
• Competitive Landscape: Some of the primary digital signage market leaders include BARCO, Leyard Optoelectronic (Planar), LG Electronics, Panasonic, Samsung Electronics, Shanghai Goodview Electronics, Sharp (Foxconn Group), and Sony, among many others.
• Challenges and Opportunities: Challenges related to content security, compatibility with various platforms, and the need for standardization are hampering the digital signage market share. However, the rising focus of the biggest digital signage companies on improving the interactivity and personalization of digital signage solutions is expected to catalyze the global market in the coming years.
   

Global Digital Signage Market Trends:

Growing Demand for Visually Engaging Content

The shifting preferences among businesses from traditional static signage towards interactive content delivery mechanisms to captivate their audiences are among the digital signage market growth factors. For example, in September 2023, SAMSUNG launched 'The Wall for Virtual Production' in Europe, introducing two models, P2.1 and P1.68, as part of its digital signage series. Additionally, these ultra-large LED walls offer enhanced visual effects and reduced production costs and time. They are specifically designed for virtual content creation and provide features, such as a curvature range of up to 5,800R for a more realistic field of view, virtual production management (VPM) software for efficient screen management, genlock for seamless signal alignment, high picture quality in virtual production environments, etc. Besides this, in February 2023, Winamte Inc. announced the introduction of an outdoor display series that brings higher visibility for digital drive-thru menus, smart cities, bus shelter advertising, and window displays. The company was looking forward to providing improved image clarity, light transmission, and drift-free operation via product offerings.

Advancements in Display Technologies

The increasing usage of organic light-emitting diode (OLED) and light-emitting diode (LED), as they offer improved color accuracy, higher resolutions, and energy efficiency, thereby enhancing the visual quality of digital signage displays, is stimulating the digital signage industry revenue. For example, in April 2022, LG Business Solutions launched and installed a video "Wave Wall" with several curved OLED displays to form a high-definition surface at the AVI-SPL office in Dallas. Besides this, the elevating demand for digitized technology is bolstering the digital signage industry's worth. For instance, in March 2022, ViewSonic Corp., a global visual solutions provider, displayed its myViewBoard Sens, an educational technology, at the BETT show. This technology is embedded with AI technology that facilitates wellness in the classroom and elevates student engagement.

Increasing Digital Advertising Solutions

Various industries, including healthcare, retail, transportation, etc., are widely adopting digital signage to engage their target audience effectively, thereby positively influencing the global digital signage market research report. Additionally, retailers are using these solutions for in-store promotions, thereby enhancing customer experiences. For instance, in February 2022, BurgerFi International Inc., owner of one of the nation's premium casual dining and fast-casual concepts, BurgerFi, and the high-quality casual dining brand Anthony's Coal Fired Pizza & Wings, had chosen Hughes Network Systems LLC (HUGHES), a US-based company, to optimize, upgrade, and manage the network infrastructures and digital signage. Besides this, digital signage solutions are gaining extensive traction in the healthcare industry to offer critical information to patients, which is further fueling the digital signage market research. For instance, in January 2022, Mvix, a digital signage solution supplier, introduced Mvix CMS, a cloud-based program focusing on device health monitoring and system security. The CMS interface enables a more efficient workflow.

Global Digital Signage Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, component, technology, application, location, and size. 

Breakup by Type:

• Video Walls
• Video Screen
• Transparent LED Screen
• Digital Poster
• Kiosks
• Others
   

Video walls account for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the type. This includes video walls, video screen, transparent LED screen, digital poster, kiosks, and others. According to the report, video walls accounted for the largest market share. 

According to the digital signage industry statistics, the video walls segment is primarily driven by the escalating demand for immersive visual experiences in several settings, including control rooms, retail stores, public spaces, etc. Furthermore, businesses are using video walls to capture the attention of their audiences with dynamic and vibrant content. For instance, in September 2023, SAMSUNG introduced 'The Wall for Virtual Production' in Europe by launching two models, P1.68 and P2.1, as part of its digital signage series.

Breakup by Component:

• Hardware
• Software
• Service
   

Hardware holds the largest share in the industry

The report has provided a detailed breakup and analysis of the market based on the component. This includes hardware, software, and service. According to the report, hardware accounted for the largest market share. 

The increasing demand for advanced display technologies, including LED and OLED, which provide higher resolutions and vibrant visuals, thereby improving the overall viewing experience, is primarily driving the growth of the market in this segmentation. Moreover, the inflating need for durable and energy-efficient hardware components is also acting as another significant growth-inducing factor. Besides this, as businesses seek cost-effective and sustainable digital signage solutions, the hardware will continue to hold the largest share in the industry.

Breakup by Technology:

• LCD/LED
• Projection
• Others
   

LCD/LED represents the leading market segment

The report has provided a detailed breakup and analysis of the market based on the technology. This includes LCD/LED, projection, and others. According to the report, LCD/LED accounted for the largest market share.

The LCD/LED segment is bolstered, owing to the rising popularity of high-resolution displays, particularly in the commercial and consumer electronics sectors. The proliferation of 8K and 4K televisions, along with the need for more immersive and larger screens, is catalyzing the growth of LCD/LED technology. For example, in February 2022, NanoLumens, an American private corporation that manufactures and designs LED displays, launched a transparent LED mesh product series called CLRVU. This display was installed for TK Elevators' headquarters and test facility at The Battery Atlanta. Moreover, in March 2022, Planar introduced two new LED video wall display variants to serve the needs of fast-paced events and high-ambient light environments. These digital signage market recent developments will continue to fuel the segmentation growth over the forecasted period.

 Breakup by Application:

• Retail
• Hospitality
• Entertainment
• Stadiums and Playgrounds
• Corporate
• Banking
• Healthcare
• Education
• Transport
• Others
   

Retail holds the largest share in the industry

The report has provided a detailed breakup and analysis of the market based on the application. This includes retail, hospitality, entertainment, stadiums and playgrounds, corporate, banking, healthcare, education, transport, and others. According to the report, retail accounted for the largest market share. 

The retail segment is primarily fueled by the escalating demand for immersive customer experiences and the elevating usage of digital signage for promotions, dynamic product displays, wayfinding solutions, etc. For example, in February 2023, Winamte Inc. announced the development of an outdoor display series that brings higher visibility for smart cities, bus shelter advertising, digital drive-thru menus, and window displays, among other applications.

Breakup by Location:

• Indoor
• Outdoor
   

Indoor represents the leading market segment

The report has provided a detailed breakup and analysis of the market based on the location. This includes indoor and outdoor. According to the report, indoor represented the largest segment.

The growing popularity of engaging and interactive customer experiences within enclosed environments is one of the key factors driving the indoor digital signage segment. Apart from this, numerous other factors, such as the widespread adoption of touch-screen displays, the elevating need for navigation and wayfinding solutions in large indoor spaces, and the integration of AI for personalized content delivery, are acting as significant growth-inducing factors.

Breakup by Size:

• Below 32 Inches
• 32 to 52 Inches
• More than 52 Inches
   

Below 32 inches represents the leading market segment

The report has provided a detailed breakup and analysis of the market based on the size. This includes below 32 inches, 32 to 52 inches, and more than 52 inches. According to the report, the below 32 inches accounted for the largest market share. 

The below 32 inches segment is experiencing significant growth due to the widespread adoption of smaller-sized displays in compact living spaces. Moreover, these screens are cost-effective and find extensive applications in environments where space is limited without compromising visual impact.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market, accounting for the largest digital signage market share.

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.

The shifting preference for digital signage over printed signage, owing to its security and cost profits, is primarily bolstering the regional market. It allows visualization of safety procedures, a vital component in developing smart hotels and related industries. This, in turn, is acting as another significant growth-inducing factor. For example, in March 2022, Xpodigital, in Orlando, United States, the full-service convention internet and display technology partner for events and hospitality professionals, moved vital management positions to Las Vegas as the first step in becoming the city's first choice for fully managed conference internet and digital signage solutions. Additionally, the interactive wayfinding maps feature of digital signage is gaining extensive traction, as it enhances the guest experience by providing a self-service source of information. In March 2022, PPDS, a supplier of digital signage products and Philips TVs, announced that it is bringing the Apple TV app to its Philips MediaSuiteHospitality TVs in hotels. Apart from this, software providers in North America are further engaged in providing a standard for customized solutions compatible with several operating systems to new entrants in the industry. For example, in February 2022, Samsung launched the Infinity Screen, a brand new, center-hung video board at Sofi Stadium in Los Angeles, California.

Competitive Landscape:

The digital signage market leaders are actively engaged in various strategies to maintain their competitive edge and meet the evolving needs of customers. Many are focusing on research and development (R&D) to create cutting-edge solutions, including the integration of artificial intelligence and machine learning for content personalization and audience analytics. They are also investing in energy-efficient technologies to align with sustainability trends, addressing environmental concerns. Moreover, strategic partnerships and collaborations with content management system providers and software developers are common strategies to enhance the functionality and versatility of their digital signage solutions. Furthermore, global players are expanding their presence in emerging markets, particularly in Asia, Latin America, and the Middle East, to tap into the growing demand for digital signage in these regions.

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• BARCO
• Leyard Optoelectronic (Planar)
• LG Electronics
• Panasonic
• Samsung Electronics
• Shanghai Goodview Electronics
• Sharp (Foxconn Group)
• Sony
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Global Digital Signage Market News:

• January 2024: At CES 2024, the world's largest electronics show, Samsung Electronics displayed the creative ideas and innovative technologies it developed through its in-house venture and startup accelerator, Samsung Creative Lab (C-Lab).
• March 2023: BARCO made a significant stride in the digital signage industry by introducing "UniSee 2.0," an advanced version of their innovative video wall system.

Digital Signage Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the digital signage market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global digital signage market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the digital signage industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.