The latest report by IMARC Group, titled “Digital Signage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global digital signage market reached a value of US$ 23.5 Billion in 2021. Digital signage, or dynamic signage, is an electronic display device used for advertising content and broadcast data, television programming, and other content. It displays a multitude of content to engage viewers and is found in both private institutions and public places, such as retail outlets, restaurants, and corporate spaces. Digital signage comprises a controller that uses the digital connection to deliver crisp output signals to the digital display ensuring high-quality content delivery. It also consists of a playback device that utilizes a digital storage medium like a hard drive to store the content locally.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Digital Signage Market Trends:
The market is primarily driven by the increasing demand for the digitized promotion of products and services. Digital signages are designed to engage customers/audiences and extract maximum effectiveness in marketing messages. As a result, they find application in retail, entertainment, hospitality, education, corporate, healthcare, and transportation industries, thereby fueling the growth of the market. Besides this, business organizations are employing digital signages to increase their reach and interact with their customers, thereby attracting new business opportunities and increasing brand awareness among consumers. Furthermore, key manufacturers are developing 4K digitized sign displays with embedded media players, which, in turn, is propelling the market growth. Looking forward, the market is expected to reach a value of US$ 35.4 Billion by 2027, exhibiting a CAGR of 6.69% during the forecast period (2022-2027).
- Based on the type, the market has been segmented into video walls, video screens, transparent LED screens, digital posters, kiosks, and others.
- On the basis of the component, the market has been classified into hardware, software, and services.
- The market has been categorized based on technology into LCD/LED, projection, and others.
- On the basis of the application, the market has been segregated into retail, hospitality, entertainment, stadiums and playgrounds, corporate, banking, healthcare, education, transport, and others.
- Based on the location, the market has been bifurcated into indoor and outdoor.
- The market has been categorized based on the size into below 32 inches, 32 to 52 inches, and more than 52 inches.
- Region-wise, the market has been divided into 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 Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being BARCO NV, Leyard Optoelectronic Corporation Limited (Planar), LG Electronics, Panasonic Corporation, Samsung Electronics, Shanghai Goodview Electronics, Sharp (Foxconn Group), and Sony Corporation.
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