Digital Signage Market Is Booming Worldwide

 

The global digital signage market size is anticipated to reach USD 38.23 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 7.5% from 2021 to 2028 owing to increasing demand from the end-use industries, which prominently include retail and healthcare. The creation and distribution of content with digital signage are effective promotional strategies for enterprises, as they can reach out to a larger audience base. This is anticipated to spur the adoption of digitized marketing via signage across the corporate and hospitality sectors.

Digital screens equipped with 4K technology have high demand as they offer enhanced displays. Thus, the demand for advertising content with better sharpness and enhanced quality is fueling product adoption. Moreover, the incorporation of LED-backlit panels has led to additional energy savings at a considerable level. Thus, the reduction in energy consumption due to the adoption of advanced technologies is luring enterprises to opt for digital signage.

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The software providers are focusing on the new entrants of the industry by providing design solutions that are compatible with the Android operating systems. The emergence of IoT, coupled with the increasing adoption of cloud computing, is expected to enable the collection of vital operational and marketing data. Digital signage helps companies decrease their long-term operational costs by reducing the use of paper for advertising and frequent damages and changes that are associated with traditional marketing activities.

Digital Signage Market Report Highlights:

·         LED digital signage dominated the global market in 2021 and accounted for the largest revenue share owing to the high demand on account of high-quality display offered by LEDs

·         Retail and transportation segments accounted for significant revenue shares in 2021 and are projected to expand further at steady CAGRs over the next nine years

·         The healthcare sector has significant potential as hospitals have increasingly incorporated digital signage for numerous purposes, such as sharing important registration information, displaying notifications, and conveying wellness tips for improving patient health

·         The transparent LED screen segment is anticipated to exhibit significant growth owing to high demand on account of LED screens’ energy-efficient performance capabilities and emerging touchscreen displays with multi-touch technology

·         Interactive apps for kiosks and other digital signage products are projected to spur the growth of the software segment

·         The out-store segment is anticipated to witness considerable growth over the forecast period owing to the surging demand from out-store applications

 

Key Companies & Market Share Insights:

The introduction of innovative solutions is anticipated to propel the business in the coming years. For instance, Intel Corp. introduced Open Pluggable Specification (OPS), which has helped in standardizing the design of digitized marketing. In addition, Nippon Telegraph and Telephone (NTT) Corp., Japan, created digitized signs using aroma-emitting devices. The companies, through R&D efforts and continuous innovations, are also endeavoring to develop premium-quality and high-value products at an optimum cost to gain a competitive edge in the price-sensitive market. Some prominent players in the global digital signage market include ADFLOW Networks, BrightSign, LLC, Cisco Systems, Inc., Intel Corp., KeyWest Technology, Inc., LG Electronics (LG Corp.), Microsoft Corp., NEC Display Solutions, Omnivex Corp., Panasonic Corp., SAMSUNG, Scala Digital Signage, Winmate Inc.

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