Digital Signage Market Predicted to Touch USD 31,368.4 Million at a 7.40% CAGR by 2026 - Report by Market Research Future (MRFR)
New York, US, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Digital Signage Market information by Product Type, Component Type, Technology Type, Application, Vertical and Region – forecast to 2027” the market was valued at USD 20,623.6 Million in 2019 and is expected to reach USD 31,368.4 Million by 2026 with a CAGR of 7.40%.
Dominant Key Players on Digital Signage Market Covered Are:
- Cisco Systems
- Sharp Corporation
- Panasonic Corporation
- 3M
- Sony Corporation
- Intel Corporation
- HP Inc
- Samsung Electronics Co Ltd
- NEC Corporation
- Toshiba Corporation
- LG Electronics
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Digital Signage Market Drivers
Growing Need for Power-Efficient and Bright Display Panels to Boost Market Growth
Digital signage is a highly emerging technology that offers high image resolution and better picture quality over traditional displays. This offers improved contrast over the traditional LED and OLED display technologies. Besides, it features improved response time. Besides, the consumption of power digital signage is less compared to other technologies like OLEDs and LEDs. Thus, the increase in demand for such power-efficient and brighter devices fuels the growth of the digital signage market.
Digital Signage Market Opportunities
Demand for 4K and Ultra-HD Devices to offer Robust Opportunities
Advances in display technologies over the years has lured large consumer base. The quick growing adoption of Ultra High Definition TVs or 4K in residential sector has boosted the need for large displays. Such displays also offer ports for connection of different entertainment systems like home theatre systems, gaming consoles, and others. This will offer robust opportunities for the market over the forecast period.
Digital Signage Market Restraints and Challenges
Maintenance Issues to act as Market Challenge
The maintenance of these digital boards is a challenging task for the manufacturers due to adverse climatic conditions. This may act as a marker challenge over the forecast period.
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Segmentation of Market Covered in the Research:
The global digital signage market is segmented based on product type, component, technology type, application, and vertical.
By product type, the kiosk segment will lead the market over the forecast period owing to increasing adoption of digital kiosk in retail industry. Such digital kiosks are also utilized for ticketing, billing, check-in, and other applications, banking, and other sectors.
By component type, the hardware component will dominate the market over the forecast period. Hardware components comprises of displays, components needed to manufacture a digital banner, banners, and others.
By technology, the LED segment will spearhead the market over the forecast period. LEDs have made a mark as a highly standard product with their superior-quality display. Manufacturers remain aspirant of the designing of flat-paneled, larger, slimmer, and brighter displays.
By application, the indoor segment will have the lions share in the market over the forecast period.
By vertical, the digital signage market is segmented government, education, banking, healthcare, retail, transportation, and entertainment.
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Regional Analysis
North America to Spearhead Digital Signage Market
North America will spearhead the market over the forecast period. Increasing investments by key market players, the region being a hub for media and entertainment offerings for the film and television, social media, music, sports, theater, arts, and publishing segments, high revenue generated from strong news broadcasting services offered by different enterprises operating in Mexico, Canada, and the US, growing adoption of the US, consumers in the US demanding access to live entertainment and media, US hosting several large and small digital signage display manufacturers that serve various sectors, and an excellent video distribution network are adding to the global digital signage market growth in the region.
APAC to have Healthy Growth in Digital Signage Market
The Asia Pacific region will have healthy growth in the market over the forecast period. Low labor costs in the region, the overall cost of installing and implementing digital signage systems is comparatively low, increasing adoption and penetration of digital technologies and advanced audio-visual solutions integrated with next-generation technologies including AR and AI, growing developments related to infrastructure in India, South Korea, and China, and growth in transportation, BFSI, and retail applications are adding to the global digital signage market growth in the region.
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COVID-19 Analysis
The COVID-19 pandemic possessed a negative effect on the different digital signage manufacturers companies yet also impacted the businesses of their distributers and suppliers. The fall in export shipments and slow domestic demand for digital signage and display products compared to pre COVID-19 levels is also likely to have a negative impact and stagnate the demand for digital signage slightly in short term.
Industry Updates
Simply NUC and Mvix have joined hands to launch a fully customizable, affordable, enterprise-grade digital signage solution. Such pre-configured mini-PCs are equipped with fully licensed, cloud-based Mvix digital signage software and are targeted at mission critical projects across Asia, UK, and the US.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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