Digital Signage Market size was over USD 15 billion in 2015 with 5.2% CAGR estimation from 2016 to 2023.
Europe digital signage market size, by application, 2012 – 2023 (USD Million)
Increasing demand across commercial and public sectors is expected to propel the global digital signage market size. The high demand for digitally enabled products with enhanced content to reach wide audiences provide ample opportunities to the industry participants. Moreover, rising adoption across applications including retail, banking and transportation is anticipated to contribute to the global revenue.
Government initiatives and expenditures to improve public communication infrastructure are expected to fuel the digital signage market share over the forecast period. Moreover, increasing business investment in interactive displays coupled with NFC capabilities may drive industry demand.
Advanced software solutions offer features such as content distribution, and real time data integration. Furthermore, advent of 4K technology provides ample opportunities as it is ideal for applications with high-resolution requirement for example, video walls. Flip chip technologies reduces LED failure possibilities and superior heat dissipation that will favor the industry growth.
Digital Signage Market, By Technology
LCD digital signage market size is expected to cross USD 5 billion by 2023 owing to the adoption in digital signage industry. Increasing adoption of digital-out-of-home application (DOOH) across the globe is anticipated to boost the segment demand over the future. Moreover, rising penetration of the technology such as ultra-high definition (UHD) in applications such as retail and transportation is expected to propel the segment growth. Features such as energy efficient, excellent contrast, low flicker rates and immune to image burn-in may boost demand. Integration of biometric technology with digital signage may prove beneficial over the next few years.
LED is projected to witness significant growth in the future owing to the growing demand for high resolution and pixels. Features such as brightness adjustment, automatic temperature control and support for various sources such as offline or online operation will augment the digital signage market share in the coming years.
Digital Signage Market, By Application
Retail digital signage market share is expected to gain rapidly to exceed USD 10 billion by 2023. Several industry players are adopting the technology to create awareness among customers. Moreover, it ensures brand awareness and enhanced experiences, which is expected to fuel digital signage market share. Moreover, retail stores are implementing such technologies as it improves customer engagement and drives more footfall in stores. Moreover, saving in printing cost and improved operational efficiency will drive the demand in the near future.
The banking segment is anticipated to witness high adoption over the next few years. Increasing demand to deliver messages, customer engagement, and advertising products are the factors propelling the digital signage market growth across the segment.
Furthermore, the transportation segment is projected to contribute to the digital signage market share in the coming years as it attracts the traveler’s attention with rich content. Platforms such airport, bus, trains, ferry, subway, and taxi may witness increase adoption. For example, airport digital signage conveys updated flight schedules and required information to travelers and enhances their experience.
Digital Signage Market, By Region
U.S. digital signage market size led the global revenue in 2015 and is expected to continue dominate the industry over the forecast period owing to the increase in investments and high demand across retail and BFSI segment. Moreover, improved infrastructure and economic growth will further propel the regional growth in coming years.
Asia Pacific digital signage market share is anticipated to witness significant growth at over 6% CAGR. Growth in emerging economies of Asia Pacific including China and India is expected to augment the regional demand.
Attractive graphical interface advertisements on digital and web media are propelling the growth. Furthermore, easy content update on digital signage from internet and reduction in perceived and real wait time may augment the market growth in the coming years. In addition, enhanced consumer experience, increased awareness and cost reduction are also projected to increase the industry demand. Initial investment and uncertain return on investments may hamper digital signage market share. Moreover, lack of standards and backward compatibility are major challenges for industry participants.
Digital Signage Industry Background
Digital signage is increasingly witnessing adoption in enterprise segment as it offers powerful visual communication tools that engages audiences and improves efficiency and reduces operating cost. High quality digital content offer increased return on investments fueling the adoption across the vertical. Interactive signage kiosks are very engaging that significantly improve product selection, accessing vital information and purchasing in-store driving the demand across the retail industry.