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Digital signage market size to exceed $23 bn by 2023

Digital signage market size to exceed $23 bn by 2023

Jan 13, 2017: Global digital signage market, of  which LED digital signage hold a large share, is set to grow at 5.2% CAGR from 2016 to 2023 impelled by the rising technological advancements and urbanized infrastructure, according to a new research report by Global Market Insights, Inc.

Growing production and distribution of content through digital signage serves as an efficient marketing strategy for enterprises and is predicted to drive the digital signage market over the forecast period. This growth is attributed to the capability of the technology to deliver fast and inexpensive means for advertising in comparison to the print media.

In addition, these systems provide various benefits for the public-sector firms such as enhancing internal communications and helping people with their usual needs. It aids firms to boost their businesses by offering rapid emergency notifications and ensuring that each customer and user receives the message on time, which will be a driving force for the global digital signage market size.

Outdoor digital displays segment of the digital signage industry offer an accessible and a more appealing experience to users in comparison to conventional static signage. It supports the firm to function and use money effectively. Furthermore, it benefits the firms by helping them to target a specific audience and thereby, enhance user experience.

Content management systems form an integral part of the digital signage market ecosystem and enables users to regulate the content on their displays. Content inventors are those marketing or advertising firms that develop contents such as texts, pictures, graphics, and videos to create an effect on the targeted audience.

Increasing penetration of flip-chip technique is predicted to propel the digital signage market share. The implementation of the flip-chip ensures improved heat dissipation, minimized LED failure, and improved availability of light angles which result in a favorable digital signage market price trend. The lack of standardization, high initial cost, and awareness about the benefits of the technology may restrain the industry growth.

Key insights

LED based digital signage market share is anticipated to witness significant growth over the forecast timeline. The incorporation of LED backlit panels due to its energy saving features which diminishes the operational cost of an enterprise may provide opportunities to the industry.

In 2015, LCD technology based displays enjoyed significant presence, accounting for over 50% of the total digital signage industry share. This was due to the decline in the prices of LCDs coupled with the advantages offered such as high resolution.

Healthcare applications are predicted to exhibit considerable growth prospects due to escalating adoption of the technology for numerous purposes such as display notices, delivering tips for improving patients’ health and sharing essential registration information. Retail dominated the digital signage industry size with the revenue share of over 40% in 2015 owing to the rising adoption of the technology in the retail stores to boost customer experience. Furthermore, it aids in brand awareness, saves printing cost, and diminishes the operational costs.

Asia Pacific digital signage market is anticipated to witness significant growth at a CAGR of nearly 6% over the next seven years. This growth is attributed to the decreasing cost of the display panels accompanied with the rising funding on infrastructure development in the region. In addition, the demand for enhanced visual experience and educational market development may surge the adoption of the technology in the region. The US digital signage market share is set to continue being the largest regional segment due to the presence of large number of suppliers of digital signage and services in the region.

Key industry leaders operating in the industry include LG, Samsung, AUO, Cisco System Inc, Innolux, and Panasonic Corporation. Polk Audio, BrightSign LLC, and Scala Inc. Industry participants offer innovative solutions to help small or large businesses interact with their customers and develop creative marketing strategies. For example, in 2015, Samsung Electronics in South Africa delivered a solution for Mercedes-Benz for a renovation project to upgrade the company’s AMG Driving Academy. It helped the company to showcase the Mercedes-AMG vehicles in a digital arrangement.

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