Digital Signage Market Is Projected To Be Around $21.46 Billion By 2022
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A research study titled, “Digital Signage Market by product Type - Global Industry Analysis and Forecast to 2022” published by Crystal Market Research, states that the digital signage market is projected to be around $21.46 billion by 2022.
The global digital signage market was evaluated around USD 12.50 billion in the 2012 and is expected to reach approximately USD 21.46 billion by the end of 2022 while registering itself at a compound annual growth rate (CAGR) of 4.98% over the forecast period. Digital signage is a sub-section of signage. It is defined as a distantly controlled digital display generally linked with advertising, marketing, and sales or as a system of electronic displays which are individually addressable and centrally managed for the display of video, animated or text messages, for displaying information, advertising, marketing to targeted audiences and entertainment. Digital displays utilize technologies like Projection, LED and LCD to present content like video, digital images, web pages, streaming media, restaurant menu, weather data, or text. They can be used in transportation systems, public spaces, stadiums, hospitals, museums, restaurants, retail stores, corporate buildings, and hotels etc.,
The global digital signage market is projected to demonstrate extensive growth with a decent compound annual growth rate over the forecast period of 2012 to 2022. Near field communications and touch, screen technologies have rendered a momentum to the global market. These assist in cost-saving linked with conventionally printed advertisements that are more tedious to implement and time-consuming. Digital Signage is used increasingly over different industry fields as well as for communicating real-time information at diverse places. Sellers of both software and hardware are intensifying their offerings to fulfill the elevated demand of global digital signage market.
The key industry participants for the digital signage market are; are Microsoft Corporation, Omnivex Corporation, KeyWest Technology, Inc., NEC Display Solutions, Ltd., ADFlow Networks, Winmate Communication, Inc., LG Electronics, Samsung Electronics, and Panasonic Corporation. According to the type, the global market is split into; Video Walls, Transparent LED Screens, Video Screens, Kiosks, Digital Posters and Other Signage Types. By Component, the market industry is divided into; Software, Hardware, and Services. On the basis of technology, the market is split into; Projection, LED and LCD. By Application, the global market is classified as; Corporate, Retail, Transportation, Banking, Education, and Healthcare. According to locations, the market is split into; Out-store and In-store. Geographically, the global digital signage market is segmented into regions which are; Europe (Germany, Spain, Italy, France, UK and Rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea and Rest of Asia Pacific), North America (the United States, Mexico and Canada) and Rest of the World (Brazil, Saudi Arabia, South Africa, United Arab Emirates and Others).
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Key findings of the digital signage market
- Technological advancements and extensive demand from various fields are the factors boosting the growth of the market.
- The transparent LED screen section is expected to demonstrate major growth, due to energy-efficient performance capability of LED screens.
- The hardware sector that includes 4K-UHD and 8K displays is expected to rule the component sector over future.
- The healthcare segment has considerable potential as hospitals are increasingly installing digital signage for various purposes like display notifications, conveying healthcare tips for enhancing health of patients and sharing essential registration information.
- In 2016, the North American region reported for the major market share, due to the huge demand of digital signage over numerous application sectors, owing to technological innovations and the modern consumer base. This region is followed by Asia-Pacific owing to owing to factors like growing transportation sector, decreasing prices of display panels and demand for enhanced viewing experience.
- Key participants of this market are Microsoft Corporation, Omnivex Corporation, KeyWest Technology, Inc., NEC Display Solutions, Ltd., ADFlow Networks, Winmate Communication, Inc., LG Electronics, Samsung Electronics, and Panasonic Corporation.