Digital Signage Media Player Market - Growth, Trends, Covid-19 Impact, And Forecasts (2023 - 2028)
The digital signage media player market is expected to register a CAGR of 9.09% during the forecast period. Digital signage has played an important factor in influencing the purchase decision. Institutions like government, healthcare, public transit, and retail stores have been heavily relying on it to engage their targeted audiences better and communicate their message. The media player is at the core of a digital signage system and is designed to broadcast the digital signage campaign to the displays.
Key HighlightsThe majority of traditional advertising is printed signage, which has been replaced with digital signage, aiming at customer attraction and satisfaction through cost-effectiveness in the long run. Printed signages were single-use messages such as billboards and posters, which are frequently discarded due to the dynamic nature of content marketing today.
According to Dentsu, in 2021, digital ad spending increased by 32.0% following the pandemic. It was expected to grow by 14.2% in 2022 to reach USD 409.9 billion, a 55.5% share of global ad spending. The company also predicts a further 9.3% growth in 2023 and an additional 7.1% in 2024. Digital ad spending for digital signage is expected to increase along with global brands’ affinity towards digital ad spending (internet), opening paths to incorporate digital spending along with OOH (Out of Home) ads. Such trends create a positive outlook for the market.
North America Holds Major Market ShareThe digital signage media player market comprises diverse areas to excel in, such as hardware and software. There has been intense competition in both sectors of the market. Competitive rivalry in this industry is governed by significant players, such as 3M, Cisco, Dell, and Advantech. Profitability in the industry is significantly increasing player activity.Thus, the new players, along with the existing giants, are adopting powerful strategies to maintain a competitive edge in the market. Therefore, the competitive rivalry in the market is high.
In November 2022, Nice, a global manufacturer of smart home, security, and building automation solutions, announced shipping for the new Gefen AVoIP Matrix Controller, a flexible yet effective solution for controlling compatible video and KVM over IP-based extenders within the same network. The AVoIP Matrix Controller gives integrators and distributors easy access to advanced features while giving them the most control.
In September 2022, Christie Digital Systems announced the introduction of two new pixel pitches for its acclaimed MicroTiles LED. In addition to the current lineup of 1.25 and 1.5mm pixel pitches, the new 0.75mm and 1.0mm variants provide more dependability, efficiency, and improved durability. As part of its business plan, the company also aims to work with educational institutions. It does this by offering high-quality display technology that can make the user experience easier and make it easier for students to learn with lifelike images and perfect clarity.
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