Digital Signage Media Player - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

Digital Signage Media Player - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The Digital Signage Media Player Market size is estimated at USD 1.95 billion in 2024, and is expected to reach USD 3.02 billion by 2029, growing at a CAGR of 9.09% during the forecast period (2024-2029).

Key Highlights

• Digital signage displays effectively showcase promotions for products, services, events, or sales. Beyond just rotating graphics, these multimedia screens incorporate video and animation, allowing advertisers to present static ads, product demos, and video testimonials.
• With digital signage, content, and messages can be swiftly updated on electronic screens without altering physical signs. This trend is in sync with the robust growth anticipated in several emerging economies in the coming years. As technology advances and costs decrease, the adoption of digital signage is on the rise.
• Many industry players are teaming up to offer cutting-edge solutions. For example, ClickShare and Signagelive have partnered to transform workplace collaboration and communication. Businesses can seamlessly integrate Signagelive with ClickShare Conference through this collaboration, instantly enhancing their investments. By deploying ClickShare's wireless room systems, companies can create informative, engaging, and collaborative spaces, ensuring their screens remain dynamic and productive throughout their facilities.
• The increasing deployment of signage solutions in bars, restaurants, and similar establishments aimed at elevating the customer experience is set to drive demand for digital signage media players in the coming years. These devices, replacing traditional menu cards, are being used on powered screens to showcase eye-catching advertisements, presenting significant market opportunities. The retail sector also increasingly adopts these devices to boost brand visibility, further fueling the digital signage media player market.
• However, navigating the digital signage landscape can be daunting for end-users venturing into independent infrastructure development and deployment. Given its complexity, this endeavor demands expertise across various domains, including IT, audiovisuals, software, mechanics, and display technologies. Opting for comprehensive solutions from value-added retailers and integrating products from partner vendors necessitates technical ease and standardized protocols. This not only streamlines installations but also simplifies upgrades and reduces maintenance.
• While challenges like content security, platform compatibility, and the call for standardization pose hurdles, leading players in the digital signage realm are increasingly focusing on interactive and personalized solutions, paving the way for substantial global market growth.
• Post-pandemic, businesses are exploring novel ways to engage customers, leveraging advanced technologies and the rising popularity of digital content. Also, in the wake of the pandemic, businesses have shifted toward digital communications, moving away from printed signage and in-person interactions. This shift is expected to persist, with digital signage taking on added significance as companies reduce their reliance on physical materials and adapt to lower capacity limits.

Digital Signage Media Player Market Trends

The Retail Segment is Expected to Hold a Significant Share

• Retail sales require personalization, which has been the cornerstone of the success of behavior-based ads. While contextual ads have traditionally focused on content relevance, they need more direct customer communication. However, the landscape is poised for a significant shift with the integration of artificial intelligence (AI), promising to infuse personalization into contextual advertising, which propels the market toward growth.
• The retail sector's adoption of digital signage media players is on the rise, aimed at bolstering consumer engagement and drawing in fresh clientele. Retailers are pivoting towards advanced tech solutions to elevate their in-store experiences and widen their customer base. Moreover, the surge in these devices, boasting enhanced interactive features like touch screens, is fueling a heightened demand within the industry.
• The 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, frequently discarded due to the dynamic nature of content marketing today.
• The retail sector is a widely adopted segment with the highest investment in digital signage for advertising. One major challenge is coordinating marketing campaigns while accommodating the individual needs of various locations. Adopting a robust digital signage system is making engaging retail stakeholders much easier.
• Among the different advertising channels, such as radio, television, and print, digital remains a key driver of global advertising market growth and is on an upward trajectory. Such increased digital advertising spending, along with allocated budgets by the companies toward digitization, is the major reason for the high adoption rate of these devices in the commercial segment. In particular, digital signage, coupled with Bluetooth or BLE, offers an effective combination for contextual marketing. Beacon-enabled mobile apps collect customer data and use it to send personalized messages. For the same reason, media player providers must embed the required connectivity.
• According to the latest Dentsu Global Ad Spend Forecasts report, global advertising investment was expected to increase by 3.3% in 2023. The report predicted that by the year's end, approximately USD 727.9 billion will have been spent worldwide, marking a significant growth in the industry's expenditure. Digital ad spending for digital signage is expected to increase along with global brands' affinity toward digital ad spending (internet), opening paths to incorporate digital spending along with OOH (out-of-home) ads. As per forecasts, the incremental increase in the Y-o-Y advertisement spending was recorded for out-of-home (+3.8%), cinema (+2.1%), and audio (+0.8%). The current trends are contributing to a optimistic market outlook.

North America Holds Major Market Share

• The United States is one of the largest digital signage marketplaces. Due to recent technological advancements in display, connectivity, and monitoring spaces in numerous applications, including retail stores, transportation systems, outdoor advertising, restaurants, museums, corporate buildings, and public spaces, digital signage is becoming increasingly popular in the United States. In addition, the widespread usage has led to a sharp decline in the cost of display panels.
• The retail sector in the United States is predicted to gain a considerable market share to provide a distinct in-store user experience. The OBERLO estimates that US retail sales were planned to expand by 0.6% in 2023 and 1.3% in 2024, accounting for USD 1.9 trillion in the third quarter of 2022. Businesses combine online and offline shopping to make a seamless multi-channel experience. This has changed a lot of things, like prices, features, and ways to promote.
• According to Scala Digital Signage, 42% of purchases are anticipated to come from online, mobile, and social commerce websites. In comparison, 74% of US retailers believe creating an engaging in-store consumer experience is crucial. As a result, new and established firms heavily invest in their R&D capabilities, release new products or develop old ones, and form partnerships to gain the largest possible market share.
• Canada is renowned for punching above its weight in the economic and industrial realms despite having a population of only 39 million and one of the largest economies in the world. This is also true for digital signage, where a mature infrastructure and a populace that prefers in-person to online shopping present network operators with enormous opportunities.
• The pandemic permanently altered Canadian retail, yet the growth of e-commerce has been robust and long-lasting. Unsurprisingly, online information, inspiration, and purchasing are all facilitated by digital, which is now the doorway to all commerce and is driving the Canadian shopping experience online and offline. Because of this, the Canadian retail market for digital signage is likely to grow since businesses need a solid digital presence to meet customer needs.

Digital Signage Media Player Industry Overview

The digital signage media player market comprises diverse areas in which to excel, 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 and 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 April 2024, Advantech, a service automation solutions provider, introduced the UBX-110K, its latest innovation. This UHD fanless mini box computer platform is tailored specifically for the retail and hospitality signage player markets. Equipped with either the 12th-generation Intel Embedded N97 or Intel Embedded Core i3-N305 processors, the UBX-110K stands out with its three video outputs. Its software is crafted for effortless remote management, granting users seamless real-time control. These attributes collectively position the UBX-110K as the top choice for various digital signage applications, showcasing its versatility.

In June 2023, BrightSign, a digital signage firm, and MOKA Technology, a subsidiary of TCL, teamed up to develop displays with integrated content players. The collaboration focuses on a series of displays led by the MOKA BS60, which prominently features the BrightSign Built-In Platform. Notable features of the device include 4K support, both landscape and portrait orientations, an ultra-narrow bezel, 25% haze, 3H surface hardening, a slim profile under two inches, 500 nits brightness, a wide 90% color gamut, and exceptional contrast levels.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support