Digital Signage Market Forecast till 2027
Market Overview
The global market for digital signage is likely to increase at a substantial rate over the forecast period of 2022-2027. According to the industry research, digital signage has benefits include reducing paper waste, capturing audiences' attention, dynamic content control, getting beyond physical limitations, and cost effectiveness, targeted content, and interactive digital signage. The market is being stimulated by these various advantages. According to some, the market for digital signage is expanding because of the rising demand for this technology in the public and commercial sectors, along with affordability and return on investment. The growing need for in-store digital signage infrastructure for enhancing brand value and the advancement of digital technology are major factors in the enhancement of the digital signage industry. However, the key barriers to the growth of the digital signage business are a high starting prices, lack of technical expertise, and a lack of standardisation.
Customers can interact with the data provided by marketing and entertainment companies in new ways thanks to vendors of digital signage. Producers are creating display processors that combine gesture recognition technologies. It is anticipated that gesture recognition technology will be one of the most widely used technologies in digital signage interfaces. The key industries using gesture recognition with digital signage are the automotive and transportation sectors. As a result, during the forecast period, the increasing adoption of gesture recognition in digital signage is anticipated to fuel market expansion.
Segment Overview
The component type, product type, technology, application, vertical and regional segments have been used to segregate the global market for digital signage market. The global market has been divided into signboards, billboards, kiosks and menu boards based on the product type of digital signage. Signboards segment is likely to dominate the market over the forecast period.
The component type segment has been divided into hardware, software, and services. By technology, the global market has been divided into LCD,OLED, Front Projection, and LED. Based on application, the global market is bifurcated into outdoor and indoor. The vertical segment comprises healthcare, banking, entertainment, transportation, retail, education, and government.
Regional Analysis
The Digital Signage market is divided across five regions, namely Americas, Asia, Europe, and Africa. In 2021, North America garnered major market share with investments by key players such as Sony, Intel, Panasonic, and Samsung expected to drive the market further. Asia-Pacific is the fastest-growing market as forecasted during the forecast period.
Sharp NEC Display Solutions has announced the introduction of the MultiSync Message Series in March 2021. This series includes displays from the ME, M, and MA Series and offers customers an ultra-high definition and commercially-optimized display lineup for Digital Signage applications. It has also been designed with modular expandability to provide customers with the solutions they need to create an impact.
Major Players
NEC Corporation, Samsung Electronics, LG Electronics, HP Inc, and Sharp Corporation are among the leading companies operating in the global digital signage market.
COVID 19 Impacts
The COVID-19 outbreak has had a major effect on the digital signage industry, with the suspension of production in major manufacturing hubs leading to a significant reduction in output. People are increasingly isolated due to the stricter regulations on social gatherings and travel. Furthermore, the Digital Signage sector has been adversely affected by the supply chain delays and market instability caused by the outbreak. The uncertainty surrounding the length of the lockdown and supply chain interruptions has made it difficult for industry participants to estimate the timeline for the industry's resurgence.
Companies Mentioned
NEC Corporation
Samsung Electronics
LG Electronics
HP Inc
and Sharp Corporation
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