London, June 09, 2020 (GLOBE NEWSWIRE) -- The ongoing COVID-19 outbreak has adversely affected the display industry with manufacturing operations temporarily suspended across major manufacturing hubs, leading to a substantial slowdown in the production. Due to increasing restrictions on public gatherings and travel, people are becoming far more isolated as well. Players operating in the digital signage market are also feeling the impact of the COVID-19 pandemic due to supply chain disruptions and stock market volatility. Some of the key display manufacturers including Samsung, LG Display, and Xiaomi among others have suspended their manufacturing operations in China, India, South Korea, and European countries. In addition to the impact on production activities, the ongoing pandemic has taken a toll on the consumer demand as well for display integrated devices, likely exacerbated by the lockdown imposed across major countries.
The uncertainty regarding the possible length of lockdown and supply chain disruptions has made it even more difficult for industry players to anticipate the resurgence in the displays and digital signage industry. During the COVID-19 outbreak many industry players have deployed digital signage products to help combat the coronavirus pandemic. For instance, NoviSign Digital Signage has introduced a digital signage hand sanitizer kiosk that features an auto-dispenser that supports gel, foam or liquid sanitizer along with a 21.5-inch display that supports NoviSign's digital signage software. In addition, according to CEO of BrightSign, the stock market volatility as a result of coronavirus fears may cause budget reductions and approval delays that could impact demand for digital signage solutions in the near-term.
Meticulous Research® – leading global market research company published a research report titled “Digital Signage Market by Product (Videowall, Kiosk, Menu boards & Billboards) Component (Hardware (LCD, LED & OLED)), Services), Application, Industry Vertical (Retail, Hospitality, Entertainment, Transportation, Healthcare) – Global Forecast to 2027”.
According to this latest publication from Meticulous Research®, the digital signage market is expected to grow at a CAGR of 4.3% from 2020 to 2027 to reach $19.4 billion by 2027.
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In order to arrive at the most precise assessment for digital signage market, Meticulous Research® considered three different scenarios to estimate the market size.
SCENARIO A: SEVERE IMPACT
This scenario considers digital signage market to be severely impacted with the disruption of supply chains and declining demand for digital signage solutions from different industry segments. In the first quarter of 2020 the pandemic of COVID-19 began to spread across the globe at a rapid pace and countries began to shut down their operations due to social distancing and self-isolation. During this period a severe impact is considered on the major end-use verticals for digital signage market including retail stores and mall, entertainment sector, travel and hospitality industry. Owing to this, a sharp decline of almost (17%) is considered in 1st quarter of 2020. However, subsequent relaxation in lockdown and adequate measure taken to prevent COVID-19 will encourage retail and other sectors and slow market recovery is expected during Q3 & Q4 2020. Considering the business impact of this global pandemic, this scenario considers lingering market impact with slight recovery during 2021 and 2022 as well. Although retail sector is expected to recover during this period, travel, entertainment and hospitality industry will not witness a sudden spike in their businesses till 2023 and hence the impact on such end-use verticals will definitely affect the overall recovery of digital signage market considerably.
SCENARIO B: SLOW RECOVERY
This scenario considers moderate impact of the COVID-19 pandemic on the digital signage market. In this scenario the market is estimated to experience moderate decline of around average (9.5%) in 2020 and comparatively fast recovery from 2021 onwards. Considering the lockdowns and restriction across the globe, a moderate decline of (12.5%) is considered in 1st quarter of 2020. Post first quarter, the retail sector is expected to recover much faster compared to first scenario; however, the digital signage market will still experience a moderate decline throughout 2020. Post 2020, international travel and subsequently hospitality industry is expected to recover at much faster rate and the investments in this market segment are expected to recover at a steady pace resulting in market recovery for digital signage solutions from 2022 onwards.
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SCENARIO 3: FAST RECOVERY
This scenario considers a strong market decline in the Q1 & Q2 2020. However, the markets are expected to recover strongly in Q3 & Q4 2020, resulting in mild positive growth (+1.5%) for 2020 and steady recovery from 2021 onwards. The scenario considers that although there were stringent lockdowns across the globe, most of the retail chains, specifically for essential goods and pharmaceutical outlets were functional. This has given the much required launchpad to the local retail sector to maintain their businesses and act on business expansion strategies in the later quarters of 2020 & 2021. Positive government initiatives to uplift different sectors affected from COVID-19 are also expected to help businesses to recover at much faster rate compared as compared to previous two scenarios, and support the strong recovery of digital signage market.
For this study, we consider the likelihood of Scenario B to drive the growth of the digital signage market. The same has been used to build market forecast as well. Although the impact of COVID-19 has affected majority of commercial and retail businesses across the globe, these businesses are eying to make a strong comeback by attracting consumers in the post COVID-19 business environment. With the help of positive government policies, retail sector along with other sectors including entertainment, transportation, travel, corporate, and healthcare sectors are also expected to make strong investments in technological upgradations and incorporate digital signage solutions as one of the business strategies to attract target audiences. Adoption of digital signages in the race to attract more consumers is expected to help the demand for digital signage solutions and hence the market is expected to experience a decline of (1%) in 2021 compared to year 2020 and a positive growth of 3.7% in 2022.
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