Digital Signage Market Predicted to Garner USD 52.7 Bn By 2032, At CAGR 7.7% | Exclusive Report by

The market is experiencing growth owing to the fast-paced digitalization and the call for more productive advertising tools. Furthermore, the increased use of large-screen electronic displays across several industries, such as transport, banking, education, healthcare, and entertainment, is fueling its expansion.

New York, April 17, 2023 (GLOBE NEWSWIRE) -- The Global Digital Signage market was valued at USD 25.1 billion in 2022 and is projected to reach USD 52.7 billion by 2032. It is anticipated that between 2023 and 2032, this market will record the highest Compound Annual Growth Rate (CAGR) of 7.7%.

The growing demand for displays with 4K & 8K resolutions, the increasing adoption of digital signage solutions in commercial settings, and ongoing technological advancements in displays are expected to drive the market during the forecasted period.

Digital Signage Market By Type

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Key Takeaway:

  • By Product type, the video wall segment accounted for the largest market share of about 21% in 2022.
  • By Component, the hardware components segment was the most profitable with a revenue share greater than 57%.
  • By Application, the retail segment was responsible for more than 20% of global revenue in 2022.
  • North America held a revenue share of approximately 33.8% in 2022
  • Asia Pacific market is anticipated to record the fastest market growth during the forecast period.

Customers are able to be drawn in by information presented in a digital format that includes motion and photographs thanks to digitized display technology. Because of this, it is more successful than conventional methods of contacting customers. Products like gaze tracking and track heat paths have been created as a result of the integration of biometric technology and contemporary digitized signs. In addition, the adoption of strong and dependable advertising media has accelerated in the countries of the region as a result of strong economic growth, a rise in consumerism, an increase in standards of living, an increase in disposable income, technological advancements, the expansion of retail space, and changes in lifestyles.

Factors affecting the growth of the Digital Signage Market

Several factors can affect the growth of the digital signage market. Some of these factors include:

  • Increase in Digitization: Increasing customer demand for clear and comprehensive product information drives the adoption of digitized signs.
  • Advancements in Technology: Advancements in technologies such as OLED displays, micro LED displays, and electronic paper displays (EPD) are growing in demand rapidly in the market.
  • Infrastructure Development: Retailers use digital signage to create an enhanced shopping experience, resulting in high sales. They make a lot of investments in the infrastructure of retail stores to gain the benefits of digitalization.

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Top Trends in Global Digital Signage Market

The market is growing because of rapid digitalization and the demand for more effective advertising tools. The market is also being boosted by the widespread use of large-screen electronic displays in many industrial sectors such as transport, banking, education, healthcare, and entertainment. Digital signage is used in banking to display motion messages, promote products digitally, and manage content remotely. Other growth-inducing factors include technological advances such as the integration of biometric technology into digital signage products. Modern product variants come with heat path and gaze trackers, which allow organizations to track consumer behavior and gain meaningful insights. The market will be driven further by other factors such as improvements in LCD/LED technology and increased spending on brand promotion and advertising.

Market Growth

Digital signage solution is becoming more popular due to their flexibility and ease to use. The cost of digital display hardware is decreased. Digital signage is now used by retailers to improve customer shopping experiences and boost sales. They make significant investments in retail store infrastructure in order to benefit from digitization. The digital signage solutions are waiting times are used to give customers more control and information in the financial industry. Customers can be kept informed and waiting times can be reduced with digital signage.

Regional Analysis

The global digital signage market is expected to see remarkable growth in North America during the forecast period. Digital signage solutions are in high demand due to the decline of traditional mass media like broadcast and print. The adoption of digital signage has also led to a rise in the efficiency of promotional activities. The U.S. is the major contributor to the market growth resulting in making North America leading the market. Asia Pacific will experience an exponential growth rate due to the adoption of digital signage solutions in India and China. APAC will see a significant increase in demand for digital signage due to rising corporate, residential, and commercial trends. Because of the low cost of electronic signage, Asia Pacific is a potential market for digital signage solutions.

Competitive Landscape

The competitive landscape of the market has also been examined in this report. Some of the major players include Samsung Electronics, Daktronics, Exceptional 3D, LG Electronics, Panasonic Corporation, Sony Corporation, Leyard Optoelectronic Co. Ltd., Scala, NEC Corporation, E Ink Holdings Inc., Deepsky Corporation Ltd., Omnivex Corporation, and other key players.

Recent Development of the Digital Signage Market

  • Sony Corporation introduced professional 4K HDR BRAVIA displays in June 2021 with the introduction of BZ35J, and BZ30J series. These solutions allow customers to quickly optimize their displays and customize settings. This new solution supports the high-end and mid-range needs of the business to the company market.
  • LG Electronics partnered with VITEC, a video streaming and encoding solutions provider in May 2021. This partnership will allow enterprises to securely deliver, view and multicast MPEG video using LG webOS-based smart signs displays. This collaboration brought a LGs webOPs extension for VITECs IPTV platform and digital signage platform. It aims to support advanced IPTV apps in a technologically secure and efficient manner.
  • Scala Enterprise Version 12.50 was launched in April 2021 by Scala, the company's flagship digital signage platform. New features include snapshot capabilities for Scala Media Players, workgroup management, and intuitive and collapsible content panels in Content Manager. This release includes significant performance improvements to enhance customer digital experience.

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Report AttributeDetails
Market Value (2022)USD 25.1 Billion
Market Size (2032)USD 52.7 Billion
CAGR (from 2023 to 2032)7.7%
North America Revenue Share33.8%
Historic Period2016 to 2022
Base Year2022
Forecast Year2023 to 2032

Market Drivers

Digital signage solution is becoming more popular due to their flexibility and ease to use. The cost of digital display hardware is decreased. Digital signage is now used by retailers to improve customer shopping experiences and boost sales. They make significant investments in retail store infrastructure in order to benefit from digitization. The digital signage solutions are waiting times are used to give customers more control and information in the financial industry. Customers can be kept informed and waiting times can be reduced with digital signage.

Market Restraints

The digital signage market will be constrained by increased spending by major retailers and suppliers of products on broadcast and online advertisements. Globally, the number of internet users is increasing rapidly. Advertising companies are targeting large audiences through online promotions. After the covid-19 pandemic, online advertising and broadcasting have become more popular. The pandemic also impacted the economy of many retail businesses around the world. This has led to businesses focusing more on online advertising in order to reduce the amount of stationary and physical advertisements.

Market Opportunities

Rapid urbanization refers to the rapid spread of cities and suburbs. This rapid urbanization opens up new opportunities for advertising and infrastructure in developing countries. The number of urban dwellers increases, as does their purchasing power and desire to purchase luxury goods. Large corporations seek to increase their share of ad revenue by investing in these countries alongside their governments. Google and Facebook are two of the largest corporations in the world, and they report significant growth in their advertising revenue. The market for digital signage systems is also growing rapidly due to the increasing number of initiatives in developing smart cities around the world.

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Report Segmentation of the Digital Signage Market

Product Type Insight

The global market can be further divided into video walls, video screens, transparent LED screens, digital posters, kiosks, etc. The video call segment accounted for the largest market share about 21% in 2022. The screens and video walls have a significant market share across shopping malls and other public areas. The kiosks segment is projected to be the most dominant in the global market in the forecast period. Kiosks are generally used in institutes for giving information and retail verticals to provide information and advertisement. The segment of transparent LED screens is expected to grow the fastest over the forecast period.

Transparent LED screens can offer transparency levels beyond 80% and high resolution. They are also energy efficient and can reduce energy consumption as well as optimize overhead expenditure. These factors will drive the market for transparent LED screens over the next six years, supporting growth in the sector.

Component Insight

In 2022, the hardware components segment was the most profitable with a revenue share greater than 57.0%. It is expected to continue its dominance during the forecast period. Hardware components consist of displays, components needed to make a digital panel, and banners. Compared to the software the market share for hardware components is prominent in the industry. In the next few years, the demand for hardware components will increase due to the increasing number of display technologies such as 1080p and 4K. 3D technology has made it possible to create glasses-free 3D displays. These displays are used in the product. Graphic design agencies are also shifting their attention to 3D holographic display case designs.

Application Insight

On the basis of application, the global market has been divided into hospitality, entertainment, stadiums and & playgrounds, corporate, banking, education, healthcare, and other segments. In 2022, the retail segment was responsible for more than 20% of global revenue. The retail segment is the most prominent segment in the industry which is demanding digital advertisements for marketing and promoting the product and services. Due to the wide variety of products in the sector, there is increasing competition among retailers, this has resulted in the need for effective marketing strategies. Digital posters are increasingly being used in retail because they offer a cost-effective way to market a product and attract consumers' attention.

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Market Segmentation

Based on Product Type

  • Video Screen
  • Video Walls
  • Digital Poster
  • Transparent LED Screen
  • Kiosks
  • Other Types

Based on Component

  • Software
  • Hardware
  • Service

Based on Application

  • Retail
  • Hospitality
  • Entertainment
  • Stadiums & Playgrounds
  • Healthcare
  • Other Applications

By Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Market Key Players

  • Samsung Electronics
  • Daktronics
  • Exceptional 3D
  • LG Electronics
  • Panasonic Corporation
  • Sony Corporation
  • Leyard Optoelectronic Co., Ltd.
  • Scala
  • E Ink Holdings Inc.
  • NEC Corporation
  • Deepsky Corporation Ltd.
  • Omnivex Corporation
  • Other Key Players

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