Digital Signage Market Expected to Reach $50.6 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Digital Signage Market by Offering, Product, Location, End User". The digital signage market was valued at $23.6 billion in 2022, and is estimated to reach $50.6 billion by 2032, growing at a CAGR of 8% from 2023 to 2032.

Digital signage is an emerging technology, which offers high image resolution and better picture quality over traditional displays. It offers enhanced contrast over the traditional OLED and LED media board display technologies. Moreover, digital display panel have features such as enhanced response time. In addition, the consumption of power by digital signage is less as compared to other technologies such as LEDs and OLEDs. Digital signage depends majorly on hardware components that ensure the delivery of high-quality content. These displays have replaced the traditional small and micro-display screens with large wall-sized LED and LCD displays, used across various industries. In the current business scenario, it is crucial to employ efficient systems for advertising, owing to the development of numerous user engagement devices and applications. Digital display panel is a cost-effective medium of promoting and branding any product or service; this advantage drives the digital signage market.  

Digital signage is a class of large display screen formats that improve the visual experience with its professional-grade image quality and are used for endorsing and advertising. These displays have replaced the traditional small and micro-display screens with large wall-sized LED and LCD displays, used across various industries. They are designed for applications that require the vendors to engage their customers/audiences with its wider viewing angle and to extract maximum effectiveness from the marketing messages.  

Decline in cost of displays and improved customer experience are the factors that drive the growth of the digital signage industry globally. In addition, development of government bodies as well as fast growing educational sector contributes toward the growth in digital signage industry. Technological developments including near field communication are expected to create greater opportunities. The advent of touch screen technology is also expected to open new avenues. 

Rise in demand for bright and power-efficient display panels and rapid digitalization and decline in demand for traditional billboards are the factors that drive the growth of the digital signage market. However, deployment of widescreen alternatives such as projectors and screenless displays and lack of standard policy and power problems hampers the digital signage market growth to a certain extent. Furthermore, emerging display technology such as micro LED and quantum dots and increase in preference of electronic giants toward large screen displays offer lucrative opportunities for the digital signage market in the country. 

The Digital Signage market segmentation are into offering, product, location, end user, and region. On the basis of offering, the market is divided into hardware, software, and service. In 2022, the hardware segment dominated the market, and it is expected to acquire a major market share by 2032 owing to an increase in use of digital signage for retail and education end user. On the basis of product, the market is categorized into single screen display, video wall, and kiosk. In 2022, the kiosk segment dominated the market, and it is expected to acquire a major market share by 2032 due to an increase in investment of government and private companies on airports, public transports, and other vital sectors. 

On the basis of location, the market is divided into indoor and outdoor. In 2022, the indoor segment dominated the digital signage market demand, and outdoor segment is expected to acquire a major market share by 2032 owing to an increase in use of digital signage for retail and education end user. On the basis of end user, the market is divided into retail, education, healthcare, corporate, stadiums, government, others. In 2022, the others segment dominated the market, and healthcare segment is expected to acquire a major market share by 2032. 

On the basis of region, the hybrid capacitor market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Spain, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA). 

KEY FINDINGS OF THE STUDY 

• The global digital signage market size was valued at $23,600.0 million in 2022. 
• The hardware segment was the highest revenue contributor to the digital signage market share, with $16,707.8 million in 2022. 
• The kiosk segment was the highest revenue contributor to the market, with $9,632.67 million in 2022, and is estimated to reach $22,713.35 million by 2032, with a CAGR of 8.99%. 
• The indoor segment was the highest revenue contributor to the digital signage market analysis, with $13,302.79 million in 2022. 
• The others segment was the highest revenue contributor to the market, with $4,969.98 million in 2022, and is estimated to reach $10,030.14 million by 2032, with a CAGR of 7.31%. 
• North America was the highest revenue contributor, accounting for $8,446.44 million in 2022, and is estimated to reach $17,680.18 million by 2032, with a CAGR of 7.7%. 

The key players profiled in the report include NEC Corporation, Sony Corporation, LG Electronics, Samsung Electronics, Panasonic Corporation, ViewSonic Corporation, Volanti Displays, iSEMC (HHSD), Koninklijke Philips N.V., and Planer System Inc. The key strategies adopted by the major players of the digital signage market growth projections is partnership.