Digital Signage Market Size, Share & Trends Analysis Report By Type
Time:2022-07-04
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The global digital signage market size was estimated at USD 23.12 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.7% from 2022 to 2030. This market growth is accredited to the increasing demand for the digitized promotion of products and services to attract the attention of the target audience in an effective manner. Furthermore, the demand for 4K digitized sign displays with the embedded software and media player is rising as it offers customers an affordable Ultra HD digital signage solution, which is also expected to drive the demand. The evolution of innovative products, such as home monitoring systems, leak detector systems, and so on, along with complicated monetary products, such as forex cards, that need informative and succinct advertisement content are some of the factors that are predicted to drive the product demand.
Technology Insights
On the basis of technologies, the market has been further segmented into LED, LCD, and projection. The LED segment accounted for the largest revenue share of more than 46% in 2021. LCD technology is one of the most extensively adopted technologies in the advertisement & marketing industry. The ease of producing LCDs and their lower manufacturing costs are a few factors behind the significant adoption of LCD technology in digital posters. However, LEDs have successfully made a mark as a standard product with their high-quality display. Manufacturers remain aspirant in the designing of flat-paneled, larger, brighter, and slimmer displays
Application Insights
On the basis of applications, the global market has been divided into retail, hospitality, entertainment, stadiums & playgrounds, corporate, banking, healthcare, education, and transportation. The retail application segment accounted for the largest revenue share of more than 20.0% in 2021. The retail sector is the most prominent sector demanding digitized advertisements for marketing and promoting the products and services. The competition among the retailers owing to the variety of product offerings in the industry has led to the growing awareness of effective marketing strategies. Thus, digital posters are adopted largely in the retail sector as digitized advertising is an effective way of marketing a product, which attracts the attention of target consumers.
However, the transportation segment is expected to register the fastest CAGR over the forecast period. The transportation sector includes the application of digitized promotions & posters at airports, railway stations, metro stations, and bus stands. In addition, the digital display is also extensively used on the roads over cabs, public transport buses, and other vehicles that advertise products and services. Owing to the rapid urbanization and the development of the transportation sector in emerging countries, the advertisement industry is expected to grow, ultimately boosting the growth of the market for digital signage.
Screen Size Insights
On the basis of screen sizes, the market has been further divided into below 32 inches, 32 to 52 inches, and above 52 inches. The below 32 inches screen size segment accounted for the largest revenue share of more than 40.7% in 2021. The high share is attributed to the greater adoption of this type of signage in the retail sector. Shop dimensions are one of the most important reasons for concern in retail shops. Due to the limitations of the area, the adoption of smaller-sized digital advertisements is greater. Thus, the segment accounted for a high market share and is anticipated to dominate the industry over the forecast period.
However, the industry is changing considerably, in terms of the size specifications and demands, due to the necessity of enhanced and enlarged advertisement content to have an impact on customers. The market for 32 to 52 inches digital posters is anticipated to witness the fastest CAGR over the forecast period owing to the increasing demand from the healthcare, corporate, and retail sectors. The demand for posters sized more than 52 inches is also expected to grow notably on account of the significantly expanding transportation sector and flourishing advertisement industry. In addition, the increasing demand across out-store locations is fuelling the above 52 inches screen size segment growth and is expected to exhibit steady growth over the forecast period.
Regional Insights
North America emerged as the dominant regional market in 2021 with a revenue share exceeding 34.5%, followed by Europe. The high share is attributed to the growing presence of dedicated suppliers of the product along with rising demand for signage in the retail industry. The U.K., Germany, and the U.S., in particular, are projected to exhibit considerable growth primarily due to the rising R&D activities by companies to enhance product quality and increasing government initiatives to install digital signage at various offices for maintaining continuous information flow systems. Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period.
The growth can be attributed to the growing awareness regarding the benefits of digital signage. India and China are anticipated to witness significant growth primarily due to the rising application in retail stores, corporate offices, hospitals, and hotels. Increasing disposable income has surged the visitors in the malls and multiplex stores in the emerging countries of Asia Pacific. Enterprise is therefore leveraging this opportunity to promote their offerings through large displays, which helps them attract the targeted audience in a better manner. With the rising number of shopping malls and multiplexes, the adoption of digital signage in the hospitality industry is expected to increase over the forecast period.
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