Digital Signage Market Size, Impacted by COVID-19, to Reach US$ 27.7 Billion Globally by 2026 – ZMR
According to the report, the global digital signage market was valued at USD 18.2 Billion in 2019 and is expected to reach over USD 27.7 Billion by 2026, growing at a CAGR of around 6.2% during the forecast period from 2020 to 2026.
New York, United States – October 23, 2020 /MarketersMedia/ —
Zion Market Research has published a new report titled “Global Digital Signage Market by Product (Kiosks, Billboards, Menu Boards, Signboards, And Others.), by Offering (Hardware Offerings, Software Offerings, And Services Offerings), by End User (Commercial, Infrastructural, Institutional, Industrial, and Others) and by Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026”. According to the report, the global digital signage market was valued at USD 18.2 Billion in 2019 and is expected to reach over USD 27.7 Billion by 2026, growing at a CAGR of around 6.2% during the forecast period from 2020 to 2026.
Digital signage is becoming the ubiquitous phenomenon of the 21st century. Airports, hotels, retail stores, and public places like museums digital signage are making their presence felt everywhere. Digital signage is a digital display that uses technology such as LCD or LED to display videos, animation, data, and other forms of information to its viewers to engage them more meaningfully. They are used as a network of electronic displays that are centrally managed and individually addressable for the display of text, animated or video messages for advertising, information, entertainment, and merchandising to targeted audiences. Digital signage is deepening the conversation between customers and brands which is helping to create a more personalized experience for customers and it is increasing customers’ brand loyalty.
Major factors that are driving the growth of digital signage are its low cost and improvement in smart technologies. Rising competition of making efficient and cost-competitive displays among the manufacturers has reduced the price of displays. Similarly, digital signage is making interaction more meaningful to customers and brand owners as it is helping brands to know their customers holistically. Data generated by customers by interacting digital signage is stored, analyzed, and interpreted, and further it is used in an advertising campaign as well as in upgrading product portfolio to increase the market share of the company. Digital signage is also deployed at the point of wait like offices, hospitals, railway stations, and airports. They help in making ambiance pleasant for customers with graphics and design playing continuously. They also provide infotainment videos which help to reduce perceived waiting time.
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Another driving factor for increasing the usage of digital signage is that rapid innovation in product and services makes the traditional billboard approach of advertisement unsuitable. Digital signage is easier to update its content and designs through remote locations thus saving time and money both.
In the coming years, the advent of IoT technology and data-dependent nature of the economy will ensure tremendous demand for digital signage. The companies which know its customer well will survive in cut-throat competition. Digital signage provides one such important node in the value chain where customers and companies meet and interact to get benefitted. However, factors such as hardware compatibility, non-uniform quality of the network, the digital divide in society will create challenges in the growth run of the digital signage market. Similarly, disruption in the global supply chain due to concern of pandemic, trade wars and rising tendency among the nation-state to follow isolationist policies may create obstacles in the growth of the market
The global digital signage market is segmented on various parameters such by product it is divided into kiosks, billboards, menu boards, signboards, and others. By offering it is divided into hardware offerings, software offerings, and services offerings among these there is the tremendous growth potential for hardware offerings in the forecast period. Further, the market is segmented according to end-users such as commercial, infrastructural, institutional, industrial, and others. Region-wise the market is classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Tremendous demand will be registered in the Asia Pacific region owing to high demand from India and China owing to its high aspirational population.
Some of the major players operating in global digital signage markets are Cisco Systems Inc., BOE Display, Hewlett-Packard Company, Japan Display, NEC Display Solutions Ltd., Omnivex Corporation, 3M Co., Panasonic Corporation, Samsung Electronics Co. Ltd., Winmate Communication Inc., Adflow Networks, Keywest Technology, Brightsign Llc., Broadsign International Inc., LG Display Co. Ltd., AU Optronics, Ucview Media Inc., and Onelan Ltd.
Global Digital Signage Market: Product Segment Analysis
Kiosks
Billboards
Menu Boards
Signboards
Others.
Global Digital Signage Market: Offering Segment Analysis
Hardware Offerings
Software Offerings
Services Offerings
Global Digital Signage Market: End User Analysis
Commercial
Infrastructural
Institutional
Industrial
Others
Global Digital Signage Market: Regional analysis
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
Browse TOC of this Report @ https://www.zionmarketresearch.com/toc/digital-signage-market
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