Digital Signage Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Coverage: Digital Signage Market covers analysis by Component (Hardware, Software, Service), Display Type (LED, LCD, OLED, and Others), Display Size (Less than 19 Inches, 19–32 Inches, 32–52 Inches, Greater than 52 Inches), Application (Retail, Healthcare, Corporate, Hospitality, Government, Transportation, Entertainment, BFSI, and Others), and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Mar 2024

  • Report Code : TIPTE100000118
  • Category : Electronics and Semiconductor
  • Status : Upcoming
  • No. of Pages : 150
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The digital signage market is expected to grow from US$ 20.40 billion in 2021 to US$ 36.89 billion by 2028; it is estimated to record a CAGR of 8.8% from 2022 to 2028.

Digital signage is a digital screen used to showcase visual information comprising of images, video, multimedia content, television programming, menus, advertising, and other messages in public and private environments, such as hotels, retail stores, restaurants, and corporate buildings. Digital signage systems are controlled remotely. The use of these systems allows consumers to save money by minimizing the need for workforce and printed materials. Also, digital signage helps improve sales and customer retention.

Market Dynamics

Ongoing innovations in the advertising industry such as digital out-of-home (DOOH), and 3D and interactive advertising boards and recent technological advancements in display technologies such as OLED and microLED are offering promising growth opportunities to the digital signage market. Furthermore, increasing investments in the improvement of product display technologies and rising demand for digital signage products from various commercial verticals are the major factors anticipated to drive the digital signage market growth in the coming years.

MARKET SCOPE

The "Global Digital Signage Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the digital signage market with detailed market segmentation based on component, display type, display size, and application. The report provides key statistics on the market based on the financial performance of leading players in the digital signage industry. It also explains key trends and opportunities prevailing in the market.

Strategic Insights

MARKET SEGMENTATION

The global digital signage market is segmented on the basis of component, display type, display size, application, and geography. Based on component, the market is segmented into hardware, software, and services. In terms of display type, the digital signage market is segmented into LED, LCD, OLED, and others. The digital signage industry, by display size, is segmented into less than 19 inches, 19–32 inches, 32–52 inches, and greater than 52 inches. Based on application, the market is segmented into retail, healthcare, corporate, hospitality, government, transportation, entertainment, BFSI, and others.


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REGIONAL FRAMEWORK

The report provides a detailed overview of the digital signage market, including qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America. The digital signage market by each region is later sub-segmented by respective countries and segments. The report covers an analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in the region.

North America dominated the digital signage market with a ~35% share in 2021. The dominance of this region in the market is majorly attributed to the presence of a large number of market players; these companies are increasingly focusing on developing innovative solutions and ensuring their easy accessibility. A few of the key players in this region are Microsoft Corporation, Cisco Systems Inc., Intel Corporation, Panasonic Corporation, Samsung Electronics, LG Electronics, Sony Corporation, NEC Display Solutions, and Hewlett Packard Company. These digital signage market players have been witnessing constant demand from SMEs and large enterprises. The following figure depicts the revenue growth trend in the global digital signage market:

Digital Signage Market

Source: The Insight Partners Analysis

The report analyzes factors affecting the digital signage market from both the demand and supply side and further evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive PEST analysis highlighting the factors affecting the Digital Signage Market in these regions.

IMPACT OF COVID-19 PANDEMIC

The digital signage market was majorly affected in the initial hit of the pandemic period as more and more people staying indoors and shopping online due to which retailers does not spend on indoor and outdoor digital signage. Also, many advertisers restricted investments into public advertising channels. Display manufacturing companies in China, South Korea, India, etc., also suspended their operations, which created major disruptions in the supply of displays. Moreover, lockdowns imposed in various countries led to the shutdown of major public places such as malls, hotels, and entertainment hubs for a certain period, which hampered the demand of digital signage from the commercial segment. However, post pandemic, the digital signage market was bounced back with increasing digital-out-of-home advertising.

World Geography

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MARKET PLAYERS

The reports cover key developments in the digital signage market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others such as patents and events. Inorganic growth strategy activities witnessed in the market were acquisitions, partnerships & collaborations. These activities have paved the way for expanding market players' business and customer base. The market players in Digital Signage Market are anticipated to have lucrative growth opportunities in the future with the rising demand for digital signage. Below mentioned is the list of a few companies engaged in the digital signage industry.

The report also includes the profiles of key digital signage market companies, their SWOT analysis, and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information for the last three years, and key development in the past five years.

  • Microsoft Corporation
  • Cisco Systems Inc.
  • Intel Corporation
  • Panasonic Corporation
  • Samsung Electronics
  • LG Electronics
  • Sony Corporation
  • NEC Display Solutions
  • Hewlett Packard Company

The dedicated research and analysis team of The Insight Partner's consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.Market Research

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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Component, Display Type, Display Size, Application, and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

The List of Companies

1. Cisco Systems Inc.
2. Hewlett-Packard Development Company L.P.
3. LG Electronics
4. NEC Display Solutions Ltd.
5. Omnivex Corporation
6. Panasonic Corporation
7. Planar Systems, Inc.
8. Samsung Electronics Co., Ltd.
9. Sharp Corporation
10. Sony Corporation

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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