Digital Signage Market Growth, Trends, and Forecast by 2031

The digital signage market size is projected to reach US$ 33.28 billion by 2031 from US$ 18.13 billion in 2023. The market is expected to register a CAGR of 7.9% during 2023–2031. The evolution of 5G technology and the growing number of infrastructural development activities are likely to remain key trends in the market.

Digital Signage Market Analysis

The digital signage market has witnessed significant growth in recent years, driven by rising digitalization, the growing adoption of digital signage in the educational industry, and the increasing demand for real-time updates and targeted messaging among businesses. Expanding education, entertainment, healthcare, and retail industries are boosting the market. Furthermore, growing technological developments such as artificial intelligence (AI) and big data analytics are emerging as trends for market growth. However, the growing popularity of online advertising and the development of 8K displays are providing lucrative growth opportunities for the market.

Digital Signage Market Overview

Digital signage, also known as electronics signage are display screen that is used for displaying visuals comprising of video, images, or multimedia content for informational, marketing, or advertising purposes. Display technologies such as LED, LCD, OLED, and others are used to deliver public information, communicate internally, or disseminate product information to improve customer service, promotions, and brand awareness. Digital signage comprises three components including, hardware, software, and services.

The hardware component includes physical or tangible components such as screens, payment devices, cameras, mounts, printers, and others.

The software component is a digital infrastructure that allows deployment, creation, management, and analysis of content installed on the hardware.

The service component is a professional or managed service provided by hardware manufacturers or software developers in terms of installation, deployment, and maintenance of digital signage.

The digital signage market is rapidly changing due to technological innovation. The integration of software in digital signage hardware is shaping the future of digital signs. As technology advances, consumers across the globe are highly demanding integrative and connectedness systems to enhance their digital experiences. All of these advantages generate stronger chances for organizations to collect vital data by providing distinctive experiences that attract customers.

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Digital Signage Market: Strategic Insights

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Digital Signage Market Drivers and Opportunities

The Growing Adoption of Digital Signage in the Educational Industry to Favor Market

Technology is vital in the education industry today, and the classrooms of the future are highly demanding a full range of tools to assist teachers and students in developing connections and collaborating familiarly and conveniently. To satisfy educators' changing needs, classroom technology is becoming more customizable, feature-rich, and integrated across device ecosystems and operating systems (OS). This encourages market players to develop educational technologies and services and supports teachers and students to enhance their teaching-learning experience. For instance, in March 2023, Samsung Electronics launched an integrative display with a software solution that improves the student's learning experience. Furthermore, the growing digitalization and increasing demand for digital technologies in the education industry are driving the market.

Development of 8K Display

8K displays is a true next-generation technology transforming industries such as retail, healthcare, corporate, hospitality, government, transportation, entertainment, BFSI, and others. 8K displays are highly adopted by industries for advertising, broadcasting, surveillance, computer-aided design (CAD), computer-aided manufacturing (CAM), and virtual reality (VR), among other applications. The demand for high-resolution images or video is driving the market. 8K resolution is 16 times more detailed than HD and four times more detailed than 4K displays, which increases the adoption of 8K displays among industries. 8K display powering the medical industry by enhancing remote medicine. These displays combine the power of 8K streaming cameras with 8K screen resolutions to provide specialized clinicians with the ability to compare accurate medical images side by side during an evaluation. Moreover, significant benefits offered by 8K display over 4K displays are contributing to the digital signage market growth.

Digital Signage Market Report Segmentation Analysis

Key segments that contributed to the derivation of the digital signage market analysis are component, display type, display size, and application.

• Based on component, the digital signage market is divided into hardware, software, and service. The hardware segment held a larger market share in 2023.
• By display type, the market is segmented into LED, LCD, OLED, and others. The LED segment held a larger market share in 2023.
• On the basis of display size, the digital signage market is divided into less than 19 inches, 19–32 inches, 32–52 inches, and greater than 52 inches. The 19–32 inches segment is anticipated to expand during the forecast period.
• In terms of application, the digital signage market is segmented into retail, healthcare, corporate, hospitality, government, transportation, entertainment, BFSI, education, and others. The retail segment held a larger market share in 2023.

Digital Signage Market Share Analysis by Geography

The geographic scope of the digital signage market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America holds one of the largest global digital signage market shares. The market in North America is anticipated to expand at a significant pace during the forecast period, due to technological innovation. Numerous industries in the region are heavily investing in the adoption of new technologies to enhance their customer’s experience. Rapid digitalization and the evolution of 5G technologies are creating growth opportunities in the market.

Digital Signage Market Regional Insights

The regional trends and factors influencing the Digital Signage Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Digital Signage Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Digital Signage Market Report Scope

Digital Signage Market Players Density: Understanding Its Impact on Business Dynamics

The Digital Signage Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Digital Signage Market are:

1. IMicrosoft Corporation
2. Cisco Systems Inc.
3. Intel Corporation
4. Panasonic Corporation
5. Samsung Electronics
6. LG Electronics

Disclaimer: The companies listed above are not ranked in any particular order.

Digital Signage Market News and Recent Developments

The digital signage market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the digital signage market are listed below:

• In February 2024, Samsung Electronics Co., Ltd. launched a new WAD Interactive Display as Part of Teacher Appreciation Week. The Interactive Display WAD series—available in 65-, 75- and 86-inch models—provides an intuitive and engaging experience that eliminates the learning curve of new instructional tools for teachers and students alike. (Source: Samsung Electronics Co., Ltd., Company Website, February 2024)

Digital Signage Market Report Coverage and Deliverables

The “Digital Signage Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Digital signage market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Digital signage market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Digital signage market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the digital signage market
• Detailed company profiles