Digital Signage Market is expected to reach US$ 36.89 billion by 2028

The digital signage market size is expected to reach US$ 36.89 billion by 2028; registering at a CAGR of 8.8% from 2022 to 2028, according to a new research study conducted by The Insight Partners.

Technological Advancements in Displays Favor Digital Signage Market Growth

Source: The Insight Partners Analysis

Increasing Adoption of Digital Signage In Commercial Applications

The application range of digital signage has expanded rapidly in the commercial sector in the last several years. It is widely used in hotels, quick-service restaurants, hospitals, and malls. Digital signage benefits various stakeholders in, both, private and public sectors, including stadiums, parks, restaurants, hospitals, and retail shops. The demand for digital signage displays has increased in the transportation industry. Check-in kiosks are deployed in busy places such as railway stations, airports, wayfinding, and bus terminals to improve navigation and reduce queues. Similarly, digital billboard displays regarding arrivals and departures provide an enriching experience to passengers. Digital signage displays or projectors also improve safety on factory and production floors. Healthcare centers or hospitals were also increasingly deploying digital signage displays for critical real-time updates, social distancing guideline enforcement, and quick staff mobilization. According to Panasonic India, the retail industry is playing a notable role in the deployment of digital signage solutions in India. Moreover, Indian retailers have significantly invested in digital signage technologies in recent years to provide better consumer experiences and gather relevant business insights. Further, per a blog by LaneSquare Technology Pvt Ltd, published in May 2022, global spending on digital solutions has crossed US$ 1.3 trillion. 73% of surveyed educational institutions consider that digital signage systems are likely to emerge as an essential tool for communications in the coming years. Moreover, 76% of surveyed companies invested in advanced technologies such as touchscreen wayfinding guides, interactive kiosks, and IoT-based digital signage. Thus, most industries, including healthcare, education, transport, hospitality, and retail, were increasingly adopting digital signage displays to improve communication, attract and engage customers, and enhance sales, which is contributing to the digital signage market growth.

Based on component, the digital signage market is segmented into hardware, software, and services. The hardware segment includes displays, video walls, screens, kiosks, machines, and others. In terms of display type, the digital signage market is segmented into LED, LCD, OLED, and others. LCDs are mainly adopted in the advertisement and marketing industry as they are easier to produce and require lower manufacturing processes. Further, the LED segment is expected to register the highest CAGR during the forecast period owing to the superior picture quality offered by these displays.

The digital signage market, by display size, is segmented into less than 19 inches, 19–32 inches, 32–52 inches, and greater than 52 inches. The greater than 52 inches segment is expected to register the highest CAGR during the forecast period. The projected growth of the market for this segment is credited to the increasing adoption of digital out-of-home advertising, which requires huge displays. In terms of application, the digital signage market is segmented into retail, healthcare, corporate, hospitality, government, transportation, entertainment, BFSI, and others. The market for the retail segment is expected to grow at the highest CAGR during the forecast period. The market growth for this segment is attributed to the need for huge digital signage systems for digital advertisements in the retail sector.

North America holds a significant share of the global digital signage market. High acceptance of technologies is the major factor that supports the deployment of digital signage in businesses in North America. Moreover, Cisco, Microsoft, and Hewlett Packard Company are among the major digital signage providers in North America, which are contributing to the market growth.

Microsoft Corporation, Cisco Systems Inc., Intel Corporation, Panasonic Corporation, Samsung Electronics, LG Electronics, Sony Corporation, NEC Display Solutions, and Hewlett Packard Company are among the key market players profiled during this digital signage market study. Several other major digital signage market players were studied and analyzed during this research study to get a holistic view of the digital signage market and its ecosystem.

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