Digital signage market size is forecast to be worth USD 23.02 billion by 2023; as per a new research report by Global Market Insights, Inc.
Lower paper wastage coupled with LED backlit panel integration has led to significant energy savings, driving digital signage market growth. The emergence of Internet of Things (IoT) has the potential to transform the technology from mere content displayers to a hub capable of collecting operational data via cloud computing.
Dynamic digital signs engage the audience with real-time audiovisual multimedia content, thereby inviting them to explore the displayed content. It is also a suitable platform for creating and distributing content, since it is faster and less expensive than print media.
Specifically designed hardware display panels to be used in digital signage are expected to be rivalled by consumer televisions, which are priced relatively lower. Compatibility and interoperability issues between media players and displays may also act as a growth restraint.
Content management system forms a crucial component of the system, which allows end users to control what is displayed on their screens. Content developers are usually advertisement agencies or marketing agencies which design the content including text, graphics, images and videos to be displayed in order to create maximum impact and target the intended audience.
Key insights from the report include:
- Global digital signage display market size was USD 6.07 billion in 2015, with revenue expected to hit USD 9.3 billion by 2023, at 5.5% CAGR from 2016 to 2023.
- Asia Pacific digital signage market share is forecast to grow at 6.5% CAGR from 2016 to 2023. Developments in the government and educational sector along with enhanced user experience, infrastructure development, and decreasing display panel prices are forecast to propel growth.
- Organizational use cases include navigation, communication, point of sale (POS), point of transit (POT), promotion and advertising, and infotainment.
- Increased demand in healthcare services has contributed substantially towards technology implementation. Current healthcare IT trends include deployment of EMR (electronic medical records). The segment is forecast to surpass USD 850 million by 2023, with 7% CAGR estimations from 2016 to 2023.
- LED is the most attractive product segment, and is anticipated to gain share over the forecast timeframe. This can be attributed to high efficiency, low power consumption, and decreasing cost.
- Expected competition between specialized vendors and new entrants is forecast to result in product innovation for achieving differentiation. Solution providers proactively participate in content development strategies as a majority of clients have limited experience in dealing with this medium.
- Samsung, LG Corporation, AUO, and Innolux contributed significantly to digital signage market share in 2015. These systems have gained prominence in the corporate space owing to increased awareness of positive impact on brand awareness and perception and effective communication with employees. Evolution of digital campus has presented growth opportunities in the education space.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.