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Tokyo, Japan, May 19, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR),“digital signage market Research Report: By Product Type, Component Type, Application and Region - Forecast Till 2030, the market is was valued at USD 21,367.1 million in 2020. The reports further predict the market to flourish at a robust CAGR of over 7.2 % during the assessment timeframe.
Digital Signage Market Key Players
Prominent industry players profiled in the digital signage market report include
Cisco Systems Inc, Sharp Corporation, Panasonic Corporation, 3M Company, Sony Corporation, Intel Corporation, HP Inc, Samsung Electronics NEC Corporation, Toshiba Corporation, and LG Electronics.
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| Report Metric || Details |
| Revenue forecast in 2020 || USD 21,367.1 Million |
| Growth Rate || CAGR of 7.2 % from 2022 to 2030 |
| Base Year || 2021 |
| Study Period || 2022-2030 |
| Key Market Opportunities || Customized Digital Signage display devices. Adoption of Digital Signage technology in SMEs |
| Key Market Drivers || Increasing incorporation of gesture recognition. Focus on replacing paper with Digital Signage displays |
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Digital Signage Market Drivers
Increasing Adoption in Public Transportation to Boost Market Growth
The increasing adoption of digital signage in public transportation will boost market growth over the forecast period. All forms of public transit are using digital signage to draw in on-the-go viewers and provide real-time location & context awareness for traveler information and advertising.
Digital Signage Market Opportunities
Ongoing Technological Advances to offer Robust Opportunities
Another aspect boosting market revenue growth is ongoing technical developments in displays. For instance, the promise of artificial intelligence to deliver more relevant and customized information on the digital signage display has been explored for a while. Because of advancements in AI technology, it appears to be settling in and becoming more accepted. The precision and potency of the facial recognition algorithms which can determine characteristics like age, gender, mood, and others have increased. This may significantly help in providing the audience with a personalized experience when combined with other contextual data like weather, news, day, time, and others.
Digital Signage Market Restraints and Challenges
Power Issues to act as Market Restraint
Power related issues of digital signage solutions, lack of standard policy, and deployment of widescreen alternatives like screenless displays and projectors may act as market restraints over the forecast period.
Digital Signage Market Segmentation
The global digital signage market has been bifurcated based on vertical, application, technology, component, and product type.
By product type, billboards will lead the market over the forecast period.
By component, hardware will domineer the market over the forecast period.
By technology, LCD will spearhead the market over the forecast period.
By application, outdoor digital signag e will have the lions share in this market in the forecast period.
By vertical, retail will have the largest share in the market over the forecast period.
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Digital Signage Market Covid-19 Analysis
The current COVID-19 pandemic has had a detrimental effect on the display industry, causing a major production slowdown as manufacturing activities were temporarily suspended in key manufacturing centers. As public gatherings and travel are more restricted, people are becoming progressively more isolated. The COVID-19 epidemic possessed a negative impact on businesses in the digital signage industry because of supply chain delays & unstable market demand. For industry stakeholders, predicting the recovery of the displays and digital signs sector has become even more challenging due to the uncertainty surrounding the duration of the lockdown & supply chain disruptions. Several businesses employed digital signage to support the battle against the coronavirus epidemic during the COVID-19 epidemic. For instance, NoviSign Digital Signage has introduced a Digital Signage hand sanitizer kiosk with a 21.5-inch display running NoviSign's Digital Signage software and an auto-dispenser that can employ gel, foam, or liquid sanitizer.
Digital Signage Market Regional Analysis
North America to Head Digital Signage Market
In 2022, North America became the segment that was most dominating. The significant proportion is related to the expansion of committed product suppliers and the rising need for signs in the retail sector. Particularly in the U.K., Germany, and the U.S., significant growth is anticipated, largely as a result of increased R&D efforts by businesses to improve product quality and growing government initiatives for installing digital signage in different offices to maintain continuous information flow systems. Due to the presence of key suppliers in the US area as well as early adoption and technological improvement, North America will continue to lead the market throughout the course of the anticipated period. Furthermore, it is expected that the market will be driven by developments in display technology. The decline of print and broadcast media has increased demand for technological solutions throughout the area. North America, and the US in particular, are seeing a surge in the use of digital signs. This is as a result of recent developments in display, networking, & monitoring technology. Digital signage software is being quickly adopted by the retail sector in the United States, with big and emerging companies opting for sophisticated digital signage with the AI & machine learning technology to optimize consumer data. In addition, due to the region's rapid adoption and penetration of technology, tech giants like Apple Inc. & Samsung Electronics have invested significantly in digital signs. Small and medium-sized businesses have only partially embraced digital signage since it is so expensive to buy the necessary software, hardware, and technology.
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APAC to Have Admirable Growth in Digital Signage Market
Nearly the course of the projected period, Asia Pacific is anticipated to increase at a CAGR of nearly 9.5%, making it the fastest-growing category. The expansion can be due to people being more aware of the advantages of digital signage system. India and China are expected to have considerable development, mainly as a result of the growing use of mobile technology in retail establishments, corporate offices, hospitals, & hotels. The number of people visiting malls & multiplex stores in Asia Pacific's developing nations has increased due to rising disposable income. Therefore, Enterprise is making the most of this chance to advertise their products through substantial displays, which enhances their ability to draw in the intended audience. Over the projected period, the usage of digital signage especially in the hospitality sector is anticipated to rise in response to the development in shopping malls and multiplexes. The Asia-Pacific area is anticipated to expand quickly throughout the forecasted timeframe. The Asia-Pacific area is anticipated to develop quickly throughout the projection period. The intended market for digital signage is the area's significant population of young, tech-savvy people. This demographic is adopting the new technology made accessible in the market more and more as disposable incomes increase. Due to this, the Asia-Pacific region is considered to have the fastest-growing digital signage industry globally. Due to technical developments and the development of infrastructure, Japan, China, and India account for the majority of the market's revenue.
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May 2023- The Broadsign Ad Server platform, which intends to provide customer options for sales, ad targeting, & analytics in one-to-one digital out-of-home selling contexts, has been made generally available by the digital signage company.
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