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Eyeing $30 Bn by 2028. Is the Global Digital Signage Market poised for Growth Through Technological Progress and Expanding Use Cases? : Ken Research
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Gurugram, India, April 26, 2023 (GLOBE NEWSWIRE) — Driven by the Innovation and Technological Advancement in Display Tech, the Global Digital Signage Market is Forecasted to Reach ~US$30 Bn by 2028, says Ken Research Study. Digital Signage, as the name suggests, hosts signage on an electronic screen rather than on an acrylic or polycarbonate board. It can showcase any sort of multimedia or audiovisual content to serve the purpose of advertising by brands and marketers or information dissemination by any regulatory agency, government agency, or any similar public broadcasting authority. Digital Signage can vary according to the type of device it is hosted upon, its components, the technology that is being used to run the content, and even the size of the screen. A range of application areas and end-user industries have found Digital Signage to be an effective medium to spread its vision, message, policies, schemes, offers, and more.
“Ken Research shares 3 key insights on this ~US$ 30 billion market from its latest research study”
1. Technological Advancements and Cutting-Edge Display Features Have Helped the Global Digital Signage Market to Grow
The Global Digital Signage market is expected to continue on its growth trajectory at a steady pace during the forecast period of 2022-2028. Innovation in display technology, especially the advent of OLED, MicroLED, and direct-view and fine-pitch LED displays, helped marketers and advertisers to showcase their content in a visually engrossing way. Overall, digital signage has proved its worth in driving a message effectively to its targeted audience. The Global Digital Signage Market was valued at around ~US$20 billion in 2022 and is expected to grow further to ~US$30 billion in 2028 at a CAGR of ~7% during the forecast period (2022-2028).
2. Strong Growth in the Market of Entertainment and Media is Expected to Boost the Market of Digital Signage.
Entertainment is one of the most significant application areas when it comes to leveraging digital signage effectively. It has been seen that millennial and GenZ individuals are more inclined towards personalized content and marketers are allocating a significant share of their advertising budget to digital advertising, including digital signage. According to a report released by the Motion Picture Association in 2021, consumer spending in the global entertainment market again went up to 2019 levels, after a notable dip in 2020. The global digital signage market is expected to benefit significantly from this growth in the entertainment industry.
3. Digital Signage Marketing is Facing Stiff Competition from Internet Advertising
Marketers are allocating a significant share of their budget toward internet advertising. A host of businesses have been found to be relying upon ad-supported internet to attract new customers. According to a study conducted by the Harvard Business School on behalf of the Internet Advertising Bureau, the internet economy has grown seven times faster than the U.S. economy between 2017 and 2021, accounting for nearly 12% of the US GDP. The internet advertising revenue has seen more than 35% annual growth between 2020 and 2021.
Market Taxonomy
By Type
- Video Walls
- Video Screens
- Transparent LED Screens
- Digital Posters
- Kiosks
- Others
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By Component
- Hardware
- Software
- Services
By Technology
- LCD
- LED
- Projection
By Location
- Indoor
- Outdoor
By Content Category
- Broadcast
- Non-Broadcast
By Screen Size
- Below 32 inches
- 32 to 52 Inches
- More than 52 Inches
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By Application
- Retail
- Hospitality
- Entertainment
- Stadiums & Playgrounds
- Corporate
- Banking
- Healthcare
- Education
- Transport
- Others
By Region
North America
- USA
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
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Asia Pacific
- China
- Japan
- South Korea
- Indonesia
- Australia
LAMEA
- Latin America
- Middle East
- Africa
Key Players
- ADFLOW Networks
- BrightSign LLC
- Cisco Systems, Inc.
- Intel Corp
- LG Electronics
- NEC Display Solutions
- Omnivex Corp.
- Panasonic Corp.
- Samsung
- Scala Digital Signage
For more insights on the market intelligence, refer to below link:-
Global Digital Signage Market
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