Digital Signage Market Analysis and Global Forecast 2023-2033

Digital Signage Market Overview

The Digital Signage Market Size is expected to reach USD 30.47 Billion by 2033. The Digital Signage industry size accounted for USD 18.41 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 6.98% from 2023 to 2033. The market for digital signage was estimated to be worth $21.0 billion in 2019 and is projected to expand at a compound annual growth rate (CAGR) of 9.14% between 2020 and 2027. An electronic sign called “digital signage” is used to inform consumers. Digital displays that make use of technologies like LED, LCD, e-paper, and projection are used to display videos, text, digital photos, web pages, and more. Digital signage has several uses and can be implemented in a wide range of client touchpoints, including dining areas, exam rooms, checkout lines, and areas surrounding product displays. The most popular kind of digital signage are video screens, which can show text, graphics, animations, and movies in addition to other content.

Global Digital Signage Market Synopsis

COVID-19 Impact Analysis

The Digital Signage market experienced a detrimental effect due to the Covid-19 pandemic. The COVID-19 pandemic has both hindered and accelerated the digital signage market. While initial disruptions in manufacturing and supply chains occurred, the need for communication in public spaces like healthcare facilities and retail surged, driving adoption. Demand for touchless and interactive displays increased, as businesses sought safer engagement methods. Despite setbacks, the market is projected to rebound strongly as economies recover and digital transformation continues.

Global Digital Signage Market Dynamics

The major factors that have impacted the growth of Digital Signage are as follows:

Drivers:

⮚      Integration with biometric technology

Products such as gaze tracking and track heat paths have been developed as a result of the integration of digital signage with biometric technology. What gazes tracking technology does is it locates the most crowded area by customers and therefore companies can track and monitor custom behavior through this product. This technology will boost the demand for the digital signage market drastically.

Restraint:

• Security Concerns

With the increasing reliance on digital technologies, security threats have become a significant concern for businesses deploying digital signage solutions. Vulnerabilities in software, networks, and endpoints can expose digital signage networks to risks such as unauthorized access, data breaches, malware attacks, and content manipulation. Addressing security concerns and implementing robust security measures is essential to protect sensitive information and maintain the integrity of digital signage systems.

Opportunity:

⮚      Technological Advancements

Continuous advancements in display technology, such as higher resolution screens, thinner form factors, and improved durability, create opportunities for enhanced visual experiences and greater flexibility in digital signage deployments. Emerging technologies like OLED, micro-LED, and transparent displays offer new possibilities for creative and immersive content delivery.

Digital Signage Market Segment Overview

By Type

Based on the Type, the market is segmented based on Video Walls, Video Screen, Transparent LED Screen, Digital Poster, Kiosks and Others. In the digital signage market, video walls emerge as the dominant type, offering immersive and eye-catching displays suitable for various indoor and outdoor environments. Their ability to seamlessly integrate multiple screens to create expansive visuals makes them a preferred choice for businesses seeking impactful brand messaging and information dissemination.

By Component

Based on Component, the market has been divided into Hardware, Software and Service.

In the digital signage market, software takes the lead as the dominant component, driving innovation and functionality across diverse applications. Its role in content management, scheduling, and analytics amplifies the effectiveness of digital signage solutions, making it an essential element for businesses seeking to deliver engaging experiences to their audiences.

By Technology

Based on the Technology, the market has been divided into LCD, LED, Projection. Within the digital signage market, LED technology reigns supreme, offering unparalleled brightness, clarity, and versatility for both indoor and outdoor applications. Its energy efficiency and long lifespan make it a preferred choice for businesses aiming to create impactful visual displays that capture audience attention effectively.

By Application

Based on Application the market has been divided into Retail, Hospitality, Entertainment, Corporate, Banking, Healthcare, Education, Transport, and Others. In the digital signage market, the retail sector emerges as a dominant force, leveraging dynamic displays to captivate consumers and drive sales through targeted promotions and product information. With its ability to enhance the shopping experience and create memorable brand interactions, digital signage in retail continues to witness substantial growth, serving as a crucial tool for both large chains and smaller businesses looking to stand out in a competitive landscape.

By Location

Based on Location, the market has been divided into In-store and Out-store. In-store digital signage takes the lead in the market, demonstrating its effectiveness in enhancing customer engagement and driving sales within physical retail environments. Its ability to deliver targeted messaging and dynamic content directly to shoppers contributes to its widespread adoption by retailers seeking to create immersive and personalized shopping experiences.

By Size

Based on Size, the market has been divided into Below 32 Inches, 32 to 52 Inches and More than 52 Inches. The digital signage market, segmented by size, showcases a dominance in the “32 to 52 Inches” category. This range seems to strike a balance between visibility and space efficiency, making it a popular choice for various applications across industries. Its versatility and optimal size cater to diverse needs, driving its prominence in the market landscape.

Global Digital Signage Market Regional Analysis

Based on region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The area of Asia-Pacific is anticipated to dominate the market for the usage of Digital Signage,followed by those in North America and Europe.

Digital Signage Asia-Pacific Market

The Asia-Pacific region holds a dominant position in the Digital Signage market. Asia-Pacific is anticipated to witness significant growth in the future. This is attributed to the rising awareness of a digitized form of advertising. Additionally, the low cost associated with the deployment of electronic signage systems is expected to increase the demand in the Asia-Pacific region. This is attributed to the growing demand for digitized solutions for promotional purposes. Europe is also expected to exhibit high demand owing to rising investments in digitization coupled with the high penetration of smartphones.

Digital Signage North America Market

In North America, the digital signage market showcases robust growth driven by widespread adoption across various sectors such as retail, healthcare, and transportation. The region benefits from a mature technological infrastructure, fostering innovation and deployment of advanced digital signage solutions. Increasing investments in interactive displays, along with rising demand for personalized customer experiences, propel market expansion further

Competitive Landscape

The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as OMNIVEX CORPORATION, E Ink Holdings Inc., Leyard Optoelectronic Co., Ltd., Panasonic Corporation, and Exceptional 3D are some of the leading players in the global Digital Signage Industry. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.

Key Market Players:

• OMNIVEX CORPORATION
• E Ink Holdings Inc.
• Leyard Optoelectronic Co., Ltd.
• Panasonic Corporation
• Exceptional 3D
• Samsung Electronics
• Deepsky Corporation Ltd.
• Scala
• Sony Corporation
• LG ELECTRONICS

Key Development:

In June 2019, Sony Electronics announced that they are partnering with Kramer electronics to integrate its BZ35F series of BRAVIA 4K HDR professional displays with Kramer Control BRAINware. This would enhance the Audio- Visual installation by adding advanced controls to Sony’s display.

LG Electronics, in June 2019 itself revealed their digital signage products at the InfoComm 2019 in Florida. Their newly launched products claim to have state-of-the-art technologies which would propel LG into the digital signage market.

Scope of the Report

Global Digital Signage Market, by Type

• Video Walls
• Video Screen
• Transparent LED Screen
• Digital Poster
• Kiosks
• Others

Global Digital Signage Market, by Component

• Hardware
• Software
• Service

Global Digital Signage Market, by Technology

• LCD
• LED
• Projection

Global Digital Signage Market, by Application

• Retail
• Hospitality
• Entertainment
• Corporate
• Banking
• Healthcare
• Education
• Transport
• Others

Global Digital Signage Market, by Location

• In-store
• Out-store

Global Digital Signage Market, by Size

• Below 32 Inches
• 32 to 52 Inches
• More than 52 Inches

Global Digital Signage Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: $30.47 Billion
CAGR	6.98% CAGR (2023-2033)
Base year	2022
Forecast Period	2023-2033
Historical Data	2021
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Type, Component, Technology, Application, Location, Size
Geographies Covered	North America, Europe, Asia-Pacific, Latin America, Middle East, Africa
Key Vendors	OMNIVEX CORPORATION, E Ink Holdings Inc., Leyard Optoelectronic Co., Ltd., Panasonic Corporation, Exceptional 3D, Samsung Electronics, Deepsky Corporation Ltd., Scala, Sony Corporation, LG ELECTRONICS
Key Market Opportunities	Rising adoption of digital signage technology in SMEs
Key Market Drivers	Growing incorporation of gesture recognition

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Digital Signage Industry trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities analysis in the future
• Historical market size for the year 2021, and forecast from 2023 to 2033
• Digital Signage market share analysis for each segment
• Competitor analysis with a comprehensive insight into its product segment, financial strength, and strategies adopted.
• Identifies key strategies adopted by the key players including new product development, mergers and acquisitions, joint ventures, collaborations, and partnerships.
• To identify and understand the various factors involved in the global Digital Signage market affected by the pandemic
• To provide year-on-year growth from 2022 to 2033
• To provide short-term, long-term, and overall CAGR comparison from 2022 to 2033.
• Provide Total Addressable Market (TAM) for the Global Digital Signage Market.