Digital Signage Market Report 2023: Key Companies LG Electronics, Microsoft, NEC Display Solutions Ltd., Strategic Initiative, Omnivex, Panasonic, Strategic Initiative, Polk Audio, Samsung Electronics, Strategic Solutions
Favourable application overview along with improved user experience is a key factor driving the industry growth in Asia Pacific. Regional demand for the digital signage across transportation segment is predicted to register a CAGR of about 7% during the forecast period.
Digital Signage market share is estimated to surpass USD 23 billion by 2023 driven by factors like cost effectiveness, growth of commercial displays, higher ROI (Return on investment) as compared to other communicating channels, and favorable regulatory scenario in the healthcare sector, etc. A paradigm shift has taken place in the pattern of content communication wherein traditional techniques (newspapers, radio, online banners, social media, etc.) which were used for marketing an organization's products & services are now being thoroughly replaced by digital signage which is considered to be more effective and economic.
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LCD display technology contributed to greater than 55% of the industry share for 2015 but is predicted to expand at sluggish rate than global average during forecast period. Large screen sizes like those bigger than 50 inch displays are predicted to experience higher acceptance during forecast timeframe. In contrast to this, small sized displays are predicted to lose their industry share due to declining LCD costs and rising digital signage market size.
Regulatory norms pertaining to marketing techniques in the healthcare sector is also boosting the industry growth. PhRMA (the Pharmaceutical Research and Manufacturers of America) prohibited the use of older marketing methods such as distribution of notepads, clipboards, and branded pens by pharmaceutical companies and emphasized on adoption of 3D technology based signage tool. Digital signage market share in healthcare segment is estimated to exceed USD 850 million by 2023 at a CAGR of 7%.
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Key industry participants like Samsung, AUO, Panasonic, Innolux, and LG Corporation contributed towards a major share of Digital signage market in 2015. Also, the industry expansion will create high growth opportunities for new entrants and SMB's owing to buyers' focus shifting towards cost-effective solutions along with a higher ROI (Return on investment).
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