Smart Signage Market 2021: Technology, Future Trends, Growth Opportunities till 2030 & Key Players- Volanti Displays, Sony Corporation, Samsung Electronics, Panasonic Corporation, LG Electronics, ViewSonic Corp
The market for electronic signage is driven by the fact that it is a cost-effective means of promoting and branding any product or service. All these factors are assisting the growth of smart signage market share globally.
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The smart signage market share is segmented into offering, product, industry and region. Based on offering, the market is classified into hardware, software, and service. On the basis of product, it is divided into single screen display, video wall, and kiosk. Based on industry, the market is categorized into retail, government, education, corporate, healthcare, stadiums, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players operating in the Smart Signage Market include Volanti Displays, Sony Corporation, Samsung Electronics, Panasonic Corporation, LG Electronics, ViewSonic Corporation, iSEMC (HHSD), Koninklijke Philips N.V., Planer System Inc., NEC Corporation. These key players focus on R&D activities related to Smart Signage and adopt various strategies such as acquisition, mergers, collaboration, and others to enhance products in the market.
COVID-19 impact analysis
The current COVID-19 pandemic has had a negative impact on the display industry, with manufacturing activities being temporarily halted across major manufacturing hubs, resulting in a significant production slowdown. People are becoming significantly more isolated as a result of increased restrictions on public meetings and travel.
Players in the digital signage business are also feeling the effects of the COVID-19 epidemic due to supply chain delays and stock market instability. Some of the major display makers, including Samsung, LG Display, and Xiaomi, have halted production in China, India, South Korea, and Europe.
In addition to the impact on production, the ongoing pandemic has had a negative influence on consumer demand for display-integrated products, which has been worsened by the global lockdown. All these factors are hampering the growth of smart signage market size globally.
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Top impacting factors
The smart signage market forecast is driven by factors such as lower display costs and increased consumer experience. Increased opportunities are envisaged as a result of technological advancements such as near field communication. The introduction of touch screen technology is likely to bring up new possibilities. The reasons driving the expansion of the smart signage market trends are an increase in demand for bright and energy-efficient display panels, fast digitalization, and a drop in demand for traditional billboards.
The rise in demand for bright and power-efficient display panels, fast digitization and a fall in demand for traditional billboards, and an increase in demand for 4K and Ultra-HD devices are all key trends influencing the smart signage industry. However, the global market growth is hampered by the deployment of widescreen alternatives such as projectors. Emerging display technology such as micro-LED and quantum dots, as well as a surge in the inclination of electronic behemoths for large-screen displays, provide lucrative potential for the smart signage market opportunity.
New product launches to flourish the market
In April 2021, Scala, Norwegian producer of multimedia software, launched Flagship Digital Signage Platform Scala Enterprise 12.50. Enhancements to the Linux player engine, such as player snapshot capabilities and support for Scala Media Player DX and Q players, as well as a more intuitive menu panel with immediately recognized icons and major speed improvements, are included in this edition. Scala, a member of the STRATACACHE family of marketing technology firms, creates, manages, and deploys strong digital experiences in a variety of settings, including retail, quick service restaurants, banking, transportation, gaming, out-of-home media, and other critical areas.
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Surge in usage of digitalization and emerging display technology
Traditional billboards have fallen out of favor because to their lack of variety and high labor costs. They can still draw a large audience, but they do not get the same amount of attention as giant screen displays. Digitization has benefited traditional billboards the most. Digitalization boosts the market growth by allowing several high-quality adverts to be displayed in the same space. It also gets rid of the problem of the audience's limited reach. The expansion of the smart signage market is fueled by technological advancements such as location intelligence, the rise of programmatic advertising, and IoT access.
Display makers are looking for improvements that will provide them a competitive advantage over their competitors as display technology evolves. In comparison to regular LCD and OLED displays, quantum dots displays and tiny LED displays are new technologies with better functionality. These displays are based on typical LCD display systems, but they incorporate a layer of quantum dots and Micro LEDs into the LCD or OLED matrix to improve performance, picture quality, and energy efficiency.
Key benefits of the report
• This study presents the analytical depiction of the smart signage industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the smart signage market share.
• The current market is quantitatively analyzed from 2020 to 2030 to highlight smart signage market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed smart signage market analysis based on competitive intensity and how the competition will take shape in coming years
Questions answered in research report
What are the leading market players active in the smart signage market?
What are the current trends that will influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the market?
What are the projections for the future would help in taking further strategic steps?
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