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Digital Signage Market Trends, Strategies, Size, Share And Analysis 2024-2033
Digital Signage Market Trends
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According to The Business Research Company's, The digital signage market size has grown strongly in recent years. It will grow from $20.58 billion in 2023 to $22.15 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to rise in retail and advertising expenditure, enhanced customer experience, transition from traditional to digital displays, cost-effective communication.
The digital signage market size is expected to see strong growth in the next few years. It will grow to $30.56 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to emergence of smart cities, demand for real-time information, focus on employee communication, expansion in transportation and hospitality sectors. Major trends in the forecast period include integration with mobile devices, augmented reality (AR) and virtual reality (VR) integration, touchless and gesture-based interfaces, personalized content through data integration, multi-channel integration.
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Market Drivers and Trends:
The increasing demand for 4K and 8K resolution displays is significantly driving the growth of the digital signage market. The resolution is a measurement of pixels across the screen in both horizontal and vertical directions. The desire for greater resolution, larger-sized TVs with modern display technology that gives realistic images with better image quality and increased viewing experience is driving demand for 4K and 8K resolution screens. The display screen's display resolution produces a crisp and easy-to-read image. In stadiums, retail stores, museum theatres, and planetariums, 4K and 8K resolution displays are constructed with ideal viewing distances for varied resolutions in view. For instance, according to Consumer Technology Association report, in 2021, 4K ultra-high definition (UHD) sets accounted for 25 million units, up 12% from 2019. Therefore, the increasing demand for 4K and 8K resolution displays is expected to propel the growth of the digital signage market going forward.
The companies operating in the digital signage market are focusing on developing advanced technological solutions to strengthen their position in the market. Technological advancements contribute to making digital signage more dynamic, interactive, efficient, and adaptable to diverse applications, thereby expanding its market potential and driving its continued growth. For instance, in June 2023, fugo.ai, a UK-based cloud-based digital signage software, introduced the Fugo Digital Signage Player, a Windows-based solution designed to tackle challenges in deploying digital signage at scale. With a powerful Intel processor, ample RAM and storage, the player ensures smooth playback of demanding content. It prioritizes connectivity, durability for diverse environments, and advanced security features, addressing issues commonly associated with using consumer devices for digital signage. The Fugo Player is positioned as a reliable, high-performance hardware option for organizations aiming to optimize their digital signage deployments.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., Sony Corporation, LG Electronics Inc., Panasonic Corporation, NEC Corporation, Toshiba Corporation, Sharp Corporation, Koninklijke Philips N.V., Delta Electronics Inc., Navori Labs SA, Scala Inc., Crestron Electronics Inc., E Ink Holdings Inc., Barco NV, Daktronics Inc., ViewSonic Corporation, Christie Digital Systems USA Inc., BenQ Corporation, Absen, AU Optronics Corp., Elo Touch Solutions Inc., Planar Systems Inc., Peerless Industries Inc., BrightSign LLC, Milestone AV Technologies LLC, STRATACACHE Inc., NanoLumens Corporation, Omnivex Corporation, Keywest Technology Inc., Leyard Optoelectronic Co. Ltd., Onelan Limited, Mitsubishi Electric Corporation, SpinetiX SA, YCD Multimedia, Matrox Graphics Inc., Enplug Inc., NoviSign Ltd.
Digital Signage Market 2024 Key Insights:
• The digital signage market size is expected to see strong growth in the next few years. It will grow to $30.56 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• Surging Demand For High-Resolution Displays Propels Digital Signage Market Growth
• Advanced Technological Solutions In The Digital Signage Market
• North America was the largest region in the digital signage market in 2023
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