Global Digital Signage Market By Type (Video Screen, Video Walls, Digital poster, and Others), By Components (Software, Hardware, and Service), By Technology, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Report Overview

In 2023, the global Digital Signage market size was valued at USD 27.1 billion and is expected to reach USD 52.7 billion in 2032. Between 2023 and 2032, this market is estimated to register the highest CAGR of 7.7%.

Digital signage refers to an electronic display technology which displays video, graphics, information and other multimedia content for advertising or informational purposes in public and private environments. Digital signs range in size and shape from small signboards up to large-scale video walls. Displays like these can often be found in various public areas such as airports, train stations, retail stores, restaurants, hotels and corporate buildings, among others. Their primary function is to convey information while simultaneously promoting products or services and entertaining the viewer in an eye-catching and visually captivating manner.

Digital signage systems often involve using a combination of software and hardware components, including screens, media players, content management systems (CMS) and network connectivity. Content displayed on digital signage displays can be remotely managed and updated as necessary for real-time information delivery.

Note: Actual Numbers Might Vary In The Final Report

There is also a growing demand for advanced products that need digitized information management and guidance, which can be accessed remotely. This will be one of the main drivers for the industry’s growth over the forecast period. Large display screens are used to provide the required quality information to large audiences. Digitized display technology allows customers to be attracted to information in a digital format that includes motion and photos.

This makes it more effective than traditional methods of reaching customers. The integration of biometric technology and modern digitized signs has led to the development of products such as gaze tracking and track heat paths. In addition, strong economic growth, rise in consumerism, growth in standards of living, increase in disposable income, technological advancements, the expansion of retail space, and changes in lifestyles have accelerated the adoption of strong and reliable advertising media in the countries of the region.

Key Takeaways

Driving Factors

Enhanced Connectivity, Flexibility, and Affordability are The Factors to Drive the Market Growth.

Digital display can help to establish a relationship between the person or organization displaying the content, and the person who is reading it. Digital signage is becoming more popular due to its flexibility and ease of use. In recent years, digital display hardware has become less expensive. Organizations are investing heavily in digital signage solutions.

This is likely to be a driving factor in the digital signage market. Today, retailers use digital signage to enhance customer shopping experiences and increase sales. To reap the benefits of digitization, they make significant investments in the infrastructure of retail shops. Retailers can now offer personalized services, such as theme-based digitally enhanced experiences stores and other advanced services through digital signage.

Digital signage solutions are used in the financial sector to provide customers with more control and information. Large-scale video walls can display financial news continuously, making it easy for customers to see the impact. Digital signage can reduce waiting times and keep customers informed. These benefits will increase demand for digital signage solutions, and raise the market value of digital signage.

Restraining Factors

Online Advertisements and Broadcast By The Retail Customers Will Restraint the Market Growth Of the Market

The digital signage market will be constrained by increased spending by major retailers and suppliers of products on broadcast and online advertisements. Globally, the number of internet users is increasing rapidly. Advertising companies are targeting large audiences through online promotions. After the covid-19 pandemic, online advertising and broadcasting have become more popular.

The pandemic also impacted the economy of many retail businesses around the world. This has led to businesses focusing more on online advertising in order to reduce the amount of stationary and physical advertisements. In the short term, this will lead to a decrease in demand for digital signage products. The growth of digital signage market trends has been negatively affected by broadcasting and online advertising for a long period of time.

This is in addition to the recent hits of digital billboards, and similar signage solutions as a consequence of covid-19. This is due to strict regulations that have been adopted in several countries over the years to limit outdoor electronic advertising on highways and in densely populated areas.

By Type Analysis

The Video Call Segment Dominates the Market Share Globally

The global market can be further divided into video walls, video screens, transparent LED screens, digital posters, kiosks, etc. The video call segment accounted for the largest market share about 21% in 2022. The screens and video walls have a significant market share across shopping malls and other public areas.

The kiosks segment is projected to be the most dominant in the global market in the forecast period. Kiosks are generally used in institutes for giving information and retail verticals to provide information and advertisement. The segment of transparent LED screens is expected to grow the fastest over the forecast period.

Transparent LED screens can offer transparency levels beyond 80% and high resolution. They are also energy efficient and can reduce energy consumption as well as optimize overhead expenditure. These factors will drive the market for transparent LED screens over the next six years, supporting growth in the sector.

By Component Analysis

The Hardware Segment Dominates The Market Share Globally

In 2022, the hardware components segment was the most profitable with a revenue share greater than 57.0%. It is expected to continue its dominance during the forecast period. Hardware components consist of displays, components needed to make a digital panel, and banners. Compared to the software the market share for hardware components is prominent in the industry.

In the next few years, the demand for hardware components will increase due to the increasing number of display technologies such as 1080p and 4K. 3D technology has made it possible to create glasses-free 3D displays. These displays are used in the product. Graphic design agencies are also shifting their attention to 3D holographic display case designs. HYPERVSN is a European provider of holographic technology which provides them many applications, which include advertising in malls and trade show displays.

Due to the fact that there are fewer service and maintenance issues with the product, the services segment has a lower demand. Integration & Installation, Maintenance, and Consulting are some of the services available in this industry. These services include the installation of a digital screen and internet connectivity. The service offerings are much cheaper than the software and hardware requirements. This results in a smaller market share.

Note: Actual Numbers Might Vary In The Final Report

By Technology Analysis

The Retail Segment Dominates the Market Globally

On the basis of application, the global market has been divided into hospitality, entertainment, and stadiums & playgrounds, corporate, banking, education, healthcare, and other segments. In 2022, the retail segment was responsible for more than 20% of global revenue. The retail segment is the most prominent segment in the industry which is demanding the digital advertisements for marketing and promoting the product and services.

Due to the wide variety of products in the sector, there is increasing competition among retailers, this has resulted in the need for effective marketing strategies. Digital posters are increasingly being used in retail because they offer a cost-effective way to market a product and attract consumers’ attention.

Key Market Segments

Based on Type

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

Based on Components

• Software
• Hardware
• Service

Based on Technology

• LED
• LCD
• Projection

Growing Opportunities

Rapid Urbanization opens up new opportunities for market growth.

Rapid urbanization refers to the rapid spread of cities and suburbs. This rapid urbanization opens up new opportunities for advertising and infrastructure in developing countries. The number of urban dwellers increases, as does their purchasing power and desire to purchase luxury goods.

Large corporations seek to increase their share of ad revenue by investing in these countries alongside their governments. Google and Facebook are two of the largest corporations in the world, and they report significant growth in their advertising revenue. The market for digital signage systems is also growing rapidly due to the increasing number of initiatives in developing smart cities around the world.

Latest Trends

Rapid Digitalization And The Demand For More Effective Advertisement Tools

The market is growing because of rapid digitalization and the demand for more effective advertising tools. The market is also being boosted by the widespread use of large-screen electronic displays in many industrial sectors such as transport, banking, education, healthcare, and entertainment. Digital signage is used in banking to display motion messages, promote products digitally, and manage content remotely.

Other growth-inducing factors include technological advances such as the integration of biometric technology into digital signage products. Modern product variants come with heat path and gaze trackers, which allow organizations to track consumer behavior and gain meaningful insights. The market will be driven further by other factors such as improvements in LCD/LED technology and increased spending on brand promotion and advertising.

Regional Analysis

North America Dominates The Regional Market Segment

The global digital signage market is expected to see remarkable growth in North America during the forecast period. Digital signage solutions are in high demand due to the decline of traditional mass media like broadcast and print. The adoption of digital signage has also led to a rise in the efficiency of promotional activities.

The U.S. is the major contributor to the market growth resulting in making North America leading the market. Asia Pacific will experience an exponential growth rate due to the adoption of digital signage solutions in India and China. APAC will see a significant increase in demand for digital signage due to rising corporate, residential, and commercial trends. Because of the low cost of electronic signage, Asia Pacific is a potential market for digital signage solutions.

Note: Actual Numbers Might Vary In The Final Report

Key Regions and Countries Covered in this Report:

• North America
  • The US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia
  • Netherland
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • New Zealand
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

Key Players Analysis

Samsung, Sony, and LG are key digital signage market leaders. They have been observed to be more focused on providing digital signage hardware. This includes projectors, media players, video walls, and others. Samsung, for example, offers digital signage screens & displays, as well as other hardware.

Samsung’s digital signage portfolio includes direct-view LED walls and 8K QLED displays, UHD 4K displays, outdoor and window-facing signage as well as interactive touch displays. LG Electronics has a variety of digital signage products. These include video walls, LG standard signage, and ultra HD large displays. LG Electronics also offers outdoor and indoor LED signage. Other service providers also offer digital signage solutions.

Listed below are some of the most prominent Digital Signage industry players.

• Samsung Electronics
• Daktronics
• Exceptional 3D
• LG Electronics
• Panasonic Corporation
• Sony Corporation
• Leyard Optoelectronic Co., Ltd.
• Scala
• E Ink Holdings Inc.
• NEC Corporation
• Deepsky Corporation Ltd.
• Omnivex Corporation
• Other Key Players

Recent Developments

• Sony Corporation introduced professional 4K HDR BRAVIA displays in June 2021 with the introduction of BZ35J, and BZ30J series. These solutions allow customers to quickly optimize their displays and customize settings. This new solution supports the high-end and mid-range needs of the business to company market.
• LG Electronics partnered with VITEC, a video streaming and encoding solutions provider in May 2021. This partnership will allow enterprises to securely deliver, view and multicast MPEG video using LG webOS-based smart signs displays. This collaboration brought a LGs webOPs extension for VITECs IPTV platform and digital signage platform. It aims to support advanced IPTV apps in a technologically secure and efficient manner.
• Scala Enterprise Version 12.50 was launched in April 2021 by Scala, the company’s flagship digital signage platform. New features include snapshot capabilities for Scala Media Players, workgroup management, intuitive and collapsible content panels in Content Manager. This release includes significant performance improvements to enhance customer digital experience.

Report Scope