The global digital signage market
is projected to reach USD 29,939.6 million by 2024, according to a new study by
Grand View Research, Inc. Growing demand from end-use industries such as retail
and healthcare is expected to drive industry growth over the next eight years.
Creating and distributing content via digital signage serves as an effective
marketing strategy for enterprises as it has a capability to reach large
audience. This is anticipated to spur adoption particularly in the corporate
sector. Larger screen sizes such as those over 50-inch displays are anticipated
to gain popularity over the forecast period.
Digital displays with 4K
technology is on the rise to address growing demand for image with high
sharpness. Software providers have been targeting the new entrants by designing
solutions compatible with Android OS. The emergence of IoT paired with
increasing adoption of cloud computing is expected to enable collection of
vital operational and marketing data. Use of digital signage drops the
company's long term operational cost by reducing the use of paper for
advertising and incorporation of LED backlit panels have resulted in
considerable energy savings which reduces the operational cost of an
enterprise.
Further Key Findings from the
Study Suggest:
Digital signage based on LCD
technology dominated the global display industry in 2015 and accounted for over
50% of the overall revenue in the same year. Decline in the prices coupled with
the advantages offered by this technology over alternatives such as plasma display
is projected to fuel the LCD-based digital signage over the forecast period.
Retail accounted for over 40% of
the total revenue in 2015 and is projected to remain the largest application
segment over the next eight years. The healthcare sector has significant
potential as hospitals have increasingly incorporated digital signage for
numerous purposes such as sharing important registration information, display
notifications, and conveying wellness tips for improving patients' health.
Transparent LED screen is
expected to witness significant growth owing to its energy efficiency
capability and sophisticated design offering more than 80% transparent screen.
Kiosks are significantly used in several application area primarsy such as the
distributing terminal and is anticipated to account for more than 22% (in terms
of revenue) of the total market share.
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Growing number of hardware
offerings with 4K-UHD and 8K displays is anticipated to dominate the component
segment. Further, the surge in need for better sales capability with branding
is expected to propel software demand.
North America accounted for the
largest market share i.e. over 35% in 2015; growing demand across application
areas due technologically advanced customer base is expected to favorably
impact the regional market over the next eight years. Factors including demand
for improved viewing experience, educational and government market development,
decreasing price of display panels, and increasing spending on infrastructure
development are likely to spur Asia Pacific market growth.
The industry has started showing
signs of consolidation in the wake of a mini spate of M&A (X2O Media's
acquisition by Barco) and joint ventures (LG Electronics Inc. and MRI). Key
vendors in the 9.1-inch and larger LCD panels space include LG Electronics
Inc., Samsung Electronics Co. Ltd., Influx Corporation and AU Optronics.
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