Dublin, June 10, 2019 (GLOBE NEWSWIRE) -- The "Digital Signage Market by Offering (Hardware (Displays, Media Players, Projectors), Software, Services), Product, Application, Vertical (Retail, Transportation, Public Places, Sports, Entertainment, Education), & Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The digital signage market is expected to grow from USD 20.8 billion in 2019 to USD 29.6 billion by 2024, at a CAGR of 7.3%
Increasing adoption of digital signage products in commercial vertical, growing technological advancements in display products, rising demand for 4K & 8K displays, and increasing infrastructural developments in emerging countries are the major driving factors for the market's growth during the forecast period. However, increasing trends of online/broadcast advertisement would hinder the growth of the digital signage market in the future.
The use of digital signage in commercial applications allows businesses to efficiently and effectively reach and interact with customers. Attracting new business opportunities, increasing brand awareness, improving operating efficiency, catching the attention of passersby, promoting new products, and enhancing customer experience are the factors that propel the growth of the digital signage market.
Software offering to grow at highest CAGR during forecast period
There is an increasing adoption of software in digital signage used in indoor and outdoor applications; it makes the system interactive and easy to use. This leads to improved customer retention by providing an enhanced experience for customers through interactive screens. Content management software is widely used in the market for the effective management of content to be displayed through a digital signage solution.
The estimated growth rate of the digital signage market for software is higher than hardware; hardware devices are not frequently purchased because they have a long operational life. The market for software is growing at a higher pace as software licenses need to be purchased and upgraded at regular intervals.
Retail vertical to hold largest market share during forecast period
Retail vertical currently accounts for the largest share of the digital signage market, and this trend is expected to continue during the forecast period. Digital signage has a high demand in retail as it helps in engaging customers with menu boards, billboards, and kiosks to increase impulsive shopping, and display information regarding the usage and benefits of products or services.
Retail companies are adopting display devices to enrich customers' shopping experience and simplify display management. Digital signage displays utilized in retail for display information such as information about store's opening hours and corporate identity, way-finding guidance, in-store advertising, screens near point-of-sale and creating a better atmosphere and enhancing customer experience. Also, growing retail space and the increasing number of retail stores across the world are propelling the growth of the market.
APAC to record highest growth rate during forecast period
The market in APAC is expected to exhibit the highest growth rate in the digital signage market. The growth is mainly attributed to increasing developments in the field of retail, transportation, public infrastructure, and corporate. The retail vertical is thriving because of strong economic growth, rising consumerism, rising standards of living, increasing disposable incomes, and changing lifestyles; this is expected to increase the demand for digital signage in this region. Countries such as India, Australia, Singapore, Thailand, and Malaysia are expected to witness the highest growth in the digital signage market.
Market Dynamics
Drivers
- Increasing Adoption of Digital Signage Products in Commercial Vertical
- Growing Technological Advancements in Display Products
- Rising Demand for 4K & 8K Displays
- Increasing Infrastructural Developments in Emerging Countries
Restraints
- Increasing Trends of Online/Broadcast Advertisement
Opportunities
- Growing Smart Signage Applications
- Increasing Retail Space Worldwide
- Rising Demand for Context-Aware Signage
- Increasing Transition of Traditional Stores to Smart Stores in Retail
Challenges
- Developing Robust Equipment Suitable for Harsh Environmental Conditions
Key Trends
- Increasing Deployment of Digital Menu Boards in Restaurants
- Rising Popularity of Wireless Signage Solutions
- Growing Technological Trends in Digital Signage Market
- Internet of Things (IoT)
- Artificial Intelligence (AI)
Companies Mentioned
- AU Optronics
- Barco
- Benq Group.
- Christie Digital Systems
- Daktronics (Adflow Networks)
- Deepsky Corporation
- Delta Electronics
- E Ink Holdings
- Exceptional 3D
- Intuiface
- Leyard Optoelectronic (Planar)
- LG Electronics
- NEC Corp.
- Omnivex Corporation
- Panasonic
- Samsung Electronics
- Scala
- Shanghai Goodview Electronics
- Sharp (Foxconn)
- Sony
For more information about this report visit https://www.researchandmarkets.com/r/jzm68j
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