The global market for Digital Signage Systems is projected to reach US$31.7 billion by 2024, driven by new technologies, increasing opportunities for customization, and growing opportunities in Direct-Out-of-Home (DOOH) advertising.
Newspapers, magazines, radio, and television have been traditional means of disseminating information, and news. Technology developments over the years have helped redefine mass communication by revolutionizing the way in which organizations can relay information to large segments of population at the same time. Advanced technologies that have emerged over the years have enabled dynamic information delivery, and have accelerated the pace at which information can be delivered to target audiences. Digital signage system is one such progressive advancement that combines power of digital displays such as LCDs and LEDs with efficient content management and digital media distribution systems. Digital signage is transforming global industries and has become a necessary tool for numerous sectors from healthcare, educational institutions, corporate offices, non-profit organizations, airports and hospitals to small scale retailers to enhance the customer experience. The technology concept is a specialized form of silvercasting where digital multimedia content such as images, video, and streaming media can be displayed at public places for advertising or for information purpose. Evolving since mid-90s, digital signage systems now represent one of the most potent channels for displaying media at key public spaces such as transit points, stadiums, museums, retail outlets, educational institutions, hospitals, and hotels & restaurants, among others.
One of the factors driving modern digital signage is increased customization and the trend is expected to further accelerate in the future. Another trend in digital signage is growing focus on distinctive messaging for specific audience. Companies are seeking comprehensive solutions covering multiple locations, multiple users and customized content targeted at diverse audiences. The growing demand for enterprise-wide solution is turning digital signage solutions into more diverse and complex systems. The rising popularity of the interconnected devices and IoT demonstrates the importance of interactivity in the present world. Digital signage is also expected to follow suit. While display of contextual and relevant content makes shoppers remain inside the store longer, enabling customers to engage as well as interact with such content will help encourage spontaneous buying thus leading to greater sales leads. Interactive digital signage solutions such as touchscreen devices, location-based services (LBS), or lift-and-learn applications to highlight marketing messages are poised to grow in prominence in the coming years.
Asia-Pacific represents the largest as well as the fastest growing market worldwide, with a CAGR of 13.9% over the analysis period. The growth in the region is led by factors such as developing economies, increased consumption and goods and services, escalating consumerism and the resulting development of retailing infrastructure, growing competition in the retail sector and a parallel increase in advertising budgets of marketers; growing government budgets for improving the public communication infrastructure; mind-bending rise in e-Commerce and the resulting growing pressure on physical retail stores to reboot their customer experiences through new disruptive technologies.
Key players in the market include Barco N.V., BrightSign LLC, Daktronics Inc., Dynasign, Extron Electronics, Four Winds Interactive LLC, LG Corporation, Nanonation Inc., NEC Corporation, NEXCOM International Co. Ltd., Samsung Electronics Co. Ltd., Scala Inc., Sharp Corporation, SIIG Inc., and Sony Corporation, among others.