According to a new market research report "Digital Signage Market by Type (Hardware (Displays, Media players, Projectors), Software, Services (Installation & Maintenance)), by Application (Commercial, Infrastructural, Institutional, Industrial) & Geography - Global forecast to 2020", published by MarketsandMarkets, the total Digital Signage Market is expected to reach $23.76 Billion by 2020, at a CAGR of 8.18% between 2015 and 2020.
The concept of digital signage emerged due to the increasing need to attract customers by showcasing the product portfolios or the services to the customers. Many applications evolve at a very rapid pace, which requires the advertising content to be continuously updated. This is difficult in case of print advertising, as it is quite expensive and also unreliable as it is short-lived, and susceptible to damage. Digital signage overcomes this problem by implementing large displays with high brightness and various sizes as per the requirement of different applications such as retail, transport, hospitality, and so on. In-store advertising, touch screen kiosks, and increasing return on investment, and the increasing awareness regarding the benefits of digital signage are helping the digital signage to grow in the market. The advancements in the display technologies such as LED, LCD, and OLED also contribute to enhancing the benefits of digital signage.
However, as in the case of any advanced technologies, these solutions also involve issues such as software glitches, non-compatibility issues, connectivity issues, radio or electrical interference, and so on. Several initiatives are being taken by the industry players to overcome these issues and provide a highly effective solution for end users. The global digital signage market is expected to grow from $14.63 Billion in 2014 to $23.76 Billion in 2020, at a CAGR of 8.18% between 2015 and 2020. The global digital signage market is growing rapidly owing to the increasing demand for commercial displays, increasing investments by companies for the development of digital signage solutions, acceptance from government, prevention of paper wastage, and energy saving.
The global digital signage market report describes the market trends, drivers, and challenges with respect to the digital signage market and forecasts the market to 2020, based on types, application, and geography. This global report gives a bird's eye-view of the market across the geographies including North America, Europe, Asia-Pacific, and RoW (Rest of the World). North America is the largest geography in terms of the global digital signage market size and this trend is expected to continue till 2020, with the U.S. occupying the major market share. North America comprises U.S., Canada, and others. APAC and Europe are also considered as promising markets, with Germany and the U.K. in Europe, and Japan and South Korea in APAC expected to have the highest rate of growth.
The competitive landscape of the market provides valuable information about the players in the digital signage market. The global digital signage market report profiles 10 promising players in the market and further explains their business overview, product portfolio, recent developments, and key strategies adopted. The market is witnessing new product developments, partnerships, agreements, and expansions across the value chain and between the companies.
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