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The digital signage market is growing at a considerable rate due to cost-efficiency. Emerging technologies such as ultra-high definition and growing demand for signage solutions for retail, hospitality and government organizations are some of the factors providing growth opportunity to the digital signage market in the coming years.
Due to advancement in infrastructure and technological advancements in the developed countries such as Europe and North America, the digital signage market is expected to grow at an exponential rate in the coming years. The Asia-Pacific digital signage market is expected to witness the highest growth rate during the forecast period due to growth in business sectors and favorable economic conditions in the region. The developing countries such as India and China are also supporting the growth of signage market in the region due to increasing purchasing power, booming retail sector, and enhanced consumer living standards.
The digital signage technology is used across several industries for applications such as point of purchase (POP), infotainment, advertising and promotion, point of transit (POT), and point of sales (POS). The demand for Digital-out-of home (DOOH) applications is increasing which has enhanced the use of global positioning system (GPS); supporting the digital signage market. Nowadays, Biometric technology is being integrated with the digital signage technology for a better user experience. Microsoft Surface (a tablet brand of Microsoft Corporation) integrates the biometric technology with the digital display to locate and recognize the fingertips of the consumers. Additionally, factors such as educational market development, infrastructure development, advanced user experience, and declining price of display panels are expected to provide growth opportunities to the digital signage market in the coming years. Digital signage leads to cheaper and faster ways to distribute and create the content in comparison to other printing media. On the basis of type, the digital signage market can be categorized as software, hardware, and services. Software includes distribution and scheduling software, analytics software, edge server software and content management software. Hardware includes projectors, display, mounts and media players. Services include maintenance and support services, and installation services. On the basis of technology, the digital signage market can be categorized as rear projection, liquid crystal diode (LED), ultra high definition (UHD), plasma, and light emitting diode (LCD).
On the basis of applications, the digital signage market can be categorized as infrastructure, industrial, commercial and institutional. The infrastructure application for digital signage market includes entertainment and transportation; commercial application includes corporate, government, retail, hospitality and healthcare; and institutional application includes education and banking.
Increased usage of organic light emitting diode (OLED) based displays in mobile phones and tablets, and growing use of LED backlit panels in digital signage to prevent paper wastage are some of the factors driving the growth of the digital signage market. The highly dynamic nature of digital signage is providing opportunities to the digital signage market to grow in the coming years. Some of the factors restraining the growth of the digital signage market include low awareness about this technology and its benefits to consumers, lack of standards for interoperability between devices, and power related issues of digital signage.
Some of the competitors in the digital signage market are LG Display Co., Ltd., Planar Systems, Inc., Sony Corporation, AU Optronics Corp., Omnivex Corporation, Adflow Networks, Samsung Electronics Co., Ltd., Panasonic Corporation, Sharp Corporation, and NEC Display Solutions.