Digital Signage Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Digital Signage Market is Segmented by Type (Video Wall, Video Screen, Kiosk, Transparent LCD Screen, Digital Poster), Component (Hardware, Software, Services), Size (Below 32”, 32” to 52“, Above 52“), Location (In-store, Outdoor), Application (Retail, Transportation, Hospitality, Corporate, Education, Government), and Geography.

Market Snapshot

Digital Signage Market Overview
Study Period: 2019- 2026
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: North America
CAGR: 8.71 %
Digital Signage Market Key Players

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Market Overview

The Global Digital Signage Market is expected to register a CAGR of 8.63% during the forecast period (2021-2026). The impact of COVID-19 was different across the various regions. For instance, before the COVID-19 outbreak, a significant number of digital signages were used for basic digital poster purposes. Additionally, the cost was high in many of the European countries. However, in recent years, the screens have become cheap and are being used for other applications.

  • The growth in transport networks, public infrastructure, and new commercial buildings, particularly in developing economies, creates more opportunities in this market. Digital signage is being used in and on all modes of public transportation to attract the attention of on-the-go viewers, providing real-time location and context awareness related to traveler information and advertising. Moreover, it is fast becoming a standard in many educational facilities, with schools and corporate campuses facilitating digital signage systems.
  • Digital signage systems eliminate frequent compatibility and interoperability issues between media players and displays. Furthermore, digital signage boards are being extensively used as arrival and departure boards in airports known as Flight Information Display Systems (FIDS).
  • Along with all these factors, enhancing brand awareness and perception among the global leaders is expected to drive the market's growth. However, digital signage boards require a high amount of electricity, indirectly affecting the maintenance costs. This could hinder the growth of the market.
  • Digital signage's development and deployment of the infrastructure for end-users on their own can be confusing and requires expertise in various areas, such as IT, audiovisual, software, mechanical, and display technologies being a complex undertaking. The reduction of infrastructure complexity requires vendors to eliminate the frequent compatibility and interoperability issues between media players and displays increasing competitiveness and performance for a wide spectrum of end-users.
  • The fall in export shipments and slow domestic demand for digital signage and display products compared to pre COVID-19 levels has negatively impacted and slightly stagnated the demand for digital signage in the short term. While places like hospitals and restaurants, digital signages are used for digital ordering, drive-ins, digital payments, and digital screens displaying social guidelines.

Scope of the Report

Digital signage happens to be a sub-segment of signage. Technologies, like LCD, LED, and projection, are used in digital signage to display digital content such as images, video, streaming media, and information. Digital billboards are used in public spaces, transportation systems, museums, stadiums, retail stores, hotels, restaurants, and corporate buildings, etc., for wayfinding, exhibitions, marketing, and outdoor advertising.

The scope of the report includes insights into the solutions offered by major players, including providers of hardware, professional services, and integration solutions. The study comprises insights into various end-user-based applications such as commercial, industrial, institutional, etc. It also emphasizes on signage products, such as kiosks, billboards, signboards, etc.

Type
Video Wall
Video Screen
Kiosk
Transparent LCD Screen
Digital Poster
Other Types
Component
Hardware
LCD/LED Display
OLED Display
Media Players
Projector/Projection Screens
Other Hardware
Software
Services
Size
Below 32”
32”-52“
Above 52”
Location
In-store
Outdoor
Application
Retail
Transportation
Hospitality
Corporate
Education
Government
Other Applications
Geography
North America
Asia Pacific
Europe
Latin America
Middle East and Africa

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Key Market Trends

OLED Display is Expected to Experience Healthy Growth

  • OLED technology holds the promise of significantly enhanced picture quality, with the potential for innovative new consumer display presentations. It is often hailed as the future of digital displays and screens.
  • OLED is the only technology that overcomes the limitations of conventional displays, as it offers enhanced reality combined with a dynamic form. OLED provides superior light and color expression, as it is based on self-emitting light sources. Its flexibility and transparent nature are the results of the development of innovative OLED materials.
  • As OLED displays lack the backlight, they perform extremely well in terms of contrast (offering, essentially, an ‘infinite’ contrast ratio). OLED displays feature the true black background, something LCD displays can not match. The application of OLED in digital signage for indoor branding and experiential media is increasing rapidly, driven by energy-efficient, lightweight, and superior media presentation.
  • Although OLED displays occupy just a fraction of the LCD/LED dominated digital signage display market, the trend is expected to change over the forecast period, particularly for high-end, brand-conscious retailers. The availability of extremely double-sided and ultra-flexible signs creates a range of options for retailers, as these OLED signs are very light and thin, where retailers can place them virtually anywhere.
  • The Transparent OLED (T-OLED) is a self-lighting OLED technology that makes the screens four times more transparent. It maintains the infinite contrast and perfect colours of OLED technology for a stunning image overlay. T-OLED offers 38% transparency, whereas the highest transparency that’s been achieved with LCD is 10%. When viewed head-on, objects behind the screen integrate with the content and the front-facing UV protection makes the display ideal for store windows that catch the attention of passers-by.
Digital Signage Market Key Trends

Asia Pacific is Expected to Hold the Largest Market Share

  • Asia Pacific is estimated to dominate the global signage market over the forecast period, due to the presence of major fast adopters of technology and manufacturing capabilities in the display, connectivity, and monitoring space. Furthermore, the increasing adoption has resulted in prices of display panels coming down significantly.
  • The growth of infrastruture in China, brings in several opportunities for digital signage solutions in the country. According to GovHK and Census and Statistics Department Hong Kong, in the first quarter of 2021, the private sector completed 11,000 square meters of commercial property in Hong Kong. In 2019, the volume amounted to 384,000 square meters for the whole year with the largest amount of allocation to the office space.
  • The increasing digital infrastructure in Japan is driving the market for digital signage solutions along with the government planning to upgrade the digital infrastructure of government ministries and public services through a Digital New Deal to enhance data sharing after the Covid-19 pandemic. The investments in innovations is also driving the market. 
  • With India emerging as one of the countries in Asia Pacific in terms of the digital signage media player market. The DOOH (Digital Out of Home) is gaining traction in India, which is creating a demand for rolling out technologies to suit the needs of contemporary times and DOOH has been thriving in ambient advertising, especially in restaurants and malls. 
  • The rest of the Asia Pacific region that includes South Korea, Singapore, Malaysia, Indonesia, Bangladesh, and Australia. South Korea being home to some of the major electronics companies such as LG Electronics and offers digital signage solutions that increase the growth of the market in the country.
Digital Signage Market Growth Rate

Competitive Landscape

The digital signage market is a relatively fragmented market with major global players, like NEC Display Solutions Ltd, Samsung Electronics Co. Ltd, Panasonic Corporation, Sony Corporation, covering the hardware end of the spectrum, while there happen to be several medium and smaller players who provide software for digital signage. Moreover, many players are entering the market offering unique product applications as niche players in the industry.

  • Jun 2021 - Sony announced BRAVIA Professional Displays, enabling users to easily customize settings to suit different behaviors based on applications and environments. The BRAVIA professional series come with a System on a Chip (SoC) platform, with a built-in Android OS system. The displays are designed with installation-friendly terminals to provide flexibility and meet the demands of the B2B market, and options range from 43-inches to 75-inches to accommodate corporate and education environments of varying sizes.
  • May 2021 - Broadsign entered an agreement with Pladway for the integration of the Broadsign Reach SSP with Pladway’s DSP. This agreement is expected to enable high-impact, measurable global planning for brands and media buyers, while provide brands and agencies access to a programmatic campaign planning solution that can reach more than 80,000 premium screens globally.

Recent Developments

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.2.1 Threat of New Entrants

      2. 4.2.2 Bargaining Power of Buyers

      3. 4.2.3 Bargaining Power of Suppliers

      4. 4.2.4 Threat of Substitutes

      5. 4.2.5 Intensity of Competitive Rivalry

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Assessment of Impact of COVID-19 on the Industry

    5. 4.5 Market Drivers

      1. 4.5.1 Convergence of Digital Signage with Cross-platform Media Tool

      2. 4.5.2 Evolution of Turnkey Solutions

      3. 4.5.3 Diminishing Cost of Infrastructure Leading to Higher Penetration

    6. 4.6 Market Restraints

      1. 4.6.1 Poor Integration with Complex Business Requirements

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Video Wall

      2. 5.1.2 Video Screen

      3. 5.1.3 Kiosk

      4. 5.1.4 Transparent LCD Screen

      5. 5.1.5 Digital Poster

      6. 5.1.6 Other Types

    2. 5.2 Component

      1. 5.2.1 Hardware

        1. 5.2.1.1 LCD/LED Display

        2. 5.2.1.2 OLED Display

        3. 5.2.1.3 Media Players

        4. 5.2.1.4 Projector/Projection Screens

        5. 5.2.1.5 Other Hardware

      2. 5.2.2 Software

      3. 5.2.3 Services

    3. 5.3 Size

      1. 5.3.1 Below 32”

      2. 5.3.2 32”-52“

      3. 5.3.3 Above 52”

    4. 5.4 Location

      1. 5.4.1 In-store

      2. 5.4.2 Outdoor

    5. 5.5 Application

      1. 5.5.1 Retail

      2. 5.5.2 Transportation

      3. 5.5.3 Hospitality

      4. 5.5.4 Corporate

      5. 5.5.5 Education

      6. 5.5.6 Government

      7. 5.5.7 Other Applications

    6. 5.6 Geography

      1. 5.6.1 North America

      2. 5.6.2 Asia Pacific

      3. 5.6.3 Europe

      4. 5.6.4 Latin America

      5. 5.6.5 Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles*

      1. 6.1.1 NEC Display Solutions Ltd.

      2. 6.1.2 LG Display Co. Ltd.

      3. 6.1.3 Samsung Electronics Co. Ltd.

      4. 6.1.4 Panasonic Corporation

      5. 6.1.5 Sony Corporation

      6. 6.1.6 Stratacache

      7. 6.1.7 Planar Systems Inc.

      8. 6.1.8 Hitachi Ltd.

      9. 6.1.9 Barco NV

      10. 6.1.10 Goodview

      11. 6.1.11 Cisco Systems Inc.

  7. 7. INVESTMENT ANALYSIS

  8. 8. FUTURE OF THE MARKET

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Frequently Asked Questions

The Digital Signage Market market is studied from 2019 - 2026.

The Digital Signage Market is growing at a CAGR of 8.71% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

Samsung Electronics Co. Ltd, Panasonic Corporation, Sony Corporation, NEC Corporation, LG Electronics Inc. are the major companies operating in Digital Signage Market.

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