Digital Signage Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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

Study Period:

2018 - 2026

Base Year:

2020

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

8.63 %

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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, 80% to 90% of all digital signages were used for basic digital poster purposes. Additionally, the cost was high in many European countries. However, in recent years, the screens have become cheap and are being used for other applications as well.

  • The growth in transport networks, public infrastructure, and new commercial buildings, particularly in developing economies is creating 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 the 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, enhancement of brand awareness and perception among the global leaders is expected to drive the growth of the market. However, digital signage boards require a high amount of electricity, indirectly affecting the maintenance costs. This could hinder the growth of the market.

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.

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North America is Expected to Hold the Largest Market Share

  • North America is estimated to dominate the global signage market over the forecast period, due to the presence of major vendors in the United States region and the recent technological advancement in the display, connectivity, and monitoring space. Furthermore, the increasing adoption has resulted in prices of display panels coming down significantly.
  • The retail sector has been significantly adopting digital signage in the region, with major and upcoming businesses opting for advanced digital signages featuring AI and machine learning, to gain the most out of consumer analytics.
  • Consumer magazines mainly dominate the digital advertising spending in the United States. However, the trend for out of door marketing is also growing in the country, and the spending for the segment is expected to reach USD 6 billion in the next two years.
  • With an increased focus among retailers on targeted marketing strategies, the signage manufacturers are collaborating with retail stores to leverage increased sales by creating a branded environment. For instance, in mid-2019, Mood Media generated 10% increased profits for North Carolina-based organic food retailer named, Earth Fare.
  • In contrast, healthcare organizations in the region are also increasingly adopting digital signages for making the infrastructure more interactive. Joseph Brant Hospital, Canada, in its newly built tower, has established a ‘Donor Wall’ in which it installed two rows of 12-inch by 49-inch screens stacked on top of each other.
  • The regional Out-Of-Home (OOH) companies are already tapping into real-time information about consumers and travelers. The number of out-of-home displays in the United States in the form of digital billboards stood at 8,800 units in 2019, as per the Out of Home Advertising Association of America (OAAA).

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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.

  • Sep 2020- In order to accelerate the development of platform technologies and scalable solutions for digital transformation in multiple industries, Hitachi Ltd. began the testing of 5G-powered industrial IoT solutions at its silicon valley research center in the United States.

Recent Developments

  • November 2020 - The provider of content-rich digital signage software and solutions, Mvix, launched a new and innovative custom content production service for digital signage networks. The service, billed as an ongoing subscription, offers unlimited custom content designs for all varieties of digital signage networks. In the last fifteen years, the company has supported more than 60,000 endpoints.
  • October 2020 - Epson Europe BV expanded its laser projector line-up with six new projectors to achieve more impactful signage and experiential immersive displays for various commercial environments, including retail, hospitality, museums, and visitor attractions.

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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 Market Drivers

      1. 4.2.1 Convergence of Digital Signage with Cross-platform Media Tool

      2. 4.2.2 Evolution of Turnkey Solutions

      3. 4.2.3 Diminishing Cost of Infrastructure Leading to Higher Penetration

    3. 4.3 Market Restraints

      1. 4.3.1 Poor Integration with Complex Business Requirements

    4. 4.4 Industry Value Chain Analysis

    5. 4.5 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Assessment of Impact of Covid-19 on the Market

  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. *List Not Exhaustive
  8. 7. INVESTMENT ANALYSIS

  9. 8. FUTURE OF THE MARKET

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