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

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.

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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.

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