Digital Signage Market Size

Digital Signage Market Analysis

The Digital Signage Market size is estimated at USD 25.52 billion in 2024, and is expected to reach USD 38.20 billion by 2029, growing at a CAGR of 8.40% during the forecast period (2024-2029).

The impact of COVID-19 was different across the various regions. Rising customer demand for clear and comprehensive product information drives the adoption of digitized signs. Moreover, the market is expected to grow due to the increasing usage of advanced technologies, such as single or multi-touch and gesture-based displays. These gadgets necessitate supervision and computerized information management, which can be accessed via signage from a remote place.

• 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.
• For instance, in April 2022, Visix Inc. expanded its portfolio of higher education projects by announcing that Wichita State University had chosen an AxisTV Signage Suite digital signage system for its Metroplex convention center. The entire solution included a cloud-hosted CMS, three nano digital signage players, and ten Electronic Paper Room (E-Paper) Signs, which dynamically display events and meetings as they happen.
• 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). For instance, in October 2022, Mvix, a significant enterprise digital signage solutions provider, added a new passenger information signage solution for airport displays to its Flight Information Displays (FIDS) Module. The new suite displays flight data for airline counters, gate displays, terminal screens, baggage claim directories, and carousel displays for airports and local hotel properties, powered by real-time flight data services.
• Furthermore, rising customer demand for clear and comprehensive product information drives the adoption of digitized signs. There is also a rise in demand for digitized technology in education. In March 2022, ViewSonic Corp., a global visual solutions provider, showcased its myViewBoard Sens, an educational technology, at the BETT show. This technology is embedded with AI technology that increases student engagement and facilitates wellness in the classroom.
• Along with all these factors, enhancing brand awareness and perception among global leaders is expected to drive the market's growth. However, digital signage boards require high electricity, indirectly affecting maintenance costs. This could hinder the development of the market.
• Furthermore, 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 need for digital signage in the short term. However, in places like hospitals and restaurants, digital signage is used for digital ordering, drive-ins, digital payments, and digital screens displaying social guidelines.