Comprehensive Report on Global Digital Signage Market by Knowledge Sourcing Intelligence
Global Digital Signage market is projected to witness the growth at a CAGR of 6.49% during the forecast period to reach the total market size of US$22.772 billion by 2022, increasing from US$15.611 billion in 2016. Falling manufacturing costs and advancement in display technologies are some of the major drivers of global digital signage market. Growing number of retail chains, especially developing countries such as China, India, and Brazil is further fuelling the demand for digital signage products and solutions. The continuous invention of newer applications that require intensive marketing strategies will drive the demand for digital signage applications during the forecast period.
Geographically, the Americas held the largest market share in 2016 owing to the early adoption of the technology by various end-use industries in the region. APAC is projected to witness the fastest regional market growth during the forecast period owing to the rising application in the retail stores, hospitals, and corporate offices in the region. Increasing number of shopping malls and growing APAC tourism industry will further drive the demand for digital signage applications in emerging economies such as China and India.
Lack of Industry Standards
Lack of standards in the digital signage industry has made it difficult for end users to combine products and services from different manufacturers and operators and use terminals with different characteristics. The dearth of established media buying standards and measurement systems is also seen to be a major challenge for the market. Integrating the vendor platform is conspicuous by its absence thus making interoperability within the media supply chain difficult. Unrestrained market growth is subject to certain initiatives like connecting vendor platforms with applications like point-of-sale, inventory, customer relationship management, and definition of technical specifications for interoperable digital signage solutions. Industry players also, need to partner with national standard institutes and InfoComm’s on factors like display sizes and viewing distances, or human factors and ergonomics for display placement.
Bargaining Power of Suppliers by Porter's Five Force Analysis
Digital Signage market is fragmented with a large number of suppliers along and new entrants in the market. Alternatives to digital signage are many, creating pressure on suppliers especially catering t the customers across emerging economies. Switching cost from one supplier to another is moderate, so the bargaining power of suppliers in this respect is slightly high. Most of the key players in the industry are multinational corporations with diverse portfolios, thus integration in the industry is also high, giving the suppliers significant bargaining power.
Digital Signage Market by Product
By product, global digital signage market has been segmented as kiosks, billboards, signboards, and others. Kiosks are anticipated to witness the fastest growth during the forecast period as these products reduce the overhead costs of additional personnel and thus, increase efficiency in various industries such as retail, education, government, healthcare, hospitality, and others. Billboards are mainly used for advertising purposes by different business companies. Outdoor advertising on billboards, which are usually placed along highways and busy streets, is very cost effective as compared to commercials on TV as it guarantees that people will notice the advertising. Digital signage is quickly replacing static signage in transportation applications. Signboards are used at airports, bus stops, and stations in order to display schedule information, arrival and departure times, up-to-date travel information such as platforms or gate changes, and last minute changes or cancellations. All these benefits of various digital signage products will propel the growth of this market over the next six years.we have covered all segments like market share, size, forecast in the market research report.
Kiosks accounted for the largest market share of global digital signage market for products in 2016 and is estimated to remain dominant digital signage product segment by the end of the forecast period. Kiosks are quick and effective solutions used across various end-use industries such as retail, education, government, and healthcare among others. By industry vertical, retail dominates the global market of kiosks owing to rising adoption of cloud computing technology and high penetration of internet connectivity along with burgeoning usage of smartphones and tablets. Retail kiosks improve ROI by increasing store traffic, tracking inventory, reducing overhead costs, and compiling customer data to track emerging trends. Moreover, placing kiosks in strategic places with catchy messages and various attractive offers can help to build greater brand identity. Kiosks for education sector enhance the efficiency of school staff and improve customer service for colleges and universities by allowing faculty and students to indulge in self-service. This leads to a reduction in overhead costs as the need for additional personnel is minimized.
Kiosks for The government sector are designed to handle high traffic applications. Increasing automation of several tasks allows different government branches to provide better service by way of reduced congestion and shorter waiting time and thus, lowers the overhead costs of hiring additional personnel. Kiosks are also extensively used in the healthcare industry worldwide. Check-In kiosks lead to ease in check-in and out for patients, especially in emergency departments, payment transactions, and wayfinding through medical facilities.
Digital Signage Market by Solution Type
The global digital signage market has further been segmented by solution type as hardware (LCD display, LED display, OLED display, projectors, others), software, and services (maintenance and support services and installation services). The hardware segment is expected to grow significantly, with major shares of LCD displays and projectors. LCD displays majorly used with almost every digital signage product such as kiosks and billboards. These LCD displays are used for advertising, informational the messaging, architectural ambiance, and entertainment in various industry verticals such as retail, transportation, government, education, and hospitality.
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