CHICAGO, June 28, 2023 /PRNewswire/ -- The digital signage market is expected to reach USD 26.1 billion by 2028 from USD 18.7 billion in 2023, at a CAGR of 6.9% from 2023 to 2028 according to a new report by MarketsandMarkets. Increasing adoption of digital signage in commercial applications, growing demand for digital signage in infrastructural applications, surging demand for 4K and 8K displays and constantly increasing technological advancements related to displays are some of the major factors contributing to the growth of the digital signage market.
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Browse in-depth TOC on "Digital Signage Market"
120 - Tables
65 - Figures
250 - Pages
Digital Signage Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $18.7 billion |
Estimated Value by 2028 | $26.1 billion |
Growth Rate | Poised to grow at a CAGR of 6.9% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Product, Displays, Resolution, Software, Display Size, Application and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Security Issues Associated with Digital Signage |
Key Market Opportunities | Growing Demand for Digital Signage in the Industrial Sector |
Key Market Drivers | Increasing Demand for 4K and 8K Displays |
Digital signage hardware to dominate the market during forecast period.
Digital signage hardware mainly consists of displays, media players, projectors, mounts, and other accessories. Increasing popularity and adoption of micro-LED and direct-view LEDs is a major factor driving the market growth for digital signage hardware globally. Moreover, the constantly growing need for digital signage in commercial and infrastructural applications has also contributed to the market growth significantly. For instance, the increasing need to provide enhanced customer experience in retail stores has led to a surge in the adoption of digital signage displays, thereby driving the demand for digital signage hardware.
Video walls register highest CAGR in the digital signage market during forecast period.
Video walls are combinations of multiple display tiles. These displays offer an immersive experience to viewers as users can use several display screens in combination to accommodate content. Video walls are expected to register the highest CAGR in the digital signage industry from 2023 to 2028. The declining prices of displays have made video walls easily accessible for various indoor and outdoor applications. Moreover, manufacturers are offering video walls that deliver high-resolution images on large size screens with slimmer bezels, making video walls also popular in public places and sports & entertainment arenas.
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Asia Pacific is expected to register the highest CAGR during the forecast period.
Presence of established display panel and device manufacturers such as Samsung Electronics Co., Ltd. (South Korea), LG Electronics (South Korea), AUO Corporation (Taiwan), etc., rapid urbanization, growing digitization, increasing commercialization of 5G technology, and the availability of skilled and inexpensive workforce are some of the major factors contributing to the digital signage market growth in Asia Pacific. Moreover, the region is witnessing significant advancements in the adoption of new technologies in retail and infrastructure applications due to growing infrastructure developments, infusion of foreign capital, and increased spending by governments.
The report cover digital signage companies profiles key players such as Samsung Electronics Co., Ltd. (South Korea), LG Electronics (South Korea), Sharp NEC Display Solutions, Ltd. (Japan), Leyard Optoelectronic Co., ltd. (China), Sony Group Corporation (Japan), Barco (Belgium), Panasonic Holdings Corporation (Japan), Shanghai Goodview Electronics Technology Co., Ltd. (China), AUO Corporation (Taiwan), and BrightSign LLC (US).
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