CHICAGO, July 15, 2024 /PRNewswire/ -- The global digital signage market is projected to grow from USD 20.1 Billion in 2024 to USD 27.3 billion by 2029, registering a CAGR of 6.3% during the forecast period according to a new report by MarketsandMarkets. The growth of the market can be attributed to the increasing adoption of digital signage in commercial applications such as retail & hospitality, surging demand for high resolution displays such as 4K & 8K displays, rising infrastructural developments in developing countries, and ongoing technological advancements in display sector.
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Browse in-depth TOC on "Digital Signage Market"
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Digital Signage Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 20.1 Billion |
Estimated Value by 2029 | $ 27.3 billion |
Growth Rate | Poised to grow at a CAGR of 6.3% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
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 concerns related to digital signage |
Key Market Opportunities | Increasing adoption in industrial sector |
Key Market Drivers | Rising demand for advanced display solutions such as 4K and 8K displays |
Hardware segment likely to lead the offering segment during the forecast period.
The hardware segment of the digital signage market, by offering, is expected to have the largest share of the market between 2024 and 2029. The growing popularity of display technologies such as direct-view LED and OLED, which enable ultra-high definition (UHD), 4K, and 8K resolutions, combined with the increasing deployment of digital signage in commercial industries, is likely to boost hardware segment market growth. Furthermore, the growing use of large-screen digital signage in retail and advertising venues as a viable alternative to traditional signboards is expected to propel the hardware segment's growth in the coming years.
By installation location, outdoor segment is likely to record the highest growth rate during the forecast period.
By installation location, the outdoor installation segment of the digital signage market, is expected to expand at the highest CAGR over the forecast period. This expansion can be attributed to various technological developments related to digital signage display, as a result of which businesses are able to select from a wide range of high brightness, highly attractive displays in various configurations and sizes, with brightness of more than 2000 nits, making them ideal for outdoor use. Furthermore, with recent improvements in display technology, digital screens have grown less susceptible to harsh outside settings while providing outstanding product life.
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Asia Pacific is estimated to account for the largest market share in the global digital signage market by 2029.
Asia Pacific is anticipated to have the highest share of the digital signage industry by 2029. The growing adoption of the Internet of Things (IoT) and technologies that enable digital transformation across a variety of industries, including commercial, infrastructure, institutional, and industrial, has boosted demand for digital signage in Asia Pacific. Furthermore, strong economic growth, increased disposable income, higher consumerism, rising living standards, rapid technological advancements, developed retail space, and lifestyle changes have contributed to the adoption of strong and reliable advertising media in the region's countries.
Key Players
Samsung Electronics Co., Ltd. (South Korea), LG Electronics (South Korea), Sharp NEC Display Solutions (Japan), LEYARD (China), Sony Group Corporation (Japan), Barco (Belgium), Panasonic Corporation (Japan), AUO Corporation (Taiwan), Shanghai Xianshi Electronic Technology Co., Ltd (China) and BrightSign LLC (US) are some of the major companies in the digital signage companies.
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