Digital Signage Market

The global Digital Signage Market is valued at USD 24.2 Billion in 2023 and is projected to reach a value of USD 47.8 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 7.9% between 2024 and 2032.

Key highlights of Digital Signage Market

• The North American region dominated the Digital Signage market in 2023 and gained the largest revenue share of 36.2%,
• The Asia Pacific region is expected to witness remarkable growth during the forecast period,
• In 2023, the Video Walls segment dominated the Digital Signage market with revenue share of 28.3%,
• In 2023, the Hardware segment asserted its dominance with a revenue share of 59.2% in Digital Signage Market,
• The LED technology segment accounted for the largest revenue share of 49.2% in 2023,
• The Retail segment from the Applications segmentation led the Digital Signage Market and contributed to the largest revenue share of 21.3% in 2023,
• In 2023, the In-store location segment asserted the maximum revenue share of 72.4% in the Digital Signage Market,
• The Sports Broadcast segment from the Content segmentation accounted a significant revenue share of 37.4% in 2023.

Digital Signage Market: Regional Overview

North America accounted for the largest revenue share of 36.2% in 2023. The growing existence of dedicated product suppliers and increasing requirements for signage in the retail industry. The ongoing collaboration and technological advancement have also expanded the Digital Signage Market in this region. For example, Quantela Inc., a frontrunner in digital infrastructure, collaborates with Liquid Outdoor, a prominent boutique outdoor advertising company, to introduce a comprehensive Digital Signage solution to expand Liquid's lifestyle network. Furthermore, software developers are focusing on developing innovative solutions in operating systems for those trying to enter this industry. There is a growing emphasis on cloud-based design solutions due to the rising demand for personalized offerings. In February 2022, Samsung introduced the Infinity Screen, an innovative center-hung video board at Sofi Stadium in Los Angeles, California. This marks the largest video board ever built for sports. The Infinity Board features displays on both sides with a distinctive design. Each LED panel can be programmed individually or synchronously to showcase statistics, live feeds, and animated content.

U.S. Digital Signage Market Overview

The US Digital Signage market, valued at USD 8.9 Billion in 2023 to USD 16.9 Billion in 2032, is anticipated to grow at a CAGR of 7.4% from 2024 to 2032. The rapid digitalization and the demand for more effective advertising tools are accelerating this demand in the U.S. The widespread adoption of large-screen electronic displays in various sectors such as banking, education, healthcare, and entertainment is also bolstering the growth of the Digital Signage Market in the U.S. Furthermore, Digital Signage is increasingly replacing printed signage due to its security and cost advantages. It enables the visualization of safety protocols, which is crucial for advancing intelligent hotels and related sectors, and is expected to boost market demand in the foreseeable future. For instance, in March 2022, Xpodigital, based in Orlando, United States, a comprehensive provider of convention internet and display technology services for hospitality and event professionals, relocated key management positions to Las Vegas as the initial phase of establishing itself as the premier choice for fully-managed conference internet and Digital Signage solutions in the city.

The global Digital Signage market can be categorized as Type, Component, Technology, Resolution, Application, Location, Content, Signage Size, and Region.

Digital Signage Market: Type Overview

In 2023, Video Walls generated a significant revenue of 28.3% in the Digital Signage Market. The Type segment is divided into Video Walls, Video screens, Transparent LED screens, Digital posters, Billboards, Kiosks, and Others. Digital Signage video walls are a relatively recent technological innovation taking the world by storm. They are the perfect way to convey your message, no matter the occasion. The growing usage of video walls in many businesses such as hospitals, stores, government agencies, religious institutions, educational institutions, casinos, and hotel lobbies is accelerating the Digital Signage Market growth in recent years. Leading manufacturers also provide advanced features for using these products in various business applications. For example, Samsung Electronics launched its innovative display options tailored for businesses through its latest line of next-generation commercial displays and solutions at Integrated Systems Europe (ISE) 2022 in Barcelona. Underlining its vision of "Business Reimagined," Samsung introduced the newest iterations of The Wall alongside updated UHD 4K signage equipped with enhanced professional functionalities. These signage solutions from Samsung are meticulously crafted to address the practical requirements of contemporary businesses, irrespective of their scale.

Digital Signage Market: Component Overview

The hardware segment held a significant revenue share of 59.2% in 2023. The Component segment is classified into Hardware, Software, and Services. The hardware segment consists of various elements such as, displays, manufacturing essentials for digital panels, banners, and more. In comparison to software, the hardware needs are substantial, constituting a significant portion of the industry. The surge in adoption of cutting-edge display technologies such as 1080p, 4K, and 8K displays is projected to propel the segmental growth of the Digital Signage Market in coming years. In addition, advancements in 3D technology have led to the introduction of glasses-free 3D displays that are majorly utilized in various product applications. For instance, Samsung Electronics Co. Ltd. announced its ongoing commitment to the future of virtual production with its newest Digital Signage series in September 2023. The latest IVC model variants, P1.68 and P2.1, offer a curvature range extending up to 5,800R, enhancing the immersive viewing experience. Moreover, these displays come equipped with an upgraded genlock feature ensuring seamless synchronization with the system's signals, eliminating any issues with dropped or duplicated frames.

Digital Signage Market: Technology Overview

The LED technology segment accounted to mention the largest revenue share of 49.2% in 2023. The Technology segment is bifurcated into LCD, LED, OLED, and Projection. LEDs represent a significant milestone in display technology. Continuous advancement in LED technology has evolved the growth of OLED displays which is expected to propel the rapid adoption of the LEDs in displays in Digital Signage Market. The exceptional picture quality delivered by OLEDs is forecasted to be a key driver for the growing demand. For instance, LG Electronics (LG) has introduced its latest Micro LED signage solution, the LG MAGNIT All-in-One (model LAAA). Designed for corporate meeting rooms, this remarkable 136-inch model integrates a high-end screen featuring LG's advanced Micro LED technology with a 1.56-millimeter pixel pitch, alongside a built-in controller and speaker. LG's sophisticated Micro LED display technology ensures rich blacks and vibrant colors, bringing images to life on the LG MAGNIT All-in-One.

Key Trends

• The utilization of interactive Digital Signage solutions to provide more memorable experiences is a revolutionizing trend in the expansion of the Digital Signage Market. For example, Burberry's flagship store in London features interactive mirrors that enable customers to browse and request items, view product details, and even change the lighting in the fitting rooms.
• The use of AI to analyze data and deliver personalized content to viewers is augmenting the growth of the Digital Signage Market in recent years. For example, using AI-driven facial recognition technology by Digital Signage solutions like AdMobilize, which analyzes audience demographics and emotions to tailor content in real time.
• The integration of the Internet of Things (IoT) into Digital Signage technology to offer dynamic and context-aware content is boosting the Digital Signage Market growth. A notable example is the use of IoT sensors in retail environments to track inventory levels and adjust Digital Signage displays accordingly to showcase available products and promotions.
• Cloud-based Digital Signage solutions offer remote management, scalability, and real-time content updates. A prime example is the deployment of cloud-based digital menu boards by fast-food chains like McDonald's and Burger King, enabling centralized management and instant updates across multiple locations.

Premium Insights

The increasing utilization of public infrastructure, transportation networks, and emerging commercial developments in developing nations is anticipated to present significant opportunities for expanding the Digital Signage Market. This technology's deployment in various public transportation settings provides on-the-go viewers with real-time location updates, context-sensitive traveler information, and targeted advertisements. This also augments the growth of the Digital Signage Market in recent years. Furthermore, the rapid advancement of this technology in educational institutions, including schools and corporate campuses, is propelling the growth of the Digital Signage Market. For example, in April 2022, Visix Inc. expanded its presence in higher education by providing Wichita State University with an AxisTV Signage Suite Digital Signage system for its Metroplex convention center.

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Market Dynamics

The adoption of ongoing product advancement augments the growth of the Digital Signage Market

The adoption of cutting-edge products that require digital information management and guidance that is accessible from a distance is becoming more and more popular. This is one of the major factors expected to propel the worldwide industry throughout the forecast period. Digital Signage boards use huge display panels strategically placed throughout the venue to provide a focused target audience with high-quality information required for many viewers. Information is presented in a computerized version incorporating motion and pictures with Digital Signage display technology, drawing in clients more effectively than conventional customer outreach methods. For instance, MAXHUB has introduced its latest Digital Signage lineup to resolve various challenges within the display industry. This new product range is poised to cater to various industries, including aviation, broadcasting, corporate, education, gaming, government, healthcare, hospitality, museums, retail, sports arenas, transportation, marketing, and beyond, offering versatile applications and benefits. Furthermore, solutions like gaze tracking and monitoring heat routes have been developed by combining biometric technology with contemporary Digital Signage.

The growing focus on cloud-based design solutions propels the Digital Signage Market growth

Cloud-based Digital Signage’s popularity continues to grow rapidly. Cloud-based Digital Signage solutions offer remote management, scalability, and real-time content updates. This increased focus on cloud solutions is augmenting the growing demand for customized solutions. For instance, Mvix unveiled Mvix CMS, a cloud-based platform emphasizing device health monitoring and system security, in January 2023. The CMS interface streamlines workflow processes, reducing the number of steps required for content creation and scheduling. Hosted on the Amazon AWS cloud, the software ensures scalability and reliability. Developed over 14,000 hours and subjected to a rigorous four-month beta testing phase, the latest edition offers comprehensive features, including scheduling and device management, over 1,000 professional design templates, and 150 content app themes.

Competitive Landscape

In the competitive landscape of the Digital Signage market, BrightSign, LLC stands out as a leading player specializing in the manufacturing, design, and sale of Digital Signage media players and accessories. The company offers a comprehensive range of networking solutions and software tailored for commercial applications. Its diverse product portfolio includes portable tabletop displays, display bundles, and various types of sign controllers, such as networked interactive, Wi-Fi, and looping sign controllers. On the other hand, ADFLOW Networks distinguishes itself as an interactive kiosk and Digital Signage technology provider, offering solutions like interactive Digital Signage, video-wall solutions, and web-hosted digital media management. The company's Digital Multi-Media Services (DMS) platform facilitates product information and customer education through web-based interactive Digital Signage solutions suitable for various applications like menu boards, video walls, and interactive kiosks. Additionally, ADFLOW Networks provides various applications encompassing Digital Signage, product display, projection, audience detection, and enterprise integration, further solidifying its position in the competitive landscape.

The key players in the global Digital Signage market include - Daktronics Inc. (U.S.), BrightSign LLC (U.S.), Cisco Systems Inc. (U.S.), Intel Corp. (U.S.), KeyWest Technology Inc. (U.S.), LG Electronics (South Korea), Microsoft Corp. (U.S.), NEC Display Solutions (Japan), Omnivex Corp. (Canada), Panasonic Corp. (Japan), SAMSUNG (South Korea), Scala (U.S.), Winmate Inc. (Taiwan) among others.

Recent Market Developments

• In January 2024, LG Electronics (LG) is presenting its cutting-edge Digital Signage solutions at Integrated Systems Europe (ISE) 2024, held in Barcelona, Spain, from January 30 to February 2. LG will introduce a diverse array of display solutions designed to cater to the requirements of retail, corporate, education, and hospitality sectors. This includes its range of Micro LED, All-in-One LED, Transparent OLED displays, and cloud management platforms.
• In September 2023, SAMSUNG launched 'The Wall for Virtual Production' in Europe, introducing two models, P1.68 and P2.1, as part of its Digital Signage series. Designed for virtual content creation, these ultra-large LED walls offer enhanced visual effects, reduced production time and costs, and features, such as a curvature range up to 5,800R for a more realistic field of view, genlock for seamless signal alignment, and Virtual Production Management (VPM) software for efficient screen management and high picture quality in virtual production environments.
• In February 2023, Cisco Systems Inc. announced a partnership with St. Louis CITY SC to roll out a highly connected and fan-centric environment in Major League Soccer. The partnership envisaged Cisco Systems Inc. serving as a Proud Technology Partner and leveraging its expertise in networking, security, Wi-Fi, and Digital Signage solutions to deploy a fully converged network across the 31-acre City Park stadium district and enhance the matchday experience for fans through immersive technologies, such as Wi-Fi 6.
• In February 2023, Winamte Inc. announced the launch of an outdoor display series that brings higher visibility for bus shelter advertising, digital drive-thru menus, smart cities, and window displays, among other applications. The company was looking forward to offering enhanced image clarity, light transmission, and stable, drift-free operation.