The enhanced innovations in the display technology such as OLED, electronic paper display (EPD), and quantum dot LED (QLED) are some of the factors driving the market. The was valued at USD 19.61 Billion in 2016 and is expected to reach USD 32.84 Billion by 2023, at a CAGR of 7.4% during the forecast period.
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The report "Digital Signage Market by Product (Kiosks, Menu Boards, Billboards, Sign Boards), Offering (Hardware (Displays, Media Players, Projectors, Mounts & Other Accessories), Software, and Services), Application and Geography - Global Forecast to 2023", The digital signage market is expected to grow from USD 19.61 Billion in 2016 to USD 32.84 Billion by 2023, at a CAGR of 7.4% between 2017 and 2023.
Browse 63 Market Data Tables and 62 Figures spread through 192 Pages and in-depth TOC on "Digital Signage Market - Global Forecast to 2023"
The increasing demand for digital signage in public and commercial sectors, advancements in technology offerings and rising infrastructure are the key driving factors for the digital signage market. There is an increasing demand for customized solutions and software used in the commercial sector; it makes the system interactive and user-friendly.
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This leads to improved customer retention by providing an enhanced experience for customers through interactive screens. Content management system is widely used in the market for effective management of content to be displayed on digital signage systems.
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Digital signage market for software offerings expected to grow at the highest CAGR during the forecast period
The market for software offerings is expected to grow at the highest rate during the forecast period. The expected growth of the digital signage market for software offerings is higher than that for hardware offerings as hardware devices such as displays, media players, projectors, and mounts & other accessories do not require frequent purchases or replacements.
The high growth of the market for software offerings is because software licenses need to be regularly updated.
Technological innovations are driving the displays market
Rising demand for high-picture quality, attractive design, and high specifications-based displays is driving the growth of the displays market. Newer technologies such as fine-pixel LED and OLED are expected to drive the growth of the digital signage hardware devices market during the forecast period.
High brightness, attractive, and thin panel design, as well as low power consumption, are a few benefits of this technology when compared with the other available technologies. OLED technology is already penetrating the display market in various digital signage applications.
There is also a growing demand among customers for displays based on direct-view LED and LCD technologies. These are vivid displays having a significant resolution and can be seamless infinite video walls of any size.
New technological innovation for digital signage such as 3D screens and electronic paper displays are still in the stage of development.
Kiosks held the largest market share of the digital signage market for products in 2016
Kiosks held the largest market share of the global digital signage market for products in 2016 and are expected to dominate the market till 2023. Kiosks plays a significant role in the digital signage market for providing access to information and communication, commerce, entertainment, education, and other applications.
Kiosks are quick and effective solutions which can be used virtually in all locations.
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North America expected to hold the largest market share, while APAC projected to witness the highest growth rate
North America is expected to hold the largest market share and dominate the digital signage software market between 2017 and 2023. North America is a leader in the market for the cutting-edge technology, which is used in the advertisement sector.
The digital signage market in APAC and Europe is expected to have a promising future with tremendous opportunities, especially in commercial and infrastructural sectors.
The major players in the digital signage market include Samsung Electronics Co., Ltd (South Korea), LG Display Co., Ltd., NEC Display Co., Ltd (Japan), Sharp Corporation (Japan), and Planar Systems Inc. (US).
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