Digital Signage Market Opportunities 2031
The digital signage market size is projected to reach US$ 33.28 billion by 2031 from US$ 18.13 billion in 2023. The market is expected to register a CAGR of 7.9% during 2023–2031. The evolution of 5G technology and the growing number of infrastructural development activities are likely to remain key trends in the market.
Digital Signage Market Analysis
The digital signage market has witnessed significant growth in recent years, driven by rising digitalization, the growing adoption of digital signage in the educational industry, and the increasing demand for real-time updates and targeted messaging among businesses. Expanding education, entertainment, healthcare, and retail industries are boosting the market. Furthermore, growing technological developments such as artificial intelligence (AI) and big data analytics are emerging as trends for market growth. However, the growing popularity of online advertising and the development of 8K displays are providing lucrative growth opportunities for the market.
Digital Signage Market Overview
Digital signage, also known as electronics signage are display screen that is used for displaying visuals comprising of video, images, or multimedia content for informational, marketing, or advertising purposes. Display technologies such as LED, LCD, OLED, and others are used to deliver public information, communicate internally, or disseminate product information to improve customer service, promotions, and brand awareness. Digital signage comprises three components including, hardware, software, and services.
The hardware component includes physical or tangible components such as screens, payment devices, cameras, mounts, printers, and others.
The software component is a digital infrastructure that allows deployment, creation, management, and analysis of content installed on the hardware.
The service component is a professional or managed service provided by hardware manufacturers or software developers in terms of installation, deployment, and maintenance of digital signage.
The digital signage market is rapidly changing due to technological innovation. The integration of software in digital signage hardware is shaping the future of digital signs. As technology advances, consumers across the globe are highly demanding integrative and connectedness systems to enhance their digital experiences. All of these advantages generate stronger chances for organizations to collect vital data by providing distinctive experiences that attract customers.
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Digital Signage Market: Strategic Insights
Market Size Value in US$ 20.40 billion in 2021 Market Size Value by US$ 36.89 billion by 2028 Growth rate CAGR of 8.8% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Digital Signage Market: Strategic Insights
| Market Size Value in | US$ 20.40 billion in 2021 |
| Market Size Value by | US$ 36.89 billion by 2028 |
| Growth rate | CAGR of 8.8% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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Digital Signage Market Drivers and Opportunities
The Growing Adoption of Digital Signage in the Educational Industry to Favor Market
Technology is vital in the education industry today, and the classrooms of the future are highly demanding a full range of tools to assist teachers and students in developing connections and collaborating familiarly and conveniently. To satisfy educators' changing needs, classroom technology is becoming more customizable, feature-rich, and integrated across device ecosystems and operating systems (OS). This encourages market players to develop educational technologies and services and supports teachers and students to enhance their teaching-learning experience. For instance, in March 2023, Samsung Electronics launched an integrative display with a software solution that improves the student's learning experience. Furthermore, the growing digitalization and increasing demand for digital technologies in the education industry are driving the market.
Development of 8K Display
8K displays is a true next-generation technology transforming industries such as retail, healthcare, corporate, hospitality, government, transportation, entertainment, BFSI, and others. 8K displays are highly adopted by industries for advertising, broadcasting, surveillance, computer-aided design (CAD), computer-aided manufacturing (CAM), and virtual reality (VR), among other applications. The demand for high-resolution images or video is driving the market. 8K resolution is 16 times more detailed than HD and four times more detailed than 4K displays, which increases the adoption of 8K displays among industries. 8K display powering the medical industry by enhancing remote medicine. These displays combine the power of 8K streaming cameras with 8K screen resolutions to provide specialized clinicians with the ability to compare accurate medical images side by side during an evaluation. Moreover, significant benefits offered by 8K display over 4K displays are contributing to the digital signage market growth.
Digital Signage Market Report Segmentation Analysis
Key segments that contributed to the derivation of the digital signage market analysis are component, display type, display size, and application.
- Based on component, the digital signage market is divided into hardware, software, and service. The hardware segment held a larger market share in 2023.
- By display type, the market is segmented into LED, LCD, OLED, and others. The LED segment held a larger market share in 2023.
- On the basis of display size, the digital signage market is divided into less than 19 inches, 19–32 inches, 32–52 inches, and greater than 52 inches. The 19–32 inches segment is anticipated to expand during the forecast period.
- In terms of application, the digital signage market is segmented into retail, healthcare, corporate, hospitality, government, transportation, entertainment, BFSI, education, and others. The retail segment held a larger market share in 2023.
Digital Signage Market Share Analysis by Geography
The geographic scope of the digital signage market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America holds one of the largest global digital signage market shares. The market in North America is anticipated to expand at a significant pace during the forecast period, due to technological innovation. Numerous industries in the region are heavily investing in the adoption of new technologies to enhance their customer’s experience. Rapid digitalization and the evolution of 5G technologies are creating growth opportunities in the market.
Digital Signage Market Report Scope
Digital Signage Market News and Recent Developments
The digital signage market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the digital signage market are listed below:
- In February 2024, Samsung Electronics Co., Ltd. launched a new WAD Interactive Display as Part of Teacher Appreciation Week. The Interactive Display WAD series—available in 65-, 75- and 86-inch models—provides an intuitive and engaging experience that eliminates the learning curve of new instructional tools for teachers and students alike. (Source: Samsung Electronics Co., Ltd., Company Website, February 2024)
Digital Signage Market Report Coverage and Deliverables
The “Digital Signage Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Digital signage market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Digital signage market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Digital signage market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the digital signage market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Display Type, Display Size, Application, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
Some of the customization options available based on the request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
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The key players holding majority shares in the global digital signage market are Microsoft Corporation, Cisco Systems Inc., Intel Corporation, Panasonic Corporation, Samsung Electronics, LG Electronics, Sony Corporation, NEC Display Solutions, Hewlett Packard Company, and Sharp Electronics.
The evolution of 5G technology and the growing number of infrastructural development activities to play a significant role in the global digital signage market in the coming years.
The global digital signage market is estimated to register a CAGR of 7.9% during the forecast period 2023–2031.
The growing adoption of digital signage in the educational industry is the major factor that propel the global digital signage market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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