Digital Signage Market Size to Reach USD 57.8 Billion by 2032 growing at 8.7% CAGR - Exclusive Report by Acumen Research and Consulting

Author: Acumen Research and Consulting

According to Acumen Research & Consulting, the worldwide Digital Signage Market was worth USD 25.2 Billion in 2022 and is expected to reach USD 57.8 Billion by 2032, growing at an 8.7% CAGR over the forecast period

The digital signage industry has witnessed remarkable growth and transformation over the past decade. This dynamic sector encompasses the use of digital displays to convey information, advertising, and entertainment to a diverse range of audiences. One of the key drivers behind this growth is the rapid advancement in display technology, leading to increasingly affordable and high-quality screens. This has made digital signage accessible to businesses of all sizes and industries, from retail and hospitality to healthcare and transportation.

In recent years, the industry has also seen a shift towards more interactive and personalized content. With the integration of sensors, cameras, and artificial intelligence, digital signage can now react to the presence and actions of viewers. This has opened up new possibilities for engaging and immersive experiences, such as touchscreens in retail stores or wayfinding kiosks in airports.

Moreover, the COVID-19 pandemic has accelerated the adoption of digital signage as a tool for communication and safety. Businesses and organizations turned to digital displays to convey real-time updates, health guidelines, and safety protocols. This crisis has highlighted the versatility and responsiveness of digital signage systems, further cementing their importance in modern communication strategies.

Digital Signage Market Value

Digital Signage Market Statistics

  • The global digital signage market is set to reach USD 25.2 billion by 2022, with a steady 8.7% expected CAGR from 2023 to 2032
  • North America led in 2022 with over 36% market share
  • Asia-Pacific is poised for robust growth, expecting a CAGR of over 9% from 2023 to 2032
  • Hardware offering dominated in 2022, making up over 57% of the market
  • Based on type, video wall occupied US $ 6.6 billion in 2022
  • Increasing infrastructure developments in developing countries is a key trend in the digital signage market

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Digital Signage Market Dynamics

Growing Demand For 4K and Ultra-HD Devices is Fueling the Worldwide Digital Signage Market Value

The global digital signage market has witnessed a substantial surge in demand, primarily driven by the increasing popularity of 4K and Ultra-HD devices. This technological shift has fundamentally transformed the industry landscape, propelling the market's overall value. These high-resolution displays offer an unparalleled visual experience, characterized by razor-sharp images, vibrant colors, and exceptional detail. As a result, businesses across various sectors are turning to 4K and Ultra-HD screens to captivate their audiences more effectively. Whether it's for advertising, information dissemination, or branding, the enhanced visual quality of these displays elevates the impact of digital signage significantly.

Moreover, the adoption of 4K and Ultra-HD technology goes beyond mere visual appeal. It empowers businesses to create immersive and captivating content experiences. In sectors like retail, hospitality, and entertainment, these high-resolution displays enable the delivery of visually stunning and engaging content, leaving a memorable impression on customers and visitors. As a result, the demand for 4K and Ultra-HD devices is not just a technological trend but a strategic move by businesses seeking to leverage the power of superior visual quality to enhance their digital signage strategies. This shift is reshaping the global digital signage market, driving its growth and expanding its applications across diverse industries.

Rising Demand for Contactless Kiosk Solutions Due To the Pandemic Will Generate Surplus Worldwide Digital Signage Market Opportunities

The global digital signage market is experiencing a surge in opportunities owing to the rising demand for contactless kiosk solutions, driven primarily by the ongoing pandemic. This unprecedented situation has necessitated a shift towards touchless interactions, leading to a significant reshaping of the industry landscape. Contactless kiosk solutions have emerged as a safer and more hygienic way for businesses to engage with their customers and audiences.

One of the key drivers behind this trend is the need for enhanced health and safety measures. Contactless kiosks allow users to interact with digital signage displays without physically touching the screens, minimizing the risk of virus transmission. This has made contactless solutions especially relevant in high-traffic areas such as retail stores, airports, and healthcare facilities.

Furthermore, the pandemic has accelerated the adoption of contactless payment methods, self-service options, and information retrieval through digital signage. As a result, businesses are increasingly recognizing the value of integrating contactless kiosk solutions into their operations. This shift not only addresses immediate health concerns but also offers long-term benefits in terms of efficiency and customer convenience. Consequently, the worldwide digital signage market is witnessing a surge in opportunities as it adapts to this changing landscape, offering innovative contactless solutions to meet the evolving needs of businesses and consumers alike.

Digital Signage Market Segmentation

The global market for digital signage has been categorized into offering, type, location, content category, end-user, and region

  • The offering segment of the digital signage market is split into hardware, software, and service
  • Type segment includes video screen, transparent LED screen, video wall, digital poster, kiosks, and others
  • Location considered in the market are in-store and out-store
  • The category segment is categorized into broadcast (news, sports, weather, and others) and non-broadcast
  • Education, corporate, healthcare, government, stadiums, retail, and others are end-users profiled in the market
  • The market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa (MEA)

Digital Signage Market Share

As per the digital signage market forecast, the hardware offering sub-segment is expected to dominate the market share from 2023 to 2032.

In 2022, video wall held a significant market share within the type segment, and this trend is expected to persist.

In-store are projected to lead the market in the coming years, while out-store are anticipated to gain significant traction from 2023 to 2032.

According to the digital signage market analysis, broadcast is the leading end-user segment in 2022.

The retail segment is the leading end-user in the digital signage market, whereas healthcare sub-segment is expected to gain significant traction from 2023 to 2032.

Digital Signage Market Regional Outlook

North America, particularly the United States, has been a major hub for digital signage innovation and adoption. The region benefits from a strong technological infrastructure and a thriving advertising industry. In recent years, there has been a growing emphasis on interactive and data-driven digital signage solutions, catering to diverse industries such as retail, healthcare, and transportation. The COVID-19 pandemic accelerated the use of digital signage for health and safety messaging, making it a critical tool for communication in public spaces.

The Asia-Pacific region, including countries like China, Japan, and South Korea, has experienced rapid growth in the digital signage market. This growth is driven by a combination of economic expansion and technological advancements. Emerging markets in Southeast Asia have been adopting digital signage for retail, advertising, and smart city initiatives. In China, large-scale digital signage deployments are seen in transportation hubs, shopping malls, and urban centers.

Digital Signage Market Players

Some prominent digital signage companies covered in the industry include LG Electronics, Volanti Transparent LED Screens, Sony Corporation, Koninklijke Philips N.V., SAMSUNG ELECTRONICS CO. LTD., Panasonic Corporation, Planar Systems, NEC Corporation, iSEMC (HHSD Technology), ViewSonic Corporation.

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Mr. Frank Wilson

Acumen Research and Consulting

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