Global digital signage market is anticipated to grow at a considerable CAGR of 7.9% during the forecast period (2024-2031). The market growth is driven by the various advantages of digital signage including greater flexibility, interactivity, and customization as compared to traditional solutions.
The global digital signage market is segmented by type (video wall, video screen, kiosk, transparent LCD screen, and digital poster), component (hardware-LCD/LED display, OLED display, media players, projectors/projection screens; software; and services), location (in-store and outdoor), application (retail, transportation, hospitality, corporate, education, and government), and by geographies (North America, Europe, Asia-Pacific, and Rest of the World).
Market Dynamics
- The retail segment is anticipated to hold a prominent share in the global digital signage market during the forecast period, owing to the increasing use of digital signage in display advertising and promotional messages. Additionally, digital signage can be used to provide wayfinding information, enabling easy portfolio navigation. It can additionally be used for product demos, virtual try-ons, and personalized recommendations.
- North American market is expected to grow at a significant CAGR during the forecast period, attributing to increased transportation activities, the retail sector, and educational institutes that use digital signage systems, in the region.
The major players in the global digital signage market include BroadSign International, iSEMC (HHSD Technology), Koninklijke Philips N.V., LG Electronics, NEC Corp., and others. The market players are contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.
Recent Developments
- In September 2024, SNA Displays and Anthony James Partners collaborated on a digital signage transformation project at the Toronto Blue Jays' Rogers Centre. The project included the installation of more than two dozen LED displays in the stadium. The installations feature SNA Displays Empire Exterior display technology and Brilliant Interior dvLED technology in concourse club areas.
- In August 2024, CAYIN Technology announced the launch of the SMP-2400, digital signage player. The SMP-2400 is equipped with the latest technology and features multi-display capabilities, built-in Wi-Fi, and a user-friendly interface.
- In June 2024, STRATACACHE announced the acquisition of Dot2Dot Communications, based in Ontario, Canada. The acquisition broadens STRATACACHE’s global service reach into the out-of-home media sector.
- In December 2023, Korbyt, the omnichannel workplace communications platform, unveiled Korbyt Experiential Signage at DSE 2023 (booth #425). The product features a near-endless array of third-party sensors and devices to create an immersive and interactive digital environment.
- In January 2023, Samsung Electronics showcased the future of sustainable digital signage at Integrated Systems Europe (ISE) 2023 in Barcelona, with the introduction of novel technologies and eco-conscious efforts. The company launched various sustainable products during the event, including, QHC, QMC, QBC, outdoor LED signage (Model Name: XHB series), small-sized, 24-inch outdoor signage display (Model Name: OH24B), and “Samsung Kiosk” Windows version (Model Name: KMC-W). It is also planning to announce cloud signage soon.