Surge in demand for bright & power-efficient display panels, rapid digitalization & decline in demand for traditional billboards, and rise in craze for 4K and Ultra-HD Devices fuel the growth of the global digital signage market
PORTLAND, Oregon, Feb. 6, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Digital Signage Market by Offering (Hardware, Software, and Service), Product (Single Screen Display, Video wall, and Kiosk) and Location (Indoor and Outdoor): Global Opportunity Analysis and Industry Forecast, 2019–2026." As per the report, the global digital signage industry was estimated at $17.23 billion in 2018 and is anticipated to register $32.12 billion by 2026, registering a CAGR of 8.1% during the period 2019 to 2026.
Drivers, Restraints and Opportunities
Increase in demand for bright & power-efficient display panels, rapid digitalization & decline in demand for traditional billboards, and surge in craze for 4K and Ultra-HD Devices drive the growth of the global digital signage market. On the other hand, deployment of widescreen alternatives impedes the growth to some extent. However, emerging display technology such as micro LED & quantum dots, and increase in preference toward large-screen displays are expected to create an array of opportunities for the key players in the industry.
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The Hardware Segment Garnered the Lion's Share in 2018
Based on offering, the hardware segment contributed to nearly three-fourths of the global digital signage market share in 2018, and is expected to rule the roost during from 2019 to 2026. The same segment is also projected to grow at the fastest CAGR of 8.4% throughout the forecast period. This is due to increase in demand for digital signage in commercial verticals, rising retail space, and growing infrastructural development in emerging economic countries.
The Indoor Segment to Lead the Trail By 2026
Based on technology, the indoor segment held the major share in 2018, accounting for nearly three-fifths of the global digital signage market. This is due to rise in demand from small and medium enterprises across the world. At the same time, the outdoor segment would cite the fastest CAGR of 9.7% during the study period. This is attributed to implementation of new innovative features such as intelligent brightness control, which automatically controls the screen light on cloudy environment and is more efficient than previous displays.
North America to Dominate in terms of Revenue
Based on geography, North America generated nearly two-fifths of the global digital signage market revenue in 2018, and is anticipated to retain its dominance by the end of 2026. Rise in hospitality, development of retail sector, and growing tourism in North America would increase the installation of digital signage in this province. Simultaneously, the region across Asia-Pacific would register the fastest CAGR of 11.0% throughout the estimated period. High demand for digital signage coupled with technological evolutions in the electronic sector boosts the growth of the market in the region.
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Key Market Players
- Sony Corporation
- Planer System Inc.
- NEC Corporation
- Samsung Electronics
- Panasonic Corporation
- LG Electronics
- Volanti Displays
- iSEMC (HHSD)
- Koninklijke Philips N.V.
- ViewSonic Corporation
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