Global Digital Signage Market Research 2022: Manufacturer Landscape, Production Value, Industry Research And Growth Analysis 2029
The global digital signage market was valued at US$22.57 billion in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 6.6% during the forecast period. This can be attributed to the growing adoption for digitized promotion and widespread infrastructure development in emerging countries.
AgileIntel’s global digital signage market study is a 157 pages report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, display type, and vertical perspective.
The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
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Insights on Vertical:
The digital signage market is segmented into retail, hospitality, entertainment, sports, enterprise, banking, healthcare, education, and transportation based on vertical.
The retail sector is likely to witness considerable growth opportunities during the forecast period as leading industry players use digital signage solutions to make new product launch announcements and promotions to lure customers to visit their stores.
The adoption of digital signage solutions in the transportation vertical is witnessing significant growth in sectors such as airports, metros, railway stations, subways, roadways, bus depots, and other public transport systems. Digital displays are used to deliver information related to travel schedules, routes, and advertisement purposes.
Furthermore, digital signage solutions are used to display informative content for the staff, doctors, patients, and visitors in the healthcare sector. The installation of digital signage at baking and other financial institutions is focused on enhancing customer experience, attracting new clients, display different offers and notifications.
Insights on Display Type:
The digital signage market is segmented into video walls, kiosks, digital posters, transparent LED screens, and others according to the display type.
The video wall segment accounted for the largest market share of 27% in 2021 and is expected to continue doing so during the forecast period. Video walls offer large-scale, high-resolution displays and are very versatile. Together, video walls and screens held a significant share of the digital signage market and are used extensively in shopping malls and other public places. On the other hand, kiosks are primarily used for advertising and providing information in institutes and retail verticals.
Transparent LED screens integrated with LED lights offer a high resolution and transparency level of about 80%. Additionally, they are energy efficient and therefore are cost-effective. The transparent LED display segment held a market share of 12% in 2021 and is expected to witness significant demand during the forecast period.
Impact of COVID-19
The digital signage market has been negatively affected by the COVID-19 pandemic due to disruptions in the supply chain caused by the temporary closure of manufacturing plants and trade restrictions affecting material flow in many countries.
Government imposed lockdowns, social distancing, stay-at-home orders, and travel restriction have resulted in the temporary closure of many hospitality businesses. The restrictions on social gatherings have impacted the revenues of stadiums and playgrounds, thereby infrastructure upgrades such as new signage installations, have been cancelled or put on hold, affecting the digital signage market negatively.
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Insights on Key Markets:
The U.S. is the largest market for digital signage products and services, capturing 23% of the global market share and was valued at US$5.18 billion in 2021. The demand for wider displays, interactive and real-time content, is expected to drive the growth of digital signage products in the U.S. For instance, Starbucks implemented digital signage technology provided by BrightSign and its integrator OSM Solutions to install outdoor digital menu boards at various drive-through facilities in the U.S. The digital board displays menu content and the videos of drinks preparation in real-time.
The digital signage market in China accounted for US$1.01 billion in 2021. The growing demand from the country’s transportation, healthcare, education, and enterprise verticals is expected to drive digital signage market growth during the forecast period.
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