Digital Signage Market Size, Share & Growth

Updated on : November 07 , 2024

Digital Signage Market Size & Growth Analysis 

[279 Pages Report] The global digital signage market size is projected to grow from USD 20.1 billion in 2024 to USD 27.3 billion by 2029, growing at a CAGR of 6.3% during the forecast period from 2024 to 2029. The rising adoption of digital signage in commercial applications, growing demand for digital signage in infrastructural applications, increasing demand for advanced displays such as 4K and 8K displays and constantly evolving technological advancements related to displays are the major factors propelling the growth of the digital signage Industry .

Digital Signage Market Size and Forecast to 2029

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Digital Signage Market Trends & Dynamics

Driver: Rising demand for advanced display solutions such as 4K and 8K displays

Ultra-HD display resolutions such as 4K and 8K have grown in popularity as consumer behavior has changed. The 4K display makes the represented content on the display crisper and simpler to read, improving consumer contact. Upgrading from a full-HD monitor to a 4K or 8K resolution can provide considerable commercial benefits. It quickly catches the clients' attention, increasing the amount of potential customers for the firm. 4K monitors are adaptable, allowing businesses to simply manage the complex infrastructure. 8K resolution displays have a panel size of around 7 feet long, a contrast ratio of 100,000:1, and a viewing angle of 176 degrees. The display supports up to 104 pixels per inch. Furthermore, it can be used by retailers to enable their customers to view small details or text while standing closer to the screen. The rising need for high-resolution screens is projected to drive the digital signage industry .

Restraint: High initial costs

Despite the growing use of digital signage, few organizations are still reluctant to use it into their marketing and communication efforts. This reluctance is the result of significant initial hardware cost required to set-up digital signage. The pricing of monitors, media players, mounts, and networking equipment all add to the total hardware cost. Furthermore, costs for content creation vary according to the complexity and frequency of updates. Additionally, content management and scheduling require software platforms or services. Subscription fees cover the cost of content development and administration tools such as software platforms or services. Furthermore, costs for installation and infrastructure, connectivity, maintenance and support, and power and energy usage all contribute to the high cost of the installation and maintenance of digital signage which dampens the market growth.

Opportunity: Increasing adoption in industrial sector

Digital signages are used in the industrial sector to improve communication among employees and to increase safety and production. Signages are installed in manufacturing facilities to show production metrics, real-time performance data, and safety information. Digital signage also informs employees about their production goals, potential hazards, and quality standards. Digital signage also increases operational efficiency, lowers errors, and streamlines logistics procedures and also helps with warehouse management by monitoring inventory levels, order status, and picking instructions Furthermore, digital signage warns of emergencies, visually represents complex processes, workflow diagrams, or assembly line instructions, and displays real-time quality control data such as defect rates, rejects, and results of inspection. Digital signage can also be used to train and educate personnel, ensuring that information is distributed consistently. It is also used to display key performance indicators (KPIs) and performance metrics in order to motivate staff and measure development. As a result, digital signage is employed in the industrial sector to benefit employees and improve workplace performance. The increasing deployment of digital signage in the industrial sector is likely to open up new prospects for industry players.

Challenge: Security concerns related to digital signage

Digital signage systems are subject to security threats such as hacking and malware attacks. Users of digital signage are susceptible to attacks involving phishing or social engineering tactics because they use weak passwords on networks or connect to unsecured networks, allowing hackers to obtain control to the network and the information displayed on screens. In addition, malware attacks on digital signs can propagate via email attachments, USB drivers, and other ways. If illegal access is granted to digital signage networks, unauthorized content may be presented on screen. The growing number of security issues is anticipated to have a negative impact on the growth of the digital signage market.

Digital Signage Market Ecosystem

Key companies in this market include well-established, financially stable providers of digital signage products. These companies have been operating in the market for several years and possess a diversified portfolio of digital signage which caters to a wide range of applications. Prominent companies in this market include Samsung Electronics Co., Ltd. (South Korea), LG Electronics (South Korea), Sharp NEC Display Solutions, Ltd. (Japan), LEYARD (China), and Sony Group Corporation (Japan) among others.

Digital Signage Market Share 

By Offering, Software segment likely to exhibit the highest CAGR during the forecast period.

Advances in technology and the resulting application of technologies such as the internet of things (IoT), the growing requirement for real-time content management, and the increasing use of smart signs have all contributed considerably to the global expansion of the digital signage software market size . The benefits of digital signage software have led to a substantial increase in its purchase in recent years. Furthermore, the development and growing popularity of system-on-chip displays has resulted in increased demand for digital signage software. Regular software license purchases and upgrades are likely to have a substantial impact on the growth of the digital signage software market.

By Application, commercial application is expected to account for largest share between 2024 and 2029.

Digital signage displays are widely employed in the retail industry because of their capability to attract people and improve the customer experience in enterprises. Digital signage, including kiosks, video walls, menu boards, automated teller machines (ATMs), billboards, interactive displays, and system-on-chip displays, are used in the retail, healthcare, corporate, broadcasting, hotel, and government sectors. In the healthcare sector, digital signage displays help to display health-related information and encourage patient participation through interactive kiosks. In hospitals and other commercial environments, wayfinding displays can also help reduce traffic in the hallways. Furthermore, interactive displays are more frequently used in the retail sector owing to the rising demand for better consumer engagement. Moreover, interactive displays are helpful for information distribution and navigation.

By product type, standalone displays to account for the largest market share during the forecast period.

Standalone displays, such as kiosks, ATMs, menu boards, billboards, and general-purpose information displays, contain a single screen, are simpler in design, and are less expensive than video walls. Unlike video walls, the content on independent screens is not interrupted by the bezels of other displays used in combination. Standalone monitors are simple to install and feature a minimal hardware and software infrastructure. Furthermore, the growing need for improved customer experience, as well as the resulting increase in demand for interactive displays, is a major element driving the expansion of standalone displays.

Digital Signage Market Regional Analysis

North America is estimated to have largest market share in the global market in 2023.

In 2023, North America is estimated to hold the highest market share of the global digital signage market. The presence of numerous digital signage software suppliers, along with increased usage of advanced technologies such as Internet of Things (loT), particularly in the retail and hospitality sectors, are some of the major factors driving market expansion in the region. Furthermore, the rapid commercialization of 5G technology and fiber optic networks has resulted in increased use of digital signs in retail, institutions, the public sector, government, and other rapidly digitalizing industries. These advancements are projected to fuel the regional digital signage market size . Furthermore, Canada, with its reasonably stable economy, is projected to experience a substantial increase in the adoption of digital signage in the near future as retail spaces expand and traditional retail stores shift to smart stores.

Digital Signage Market Share by Region

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Top Digital Signage Companies: Key players

• Samsung Electronics Co., Ltd. (South Korea),
• LG Electronics (South Korea),
• Sharp NEC Display Solutions, Ltd. (Japan),
• LEYARD (China), and
• Sony Group Corporation (Japan), BrightSign LLC (US) are some of the key players in the digital signage companies.

Digital Signage Market Report Scope :

Digital Signage Market size Highlights

This research report categorizes the digital signage market size based on offering, capacity, application, and region.

Recent Developments in Digital Signage Industry

• In March 2024, Shanghai Xianshi Electronic Technology Co., Ltd introduced a new display technology to its signage products. This technology offers high resolution, ultra-thin design, curved screens for diverse applications, holographic displays and energy efficiency.
• In February 2024, Barco partnered with Ingram Micro, a leading IT distributor in Asia Pacific, as its new distributor for G-series projection and image processing solutions in Singapore. This partnership will enhance access to Barco's innovative products, including G-series projectors, ImagePro-4K, and PDS-4K, in the region.
• In January 2024, Samsung Electronics Co., Ltd. unveiled its VXT platform. This new cloud-based system simplifies digital signage for businesses. VXT combines content creation and remote display management into a single, secure platform. It's designed to be user-friendly, allowing businesses to easily create and control their digital displays.
• In January 2024, LG Electronics unveiled its innovative cloud solution platform, LG Business Cloud. The convenient new platform allows business customers to browse and subscribe to LG digital signage cloud solutions and manage them all remotely. LG Business Cloud is compatible with multiple LG digital signage lineups, including Micro LED displays, commercial TVs, Transparent OLED Signage, and LED displays.
• In April 2023, Sharp NEC Display Solutions, Ltd. launched E758 and E868 4K UHD Displays, which are suited for conference rooms and boardrooms where businesses need to increase their level of collaboration and productivity. They are compatible with various signage applications and control systems across corporate environments, classrooms, and retail spaces.

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