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Albany, NY, May 20, 2019 (GLOBE NEWSWIRE) -- According to a new market research report published by Transparency Market Research the global digital signage market is expected to reach value of US$ 28,538.7 Mn by 2027, expanding at a CAGR of 5.5% from 2019 to 2027. Asia Pacific is likely to continue to lead the global market, with the market in the region expanding at a CAGR of 6.3% between 2019 and 2027.
The commercial sector across the world has undergone significant transformation over the last few years, owing to rapid technological advancements and digitization. Therefore, currently, well-established players as well as recent market entrants are investing in product innovation, brand strengthening, and customer retention and management, leading to increased competition among them. As a result, all these companies are investing to enhance the appearance of their products and services by promoting them through online marketing, exhibitions, and personalized display installations in their campuses for indoor and outdoor advertising. Amongst all, growth of digital signage has been the most significant. It has grown from a simple advertising medium to an effective retail engagement strategy. Thus, rapid technological advancements and digitization in the commercial sector are driving the digital signage market.
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Rising number of sports and entertainment events across the world driving the global digital signage market
With the emergence of well-equipped home entertainment systems, stadiums and arenas are finding attractive alternatives for fan engagement and marketing in sports. Although digital signage are not new in sports events, they are now being used even behind the scenes i.e. for powering score boards, parking lots, rest rooms, luxury suites, etc. apart from attaining premium viewing experience. Digital signage are also increasingly being employed for real-time content upgrade and screen controls for scores and stats, targeted messaging by facility zones, combining way-finding with promotional content, powering interactive kiosks with team and player information, attention-grabbing digital menu boards, emergency notifications, etc. The impact of this driver on the global digital signage market is expected to be medium during the forecast period.
The global digital signage market has been broadly segmented in terms of type, display technology, offering, application, and geography. Based on type, the market has been segregated into standalone digital signage, web-based digital signage, and IPTV-based digital signage. In terms of revenue, the standalone digital signage segment holds the maximum market share. It is anticipated to continue its position, expanding at the highest CAGR of 6.0% during the forecast period. In terms of display technology, the global digital signage market has been classified into OLED, LCD, HD projector, LED, and others. Among these, the LCD segment accounted for a major i.e. 31.10% share of the global market in 2018. Based on offering, the global digital signage market has been divided into hardware (including display/monitor and media player), software (including audience analytics software and others), and services. The software segment is prominently expanding due to increasing number of cloud-based and audience analytics software being introduced in the market. In terms of application, the global digital signage market has been categorized into transportation, retail, hospitality, entertainment & sports, education, corporate, banking, and others. In 2018, the retail segment accounted for a prominent market share. The segment is estimated to expand at a significant CAGR of 6.3% during the forecast period, due to increase in advertisement across different manufacturing industries.
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Global Digital Signage Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global digital signage market. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments. Key players operating in the global market are AdMobilize LLC, Advantec Co Ltd, BroadSign International, Cisco Systems Inc., LG Electronics, NEC Corporation, Omnivex Corporation, Panasonic Corporation, Quividi, RedFalcon, Samsung Electronics Co., Ltd, Sharp Corporation, and Sony Corporation. Companies are focusing on expanding their business through acquisitions and strategic partnerships.
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The global digital signage market has been segmented as follows:
Global Digital Signage Market, by Type
Global Digital Signage Market, by Display Technology
Global Digital Signage Market, by Offering
Global Digital Signage Market, by Application
Global Digital Signage Market, by Region
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