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Albany, New York, Feb. 07, 2019 (GLOBE NEWSWIRE) -- The global digital signage market is likely to experience intense competition among its key players in the coming years. Leading players are also focusing on increasing their dominance in the market by adopting innovative business development strategies including mergers, collaboration, expansion, and innovation. They are also engaged in research and development activities to provide better and advanced products to their customers. These strategies might create a barrier for the new players/entrants making efforts to enter the market. According to the report, some of the key players operating in the market are NEC Corp., Panasonic Corp., Cisco Systems Inc., Sony Corp., Advantech Co. Ltd., BroadSign International, LG Electronics, Sharp Corp., Omnivex Corp., and Samsung Electronics Co. Ltd.
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Rising initiatives of the key players in research and development activities, with the aim to provide customers with better and innovative products is projected to drive the demand in this market. With these changes in the market, the global digital signage is expected to reach a value of US$34.67 by 2022 progressing from US$21.50 bn earned in 2017. Over the forecast period between 2017 and 2022, this market is projected to rise at 10.0% CAGR.
Application of digital signage is seen in multiple areas, but its demand is comparatively high in the retail industry due to high usage of these products for customer engagement, digital advertisement, presenting information about the new products and discount schemes, and similar other requirements. In terms of geographical growth, North America showed the highest growth rate and is expected to maintain this growth rate during the forecast period. Significance presence of key suppliers of industrial equipment and products has boosted the demand for digital signage in this region. Asia Pacific is also expected to show substantial growth in this market in the forthcoming years.
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Rising Demand for Innovative Products across Regions to Boost Demand for Digital Signage
The demand for digital signage has increased largely across the globe in the last few years as it helps in providing necessary information with high quality to a large number of viewers. It uses large display screens in different locations that have high consecration of targeted audience. In addition, the high demand for adopting advanced products required for digitalized information management and guidance that can be accessed from remoter locations is expected to benefit the growth in this market.
Introduction of innovative products such as leak detector systems, home monitoring systems, and similar other products have gained huge traction and popularity thus, further driving the growth prospects in this market. Moreover, the way in which information is provided in digital format attracts a large number of customers and has more impact on them as compared to traditional ways used for interaction.
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Strict Regulatory Standards to Impede Market’s Performance
Although the demand for digital signage is growing at a high rate across the globe, few factors might deter its demand in the coming years. Hardware and software compatibility, electrical interface, networking, and connectivity are some of the major factors that might hamper the growth of digital signage. In addition, strict regulatory policies such as licensing and complicated taxation imposed on the erection of digital signage and screens area also expected to impede the market’s performance.
The information presented in this review is based on a TMR report, titled “Digital Signage Market (Offering - Displays, Media Players, Software for Network, Services, and Media Revenue; Display Technology - LCD, PDP, OLED, LED, Front Projection, and Rear Projection; Application - Corporate, Education, Healthcare, Entertainment, Banking, Retail, and Transportation) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017 - 2022.”
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Global Digital Signage Market has been segmented as presented below:
Global Digital Signage Market: Offering:
Global Digital Signage Market: Display Technology:
Global Digital Signage Market: Application:
Global Digital Signage Market, By Geography:
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