Global Digital Signage Market Report and Forecast 2024-2032

Global Digital Signage Market Size

The global digital signage market size reached approximately USD 26.45 billion in 2023. The market is projected to grow at a CAGR of 7.9% between 2024 and 2032, reaching a value of around USD 52.37 billion by 2032.

Key Takeaways

• The market players are harnessing AI technology to automatically update digital signage content based on customer behaviour and location.

• Businesses are offering an immersive experience to customers through augmented and virtual reality.

• North America maintains its dominance in the digital signage market as it is a leading technological hub.

Digital signage refers to digital displays based on technologies such as LCD, OLED, and LED that are used for showing information, advertising, and other relevant content using digital signs and symbols. These digital displays are generally found at malls, retail stores, museums, hotels, and restaurants, among other public spaces. Some of the common components of digital signage include digital displays, content management systems, and media players, among others.

The digital signage market growth is driven by increasing technological advancements in display products and the rise in commercial demand for advertisements and content creation. Rapidly developing infrastructure in emerging countries, growing demand for 4K and 8K displays, travel information, tourism, and education are also developing the market forward. Traditional stores are evolving into smart stores to better maintain their customer base and attract new customers using digital signage and smart signage. Furthermore, public transport, malls, and new commercial buildings, especially due to rapid urbanisation in developing countries, are creating new opportunities for public signage.

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Key Trends and Developments

Emergence of cloud-based signage; the growing popularity of interactive signage; the feature of live streaming; and the surge in holographic ads are the major trends impacting the digital signage market expansion

Global Digital Signage Market Trends

One of the prominent market trends is the growing usage of interactive digital signage to offer an immersive experience to customers. For example, touchscreen signage can allow customers to access the menu at food establishments and gain more information about any dish. Meanwhile, voice-enabled signage lets the users pass voice commands to gather information. This feature is extremely viable when users have their hands full and cannot interact with their hands.

The increasing focus on cross-industry collaboration to enhance the existing product range is expected to aid the market growth. In February 2024, Danavation Technologies Corp. formed a partnership with UBI Communications to enhance the content management and dynamic display properties of UBIs digital signage solutions by leveraging Digital Smart Labels™ technology by Danavation.

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Global Digital Signage Market Segmentation

“Digital Signage Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Software accounts for a major digital signage market share due to its growing implementation in several end-use sectors for the efficient management of displayed content

The software segment of the digital signage market is anticipated to witness a considerable growth in the coming years due to the rising implementation of content management systems (CMS) for the efficient management of displayed content. These software solutions allow businesses proper control of digital signage content anytime, anywhere without any physical intervention. Furthermore, software integrated with analytics solutions offers businesses valuable insights into the engagement level of the content and aids them in making valuable decisions.

Also, digital signage contains several hardware components such as display and media players, among others. The market players are readily making innovations in LEDs and LCDs, enhancing their quality. These efforts are expected to enhance the overall visual appeal of display panels so they can garner the attention of more customers.

The retail sector maintains its dominance in the market due to the rising usage of digital signage for boosting customer engagement

The digital signage market is aided by the growing usage of digital signage in the retail sector. Retailers are increasingly leveraging digital signage over traditional signage as it gathers more customer attention comparatively. These signages also allow retailers to display the latest updates regarding in-store offers and products as well as leverage the latest trends for efficient marketing purposes.

The transportation sector is also expected to hold a substantial share of the market in the forecast period due to the growing usage of digital signage for advertisement purposes at airports, railway stations, and bus depots, among others. These signages can also be found on public transport such as buses, metros, and cabs for advertisement purposes.

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Competitive Landscape of Global Digital Signage Market

The market players are increasing their collaboration efforts and are focusing on upgrading their existing range

Other major players in the digital signage market include NEC Corporation and Planar Systems, Inc., among others. These market players are harnessing advanced technologies such as AI, virtual reality, and 3D ads to stay ahead of the competition.

Digital Signage Market Analysis by Region

The market for digital signage is expected to witness a significant growth in the Asia Pacific region. The high growth rate in this region is primarily attributed to the rapid infrastructure development, expanding retail sector, and increasing commercial usage of digital signage, mainly for advertisement and marketing. Moreover, there is a growing focus on the establishment of smart cities in several developing economies in the region, which creates new opportunities for digital signage in the public sector.

The North America digital signage market is characterised by the presence of leading market players who are harnessing the latest technologies to enhance the efficiency of their products. The region is also a growing hub of technological innovations, which include upgradation in software and innovations in hardware technology.

Key Highlights of the Report