Home Technology Digital Signage Market Size, Growth and Trend to Forecast 2023-2031

Digital Signage Market

Digital Signage Market Size, Share & Trends Analysis Report By Type (Video Walls, Video Screen, Transparent LED Screen, Digital Poster, Kiosks, Others), By Offering (Hardware, Software, Services), By Display Size (Less than 32 Inches, Between 32 and 52 Inches, More than 52 Inches), By Location (Indoor, Outdoor), By Technology (OLED, LCD, HD Projector, LED, Others), By Application (Retail, Hospitality, Entertainment, Stadiums & Playgrounds, Corporate, Banking, Healthcare, Education, Transportation), By Enterprise (Small & Medium Enterprises (SMEs), Large Enterprises) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Report Code: SRTE650DR
Study Period 2019-2031 CAGR 7.2%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size USD 24.33 Billion
Forecast Year 2031 Forecast Year Market Size USD 45.50 Billion
Largest Market North America Fastest Growing Market Asia-Pacific
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Market Overview

The global digital signage market size was valued at USD 24.33 billion in 2022. It is projected to reach USD 45.50 billion by 2031, growing with a CAGR of 7.20% during the forecast period (2023–2031).

Digital signage enables business organizations to display advertisements, broadcast data, television programming, and other content types. Various technologies, including LCD and LED, are employed in digital signage. The use of digital signage is rising with the increasing focus on the quality of content presentation. They are found in public and private organizations, including stores, restaurants, and corporate environments. Digital signage is in the growth stage of its lifecycle. Players in the market of digital signage are investing in R&D with a focus on innovation to garner consumer attention at a relatively low cost and in a relatively shorter period compared to traditional advertising methods. Prospective clients are shifting from traditional practices, which places the market of digital signage in the growth stage.

Market Dynamics

What are the Factors Driving the Market Growth?

Rising Adoption in Commercial Sector

Retail stores, the hospitality sector, and other public spaces are increasingly adopting digital signage as a means for displaying product information, advertising, and entertainment. Retail was one of the first sectors to recognize the benefits of digital and interactive displays in marketing, and it is now expanding into the actual customer shopping experience. Retailers can provide information regarding their products, offers, discounts, and new launches to attract customers and, ultimately, expand their customer base and revenue generation. Moreover, the technology allows businesses to effectively and efficiently reach and interact with customers to create new business opportunities, increase brand opportunities, improve efficiency, promote new products and services, and enhance the customer experience. For instance, the Plopsaland De Panne theme park in Belgium recently adopted the technology to engage with customers and increase sales.

Integration of Technologies

The integration of biometric technology with digital signage is creating ample opportunities for market growth through the development of new products, including track heat paths and gaze tracking. Track heat path technology allows the enterprise to locate the crowded area, so it can display its products in targeted locations, ultimately increasing its penetration and popularity. Gaze tracking technology can track consumers’ visual attention, so enterprises can understand where people are concentrating and advertise accordingly.

Regional Analysis

In terms of region, the global market is divided into North America, Europe, Asia Pacific, and LAMEA.

Digital signage is gaining popularity throughout North America, particularly in the United States, as a result of recent technological advancements in the display, networking, and monitoring spaces. The retail industry in the United States is rapidly adopting digital signage, with key and emerging enterprises opting for advanced digital signage with AI and machine learning to maximize customer data. In addition, technological giants such as Apple Inc. and Samsung Electronics have made substantial investments in digital signage due to the region's strong technology penetration and adoption. However, the adoption of digital signage by small and medium-sized businesses is limited due to the cost of acquiring the necessary software, hardware, and technology.

Asia-Pacific is the fastest-growing market for digital signage. China and India are the key growth enablers in Asia-Pacific’s digital signage market. These countries are home to a substantial share of the global population, a large percentage of which is potentially receptive to well-created digital signage content. Rising developments in transportation, retail, and public infrastructure are accelerating demand for digital signage. Prominent retail chains in India, including Pantaloons, Big Bazaar, Food Bazaar, and Central, are increasingly adopting digital signage for advertising purposes. Moreover, banks and other financial companies in the country are also adopting digital signage owing to its cost-effective nature. Airports, highways, malls, and theatres in the country are expected to provide lucrative opportunities for adoption and, consequently, drive market growth. Players in Asia-Pacific are engaged in R&D to sustain their position. The Nippon Telegraph and Telephone Corporation, a telecommunications company, headquartered in Tokyo, launched digital signage equipped with aroma-emitting components. The launch was aimed at strengthening the impact of marketing among the populace. It is branded as Kaoru Signage, and the product combines digital signage and NTT’s Kaori Tsushin (fragrance communication) online service. The fragrance strength can be adjusted, and the company believes that aromas can increase the chances of passers-by noticing the sign, remembering the product being advertised, and eventually purchasing it.

In Europe, the growth of the Digital Signage Market has been propelled by the expansion of the advertising industry as well as significant technological developments. The digital signage sector has been boosted by anonymous viewer analytics, large format displays, gaze-tracking technology, and high-level interactivity. Expanding transit networks, public infrastructure, and new commercial buildings in the region improve this market's prospects. Digital signage is utilized in and on all means of public transportation to catch the attention of viewers. In addition, schools and corporate campuses are increasingly incorporating digital signage systems into their educational facilities. In addition, the United Kingdom has a large consumer base that prefers to watch sports in clubs and stadiums. Consequently, many stadiums and sports clubs choose digital signage and displays for telecasting, advertising, presenting information, etc.

The region of Latin America is projected to see considerable prospects for the expansion of the market in digital signage as a result of rising digital advertising spending. Additionally, the region is seeing an increase in the number of US-based digital signage vendors as well as numerous self-service kiosks with advanced capabilities. However, a few factors, such as costly initial investments, high maintenance costs, and high energy consumption, are impeding the expansion of the market in the region. However, technological innovation and the integration of biometrics with digital signage systems can assist the region in overcoming these obstacles. Digital signage deployed in digital hotel signs, video walls, or interactive kiosks offers numerous benefits, including an improved guest experience, increased customer engagement and satisfaction, decreased perceived wait times in lines, increased revenues and brand loyalty, and reduced printing expenses. As a result of these advantages, the market of digital signage in the Middle East and Africa is anticipated to have substantial expansion over the forecast period. In addition, demand for digital signage systems as a form of advertising has surged in the region in recent years due to the presence of numerous prominent retailers. Digital signage has emerged as the advertising industry's preferred medium and is increasingly replacing printed signage displays.

Report Scope

Report Metric Details
By Type
  1. Video Walls
  2. Video Screen
  3. Transparent LED Screen
  4. Digital Poster
  5. Kiosks
  6. Others
By Offering
  1. Hardware
    1. Display/Monitor
    2. Media Player
  2. Software
    1. Audience Analytics Software
    2. Others
  3. Services
By Display Size
  1. Less than 32 Inches
  2. Between 32 and 52 Inches
  3. More than 52 Inches
By Location
  1. Indoor
  2. Outdoor
By Technology
  1. OLED
  2. LCD
  3. HD Projector
  4. LED
  5. Others
By Application
  1. Retail
  2. Hospitality
  3. Entertainment
  4. Stadiums & Playgrounds
  5. Corporate
  6. Banking
  7. Healthcare
  8. Education
  9. Transportation
By Enterprise
  1. Small & Medium Enterprises (SMEs)
  2. Large Enterprises
Company Profiles Samsung Electronics LG Electronics NEC Corp. Exceptional 3D Leyard Optoelectronic Panasonic Delta Electronics Omnivex Corporation Deepsky Corporation Christie Digital Systems Intuiface Winmate Communication Inc.
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global digital signage market can be segmented by type, technology, location, and application.

By Type Analysis

On the basis of type, the global market has been segmented into video walls, video screens, transparent LED displays, digital posters, kiosks, and others.

The video walls segment dominates the market on the basis of type and is expected to retain its eminent position throughout the forecast period. The cost-effectiveness, ease of installation and mounting, and connectivity of video wall-type digital signage drive its acceptance in shopping malls and other public places, hence promoting the growth of the market.

By Technology Analysis

Based on technology, the global market has been segmented into LCD, LED, and projection.

LCD accounts for the most prominent value share among the different market segments by technology. It is extensively adopted in digital posters for marketing and advertisement purposes due to its convenience in manufacturing and low production cost.

By Location Analysis

Based on location, the global market has been segmented into in-store and out-store.

The in-store location segment holds the biggest market share. The in-store venues include the placement of digital billboards in malls, corporate offices, retail stores, banks, and healthcare facilities. The significant share of this segment can be attributed to the high demand from retail outlets, as retail is the most promising application area for digital displays used for advertising.

By Application Analysis

Based on application, the global market has been segmented into the banking & financial sector, healthcare, retail, hospitality, transportation & public place.

Retailers use digital signage for advertisements to market and promote their products and services. They are pursuing various marketing strategies to capture a larger customer base. Intense competition in retail drives the adoption of digital signage in the sector; thus, retail is one of the most prominent end-use sectors for the market.

Another prominent industry that employs digital signage is the banking sector. Customer experience is the biggest driver for BFSI companies, and several banks consider it more important than price-value perception when acquiring customer loyalty. It is estimated that visual experience deeply impacts customers compared to other advertisement forms. Hence, banks and other financial companies are gradually shifting to digital signage marketing techniques for promotional and branding purposes.

Market Size By Type

Recent Developments

  • November 2021- Creative Realities, Inc. and Reflect Systems, Inc. entered a merger agreement. CRI has extensive experience executing large-scale and complex digital signage projects. Reflect possesses world-class content management software solutions which have become the industry standard for scalable, flexible, and dependable digital signs. Together, they will provide consumers with some of the most comprehensive digital signage and media solutions on the market.
  • September 2021- Navori Labs, a leader in dynamic display and analytics, acquired the PlugnCast software business of Innes, the top French provider of dynamic display solutions for corporate and government communications. The acquisition will accelerate Navori Labs' business expansion in France and enable the company to promote and sell Innes' dynamic display solutions worldwide.

Top Key Players

Samsung Electronics LG Electronics NEC Corp. Exceptional 3D Leyard Optoelectronic Panasonic Delta Electronics Omnivex Corporation Deepsky Corporation Christie Digital Systems Intuiface Winmate Communication Inc. Others

Frequently Asked Questions (FAQs)

What is the estimated growth rate (CAGR) of the Digital Signage Market?
Digital Signage Market size will grow at approx. CAGR of 7.2% during the forecast period.
Some of the top prominent players in Digital Signage Market are, Samsung Electronics, LG Electronics, NEC Corp., Exceptional 3D, Leyard Optoelectronic, Panasonic, Delta Electronics, Omnivex Corporation, Deepsky Corporation, Christie Digital Systems, Intuiface, Winmate Communication Inc., etc.
North America has held a dominant position in the Digital Signage Market, with the largest market share.
The region with the most rapid expansion in the Digital Signage Market is Asia-Pacific.
The global Digital Signage Market report is segmented as follows: By Type, By Technology, By Location, By Application

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