Asia-Pacific Digital Signage Solution Market

Market Overview

The Asia-Pacific digital signage solution market size was valued at USD 4,265 million in 2021 and is projected to reach USD 12,850 million by 2030, registering a CAGR of 12.85% during the forecast period 2022-2030.

Digital signage is a display technology that primarily displays text, images, and videos. LCD, LED, projection, and e-paper display digital advertisement content. Small and medium-sized organizations are increasingly using cloud-based services for digital signage. The demand for cloud-based software for digital signage is growing due to its dependability, scalability, ease of maintenance, and cost-effectiveness. 

The Asia-Pacific market for digital signage for brand marketing will likely grow with the help of many developing countries like India, Singapore, and Japan. People in many wealthy countries have mostly switched from traditional to "more modern" ways of getting information. This market is one of the most promising: people there are used to being sold to through technology, so they know how to use it.

Highlights

• Content Management systems dominate the market by software type. 
• Installation services dominate the market by Service type.
• The retail segment dominates the market by Vertical.

Market Dynamics

Asia-Pacific Digital Signage Solution Market Drivers:

Adoption of Digital Technologies

Digital acceleration has fueled the demand for digital signage. Now, businesses transform their business by deploying technology to reconnect with customers in the new normal. Several trends, such as touchless solutions, predictive digital signage, and phygital retail, are set to take the center stage shortly. Any commercial environment gains new life with digital signage solutions. Unlimited possibilities and an elevated customer experience are enabled by interactive technology, virtual reality, and predictive analytics. 

Expansion of Various Industries

Various industries expanding worldwide significantly drive the digital signage solution market. Retail, healthcare, hospitality, education, transportation, and corporate industries increasingly adopt digital signage solutions to improve customer engagement, enhance communication, and drive business outcomes. Retailers are using digital signage solutions in the industry to create immersive and personalized customer shopping experiences. They increase engagement and sales using targeted messaging, product recommendations, and promotions. The healthcare industry uses digital signage to provide patients with information on medical procedures, health and wellness tips, and other health-related information.

Asia-Pacific Digital Signage Solution Market Restraints:

Data Security Issues

Data security concerns are key restraints for the Asia-Pacific digital signage solution market. Various industries are increasingly adopting digital signage solutions, which store and transmit a growing amount of sensitive data. This encompasses customer data, personal information, financial data, and other confidential information.

As a result, data breaches and cyber-attacks are making businesses more aware of the risks, and data security measures are being emphasized more. We implement firewalls, encryption, and other security protocols to protect against unauthorized access and data theft.

Asia-Pacific Digital Signage Solution Market Opportunities:

Rise of Urbanization

Due to urbanization, there is a growing demand for smart city solutions, such as digital signage solutions to enhance communication, wayfinding, and engagement with citizens and visitors.

Urbanization is rapidly expanding in developing nations such as India, China, and Indonesia due to population growth and infrastructure development. Businesses, governments, and other organizations can utilize digital signage solutions to enhance communication and engagement with customers, citizens, and visitors. 

Regional Analysis

India holds the highest market share despite a decline in the global economy. Scala states that India's gems and jewelry sector market is one of the largest, contributing 29% of global jewelry consumption. More than 40 lakh people are employed in this sector, contributing 7% to the Indian economy.

Indian tradition and culture inherently include purchasing jewelry. However, increasing customer satisfaction and building brand loyalty requires companies to personalize their approach, as most customers prefer to purchase jewelry in-store. During the pandemic, jewelers nationwide have chosen to reach more customers and keep their revenues high while ensuring a safe and seamless shopping experience by adopting a 'physical' approach.

Tanishq, India's most trusted jewelry brand, launched new phygital features in over 200 stores nationwide. The tech stack bridges the gap between bricks and clicks by incorporating features such as video calling, endless aisle, virtual jewelry try-on, and real-time, live-assisted chat. The demand for in-store signage solutions in the country is increasing as several other retail end-users implement digital signage.

Segmental Analysis

The Asia-Pacific digital signage solution market is segmented based on Software type, service type, and vertical.

The Software type segment is further segmented into Edge-Server software and content management systems.

The Content Management system segment dominated the market and is expected to register a CAGR of 13.01% over the forecast period.

The segment can be bifurcated by service type into Installation services, Maintenance, and support services. 

The Installation services segment dominated the market and is expected to grow at a CAGR of 12.30% during the forecast period.

Based on vertical, the market is sub-segmented into Retail, Corporate, BFSI, Education, Government, Transportation, Entertainment, Hospitality, and industrial.

Retail is expected to dominate the market, registering the highest CAGR of 12.73% over the forecast period.

Recent Developments

• April 2023- NEC utilized carbon nanotubes to develop the world's first highly sensitive uncooled infrared image sensor.
• March 2023- ViewSonic expanded its lineup of commercial display solutions by introducing a new series of all-in-one LED displays.