The report by Transparency Market Research (TMR), the global digital signage market has highly fragmented and competitive landscape due to the presence of numerous players operating in the global market. Some of the key players in the market are NEC Corp., Panasonic Corp., Advantec Co. Ltd., Cisco Systems Inc., Omnivex Corp., Sony Corp., Sharp Corp., LG Electronics, BroadSign International, and Samsung Electronics Co. Ltd. The emergence of several new players in the market is expected to intensify the competition in the global market. The market players are increasingly adopting techniques such as mergers, acquisitions, and strategic alliances.
According to a report by Transparency Market Research (TMR), the global digital signage market was valued at US$21.50 bn in 2017 and is expected to expand with a CAGR of 10.0% from 2017 to 2022, to attain the value of US$34.67 bn by the end of 2022. The retail sector is dominating the digital signage market owing to it attracts more customers and saves the printing cost. North America market for digital signage is dominating the global market and the region will continue its dominance with the CAGR of 11.10%.
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Knowledge of Benefits from Digital Signage to Drive Growth
Benefits of the digital signage technologies such as effective management of their design collaterals and advertising creative content. The attractive graphical interface of advertisement on digital and web media are fuelling adoption of digital signage. Thanks to these benefits of digital signage, adoption of these devices and technology in education, corporate, banking, entertainment, transportation, and retail stores is increasing. This is a key factor in fuelling the growth of the global digital signage market. Additionally, an easy content update on digital signage and a reduction in wait time due to the usage of the internet are another factor propelling growth of the global digital signage market.
The digital signage has reduced operational cost of retail and transportation industry through use of digital advertisements rather than printing one. Media players, displays, and network software are some of the services offered by the digital signage. Growing demand for these services is augmenting the growth of the global digital signage market. Furthermore, high-quality content offered is increasing investments which are fuelling its adoption across numerous verticals.
Risky Return on Investment to Hamper Growth
Despite these growth prospects, the risky and undeclared return on investment (ROI) is restraining the growth of the global digital signage market. Digital signage serves numerous utilities to the companies and does not provide any benefits on the front of profitability. Furthermore, high initial investment need for deploying digital signage technologies are limiting the growth of the global digital signage market. Nevertheless, increasing adoption of digital signage from banking and transportation sectors are augmenting opportunities for growth in the global digital signage market in near future.