A new report by intelligence and market research platform MarketsandMarkets predicts the global digital signage market will grow to $27.3 billion by 2029, registering a CAGR of 6.3% during the forecast period. The report claims that such market growth can be attributed to increased adoption of digital signage in commercial applications, as well as quickly growing demand for 4K and 8K displays. Ongoing development of infrastructure in developing countries and current technological advancements in the display sector also contribute to the forecasted growth. Here are a few major points from the report:
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Hardware segment likely to lead the offering segment during the forecast period.
The hardware segment of the digital signage market, by offering, is expected to have the largest share of the market between 2024 and 2029. The growing popularity of display technologies such as direct-view LED and OLED, which enable ultra-high definition (UHD), 4K, and 8K resolutions, combined with the increasing deployment of digital signage in commercial industries, is likely to boost hardware segment market growth. Furthermore, the growing use of large-screen digital signage in retail and advertising venues as a viable alternative to traditional signboards is expected to propel the hardware segment’s growth in the coming years.
By installation location, outdoor segment is likely to record the highest growth rate during the forecast period.
By installation location, the outdoor installation segment of the digital signage market, is expected to expand at the highest CAGR over the forecast period. This expansion can be attributed to various technological developments related to digital signage display, as a result of which businesses are able to select from a wide range of high brightness, highly attractive displays in various configurations and sizes, with brightness of more than 2000 nits, making them ideal for outdoor use. Furthermore, with recent improvements in display technology, digital screens have grown less susceptible to harsh outside settings while providing outstanding product life.
Asia Pacific is estimated to account for the largest market share in the global digital signage market by 2029.
Asia Pacific is anticipated to have the highest share of the digital signage industry by 2029. The growing adoption of the Internet of Things (IoT) and technologies that enable digital transformation across a variety of industries, including commercial, infrastructure, institutional, and industrial, has boosted demand for digital signage in Asia Pacific. Furthermore, strong economic growth, increased disposable income, higher consumerism, rising living standards, rapid technological advancements, developed retail space, and lifestyle changes have contributed to the adoption of strong and reliable advertising media in the region’s countries.
