Global Digital Signage Market is expected to reach USD 20.03 billion by 2020, according to a new study by Grand View Research, Inc. Growing demand from application areas such as retail and healthcare is expected to drive the global market over the next six years. Creating and distributing content via digital signage serves as an effective marketing tool, which is expected to spur adoption in the corporate sector. Larger screen sizes such as those over 50-inch displays are expected to gain popularity over the forecast period.
Demand for digital displays with 4K technology is on the rise to address growing image sharpness requirements to accommodate large displays. Software providers have been targeting the entry-level digital signage market by designing solutions compatible with Android OS. The emergence of IoT and increased adoption of cloud computing is expected to enable collection of vital operational data. Use of digital signage help prevent paper wastage and incorporation of LED backlit panels have resulted in considerable energy savings, which is expected to aid in market growth.
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Further key findings from the study suggest:
- LCD dominated the global display market in 2013 and accounted for over 50% of the overall revenue in the same year. Lowering prices coupled with the advantages offered by this technology over alternatives such as plasma display is expected to fuel the LCD market over the forecast period. LED backlit panels are expected to be increasingly incorporated in digital signage as they help achieve significant energy savings.
- Retail accounted for over 40% of the market in 2013 and is expected to remain the largest application segment over the next six years. The healthcare segment has significant growth potential as healthcare providers and hospitals have increasingly incorporated digital signage for numerous purposes such as sharing important registration information, conveying wellness tips for improving patients’ health, and guiding visitors through wayfinding functions.
- North America accounted for the largest market share of over 35% in 2013; growing demand across application areas is expected to favorably impact the regional market over the next six years. Factors including improved user experience, educational and government market development, decreasing price display panels, and infrastructure development are likely to spur Asia Pacific market growth.
- The industry has started showing signs of consolidation in the wake of a mini spate of M&A (X2O Media’s acquisition by Barco) and joint ventures (LG Electronics and MRI). Key vendors in the 9.1-inch and larger LCD panels space include LG, Samsung Electronics, Innolux and AUO.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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