LONDON--(BUSINESS WIRE)--The digital signage market is expected to grow by USD 10.01 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The high growth of retail space across the globe is expected to drive the digital signage market’s growth in the forthcoming years. The retail industry has been witnessing substantial growth in both emerging and advanced economies, owing to factors such as increasing urbanization, growing household incomes, and the rise in demand for quality products. Moreover, the rising expansion of the digital space in the retail industry is driving the increased adoption of digital signage. The digital signage solutions can be deployed as an integral part of the customer relationship management process as they enable effective information dissemination, create engaging customer experiences, and attract more customers.
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As per Technavio, the high growth of digital out-of-home (DOOH) signage will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Digital Signage Market: High Growth of DOOH Signage
DOOH signage is an upcoming component in digital advertising, which is growing at an increasing pace. DOOH signage is registering strong growth owing to the increasing adoption in public information displays (PIDs). Companies such as SAMSUNG ELECTRONICS has developed high-performance outdoor displays for DOOH signage. Amscreen utilized SAMSUNG ELECTRONICS' LTI750HF01 displays for its DOOH advertising, as these panel displays had operating specifications such as 178-degree wide view angle and supported multiple content formats. Thus, the increasing adoption of DOOH signage will drive the global digital signage market.
“Factors such as the introduction of SOC technology and innovations in display technology will have a significant impact on the digital signage market growth during the forecast period,” says a senior analyst at Technavio.
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Digital Signage Market: Segmentation Analysis
This market research report segments the digital signage market by application (retail, QSR and restaurants, education, healthcare and others), product (hardware, services and software), and geography (Europe, North America, APAC, South America and MEA).
The European region led the digital signage market in 2019, followed by North America, APAC, South America, and MEA. During the forecast period, the European region is expected to register the highest incremental growth due to factors such as the increasing spending on digital advertising, and rise in deployment to enhance consumer engagement and branding initiatives.
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Some of the key topics covered in the report include:
- QSR and restaurants
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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