The global digital signage market is marked with the stiff competition between the leading players, such as Cisco, Panasonic, HP, and Samsung, find a new study by Transparency Market Research (TMR). With a number of local vendors venturing into the market with cost-efficient displays, the competition within the market is expected to intensify further in the near future, reports the market study.
As per the estimations of this research report, the global market for digital signage is expected to reach US$21.50 bn by 2017. The market’s opportunity is further anticipated to witness a substantially high growth at a CAGR of 10.0% during the period from 2017 to 2022, attaining a value of US$34.67 bn by the end of the forecast period. Displays and media players are witnessing a comparatively higher demand among consumers when compared to other products available in this market. The retail sector has surfaced as the leading end user of digital signage across the world and is projected to continue as the key contributor to this market over the next few years.
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North America, amongst all the regional markets, has emerged as the market leader. Researchers expect it to maintain its position throughout the period of the forecast, thanks to rising vendor pool of industrial products and equipment in this region, reports the research study.
Rising Demand for Digital Signage Products in Commercial and Public Sectors to Boost Market’s Growth
“The growth in the worldwide digital signage market is exponential and the market is expected to continue reporting a high rise in the years to come,” says a TMR analyst. With consumers being highly enamored by attractive advertisements created by using graphic interface on digital and web media, this market is witnessing a substantial surge in valuation.
Going forward, the rising demand for digital signage hardware and software products in the commercial industry and the public sector and the easy content update from internet on digital signage, leading to a reduced perceived and real wait time, are likely to boost the global market significantly in the years to come, states the research report.
High Initial Investments and Ambiguous Returns to Obstruct Growth Rate
While the future of the global market for digital signage looks bright, it may face tough challenges from the high initial investments and ambiguous return on investments in the near future. The absence of uniform standard for product quality and the backward compatibility may also hinder the growth of this market over the next few years.
Nevertheless, the augmenting demand for digitally enabled products with superior content from end users in an effort to reach a wider base of audience is anticipated to provide most promising opportunities to the digital signage vendors across the world in the years to come. The improved consumer experience and reduced cost on printing offered by digital signage are also expected to reflect positively on the market’s future growth, notes the research study
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The review is based on a report by Transparency Market Research (TMR), titled “Digital Signage Market (Offering – Displays, Media Players, Software for Network, Services, and Media Revenue; Display Technology – LCD, PDP, OLED, LED, Front Projection, and Rear Projection; Application – Corporate, Education, Healthcare, Entertainment, Banking, Retail, and Transportation) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2022.”
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