Digital Signage Market Worth $35.94 Billion at 7.8% CAGR; Rising Need for Greater Customer Engagement to Boost the Uptake of Digital Signage in BFSI Sector: Fortune Business Insights™
June 28, 2021 at 06:22 AM EDT
Pune, India, June 28, 2021 (GLOBE NEWSWIRE) -- The global digital signage market size is expected to reach USD 35.94 billion by 2026, exhibiting a CAGR of 7.8% during the forecast period. Rising efforts to make cities smarter through advanced technology will pave the way for the growth of this market in the given time period. Urbanization around the globe is speeding ahead at an exponential rate owing to the movement of people from rural to urban areas. According to UN estimates, by 2050, around 68% of the world’s population will be living in urban areas. This has prompted governments in many countries to transform cities into smart cities to make governance more efficient and effective. For instance, in March 2018, the Independent reported that police authorities in Shenzhen, China have deployed facial recognition technology, using AI-based CCTV cameras to catch jaywalkers and implement traffic rules stringently. As countries develop, the demand for digital signage solutions is likely to spike and this will be one of the leading digital signage market trends during the forecast period.
The digital signage market value was at USD 19.78 billion in 2018, according to the new Fortune Business Insights™ report, titled “Digital Signage Market Size, Share & Industry Analysis, By Component (Hardware, Software, Content, and Services), By Deployment (On-Premise, Cloud), By Location (Indoor, Outdoor), By Product Type (Video Walls, Digital Posters, Kiosks, Billboards, and Others), By Industry Vertical (Retail, Corporate, Hospitality, Transportation, Education, Healthcare, Sports and Entertainment, and Others) and Regional Forecast, 2019-2026”.Besides this, the report shares the following information:
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Top Players Covered by Fortune Business Insights™:
• Omnivex Corporation
• E Ink Holdings Inc.
• Leyard Optoelectronic Co., Ltd.
• Panasonic Corporation
• Exceptional 3D
• Samsung Electronics
• Deepsky Corporation Ltd.
• Sony Corporation
• LG Electronics
To get to know more about the short-term and long-term impacts of COVID-19 on this market,
Increasing Popularity of Digital Signage among Retailers to Feed Market Growth
Retail giants are increasingly focusing on upgrading their infrastructure to integrate digital signage solutions to their existing structures. For example, Nordstrom is employing digital signage tools through 360-degree imagery and intelligent programing to make shopping easier and comfortable. Thus, digitization measures taken by retailers in significantly enhancing the digital signage market potential. Furthermore, digital displays have made accessing critical banking and financial information more convenient for customers and have also reduced waiting times. This technology has widened and deepened customer engagement, which has, in turn, aided the progress of the banking and finance sector.
Key Industry Developments:
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North America to Lead the Pack; Asia-Pacific to Boast an Admirable CAGR
North America is poised to dictate the digital signage market share in the forecast period, as the region generated a revenue of USD 8.32 billion in 2018. The primary factor driving the market in this region is the rising demand for digital signage solutions for promotional activities, particularly in the US. Asia-Pacific will grow at an impressive CAGR on account of increasing uptake of digital signage technologies in the commercial, residential, and corporate sectors. The digital signage market research also finds that low cost in deploying electronic signage systems will fuel the market in Asia-Pacific. In Europe, growing investments in digitization will propel the market, while increasing digitization efforts will spur the market in the Middle East, Africa, and Latin America.
Intense Efforts to Develop Novel Digital Signage Hardware Solutions to Stimulate Competition
The digital signage market report predicts a period of cutthroat competition as companies strategize to solidify their position in the market. Majority of the digital signage market leaders, such as Samsung, are focusing on developing innovative hardware solutions so as to diversify their product portfolio.
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