Digital signage is taking the market by storm. Thanks to the breakthroughs in technology, it will only continue to do so in the future. To put things into perspective, a new market research report Digital Signage Market by Type, Software, Application & Geography – Global forecast to 2020, has estimated that the digital signage market will reach the staggering $23.76 billion by 2020, growing at a CAGR of 8.18 in the next five years.
The report looks into the digital signage market trends and drivers in relation to the geography, types and its potential applications. The locations covered include Europe, North America, Asia-Pacific, and RoW (Rest of the World). Notably, North America (including the US, Canada and other countries) is currently the largest market for digital signage and is expected to remain so by the 2020. Western European countries are also a promising market, especially Germany and the UK. As for the APAC countries, Japan and South Korea are expected to have the biggest share.
The need for digital signage was quite evident since the dawn of the mankind. Humans have always preferred images and videos to text on page. It’s simply how our brain is hardwired. Naturally, this feature is used by businesses worldwide to advertise their products and services to make it more appealing to customers. The applications of digital signage in the world of advertising are enormous, and they are constantly updated and refined.
Unlike the print advertising, which is more expensive and susceptible to physical damage, digital signage is a much better alternative and a more impactful way of reaching out to customers today.
By using large bright displays of various shapes and sizes digital signage can be used for transport, retail stores, in-store ads, and much more.
Potential applications and benefits of digital signage are practically limitless. As the display technologies such as LED, OLED and LCD continue to advance they will contribute even more to its widespread use.
The global demand for digital signage products is constantly on the rise and the market is most likely to go from $14.63 billion in 2014 to 23.76 billion in 2020. Business owners are ready to invest in these technologies because they can see tangible results. Digital signage helps businesses grow and can boost the return of investment, making it a very useful tool to invest into.
The growth of technologies is mainly due to its increasing demand for commercial purposes, but also because many companies and industry players are interested in investing in the development of digital signage. The use of these technologies has many advantages over the printed media form, such as being environmentally-friendly and energy-efficient.
Nevertheless, every path has its puddles. As good as they are, all advanced technologies may feature some software glitches, compatibility issues and other external interferences that may eventually stop them from functioning properly. However, all these issues are being addressed as we speak so as to provide the best possible experience for the customers.
The competition in the digital signage arena is fierce. The report features 10 biggest industry players that are currently leading the market, along with their main business strategies, portfolios, as well as their most recent achievements. That being said, the digital signage market is about to undergo many changes, whether in product developments, expansions across companies or in new partnerships.