The global digital signage market has been envisaged to entertain a neck-and-neck competition among top companies operating in the industry, as per a report published by Transparency Market Research (TMR). In the foreseeable future, the competition in the market could be escalated further due to a growing count of companies putting their best foot forward with cost-efficient products. HP, Panasonic, and Cisco could be few of the leading competitors in the market.
According to a TMR publication, the global digital signage market could achieve a valuation of US$34.67 bn by the end of 2022 at a CAGR of 10.0% during the forecast horizon 2017-2022. In 2017, the market had attained a valuation of US$21.50 bn. Among high-paying offerings, displays and media players could secure a colossal demand in the coming years. Regionally, North America could be crowned as a market leader for years to come.
Reduced Wait Time and Easy Update of Content Intensify Adoption
The world digital signage market has been foreseen to witness a staggering swell in its valuation due to high attraction of advertisements created with the use of graphic interface on web and digital media. This growth could help vendors to see an exponential rise in their revenue in the near future. The facility of being able to easily update content from the internet onto digital signage, significantly decreasing the real wait and perceived time, has been projected to help vendors gain demand in the market. The public sector and commercial industry could offer a heightened response to the launch of digital signage software and hardware products, thus assisting the market to embrace an improved demand.
Lucrative regions such as North America have been prophesied to increase their growth while leaning on the expanding pool of vendors dealing with industrial equipment and products. The retail industry could be counted as a leading end user of digital signage due to a greater installation of various products that save the printing cost of physical advertisements, draw a more number of customers, and improve customer engagement. While Asia Pacific Excluding Japan (APEJ) could cash in on technological advancements for market gains, Europe has been prognosticated to take advantage of rising government initiatives for installing digital signage in offices.
Arguable Investment Returns and Tall Initial Expenses Hamper Demand
Equivocal returns on investment and expensive initial costs could pave a tough road ahead for players looking to make business in the international digital signage market. Backward compatibility and the lack of undeviating standard for product quality have also been foretold to disturb the momentum of growth in the market for the coming years.
However, some of the most rewarding prospects have been anticipated to yet show face in the international digital signage market. These could ride on the back of the desperate efforts of end users to reach a broader audience base, substantially elevating the demand for digitally-enabled products boasting of high-grade content quality. The market growth could be positively reflected over by the decreased printing cost and enhanced consumer experience that come with digital signage offerings. Apart from retail, the surging demand for digitalized displays in the banking, financial services, and insurance (BFSI) sector could provide the stimulus for a hefty growth in the market.