Northrook, IL -- (SBWIRE) -- 04/02/2020 -- The digital signage market is expected to grow from USD 20.8 billion in 2019 to USD 29.6 billion by 2024, at a CAGR of 7.3%. Growing technological advancements in display products, increasing adoption of digital signage outlook revenue in commercial vertical, rising demand for 4K & 8K displays, and increasing infrastructural developments in emerging countries are the major driving factors for the market's growth during the forecast period of digital signage market.

Owing to factors such as the advent of new technologies, including OLED and electronic paper display (EPD), the display industry is expected to grow at a rapid pace. Along with the increased adoption of LED and LCD displays in market, OLED, transparent display, and electronic paper displays (EPD) are expected to exhibit high growth because of the high demand for displays in the digital signage industry.

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Hardware to dominate digital signage market (in terms of share) during forecast period

Hardware offering currently accounts for the largest share of market, and this trend is expected to continue during the forecast period. This growth is driven by growing digital signage market adoption in commercial verticals, increasing retail space, and growing infrastructural developments in emerging economies. By implementing digital signage displays within stores, retailers can deliver targeted messages to customers in real time, manage queues, synchronize video walls, drive brand awareness, encourage buyers to return, and thereby increasing sales. Moreover, newer technologies such as fine-pixel LED and OLED are expected to drive the growth of the digital signage industry for hardware devices during the forecast period of digital signage industry.

Indoor application to hold major share of digital signage market during forecast period

At present, indoor application holds the major share of market and a similar trend is expected to continue during the forecast period. The growth of indoor signage is driven by the usage of immersive and highly interactive display technologies in sports stadiums, indoor arenas, airports, bus/rail stations, retail stores, schools, hotels, restaurants, and so on. The indoor signage is generally based on LCD, OLED, or fine-pixel LED technology and require no additional protective features to make them waterproof and operational at high temperatures.

Transportation and public places to witness highest CAGR during forecast period

Transportation signage systems are typically integrated with different technologies such as databases that can maintain travel schedules and reservation information on a real-time basis. The transportation vertical requires large screen display devices at public places such as railway stations, airports, and highways. Large screen displays show information in a more effective way than conventional signage boards. Railway stations and airports require large display panels to communicate with passengers. The new displays have highly attractive features such as live video streaming and high brightness while interacting with customers or passengers. Digital signage provides travelers with vital information regarding schedules and timings of arrivals and departures of trains and flights. Timely updates, along with proper information regarding schedules and timings of transport facilities, help enhance the customer experience, which is a major driving force for the growth of this digital signage market for transportation.

APAC to account for highest demand in digital signage market during forecast period

The digital signage market in APAC is expected to exhibit the highest growth rate in market. Increasing developments in the field of retail, transportation, public infrastructure, and corporate are expected to create a huge demand for digital signage. Owing to low labor cost in APAC, the overall cost of implementing any digital signage system is significantly low in this region. Therefore, APAC is considered one of the potential markets for the growth of digital signage. This provides an opportunity for companies to establish and grow in APAC. Also, continuous increase in manufacturing facility investments by industry giants such as LG Electronics (South Korea), Samsung Electronics (South Korea), and many others is propelling the growth of digital signage industry in the region.

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Key Players of Digital Signage Industry

Key players in digital signage market include Samsung Electronics (South Korea), NEC Corp. (Japan), LG Electronics (South Korea), Sharp (Foxconn) (Japan), Leyard Optoelectronic (Planar) (China), Sony (Japan), AU Optronics (Taiwan), BARCO (Belgium), Panasonic (Japan), Goodview Electronics (China), Scala (US), E Ink Holdings (Taiwan), Omnivex Corporation (Canada), Deepsky Corporation (Hong Kong), Delta Electronics (Taiwan), Exceptional 3D (US), Daktronics (US), Christie Digital Systems (US), Intuiface (France), and BenQ (Taiwan).

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