North America expected to hold the largest market share, while APAC projected to witness the highest growth rate.

Northbrook, IL -- (SBWire) -- 11/02/2018 --The digital signage market is expected to be worth USD 32.84 billion by 2023, growing at a CAGR of 7.4% between 2017 and 2023. The growth of the digital signage market is propelled by the increasing demand for digital signage in public & commercial sectors along with its cost effectiveness and assured return on investment. The demand for digital signage in the market is also fostered by emerging technologies in displays.

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The market for hardware offerings is expected to dominate the digital signage market based till 2023, while that for software offerings is would register the highest growth rate during the forecast period. This high growth rate can be of the market for software offerings is because of the long operational life of hardware devices such as display, media players, projectors, and mounts & other accessories; they are not purchased or replaced frequently.

Maintenance and support services are expected to grow at the highest rate between 2017 and 2023 in the digital signage services market. With the increasing adoption of digital signage systems, the maintenance and support services are also expected to have increasing demand. Maintenance services such as the installation of systems, upgradation of software, and modification in the system according to the changing requirements are carried out at regular time intervals.

The overall digital signage market based on product comprises kiosks, menu boards, billboards, signboards, and others. The market for signboards is expected to grow at the highest CAGR during the forecast period. This is mainly due to the wide price range of signboards. In addition, the increasing importance of advertising for improving the brand image of a product/company also fosters the growth of the same in the digital signage market.

The global digital signage market has witnessed various technological advancements and registered remarkable growth over the last few years. Digital signage systems have a high demand for information display and as a medium of promotion among large masses at the same time. In this report, the digital signage market based on application is segmented into commercial, infrastructural, institutional, and industrial. Some of these applications are further segmented into different types.

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The digital signage market for the commercial application held the largest share in 2016; this market is expected to grow at the highest rate between 2017 and 2023. The major reason behind the growth of the commercial market is the rising implementation of displays for advertising which attracts customers. In the digital signage market for the commercial application, the retail sector is estimated to hold the largest share during the forecast period, as the increasing number of malls and shopping centers has boosted the installation of digital signage systems.

North America is expected to hold the largest market share and dominate the digital signage market by 2023. The U.S. is the growth engine for the digital signage market in North America, with Canada gaining ground globally. The market in the APAC is expected to grow at a high rate. APAC is one of the key markets for display panels globally and is expected to grow at the highest CAGR during the forecast period.

The presence of major panel and brand product manufacturers in APAC is the major reason for the highest growth of the market in this region. The retail sector is thriving in APAC countries such as China, Singapore, Malaysia, Thailand, Hong Kong, Singapore, Malaysia, and Japan and continues to gain benefits from both the strong domestic demand and an influx of tourist dollars from countries such as Australia and India. The impressive growth of the retail sector would help the digital signage market to gain traction in this region. Significant growth opportunities for display manufacturers is expected in the digital signage market during the forecast period due to sports events such as Olympics 2020 in Japan, Common Wealth Games 2018 in Australia, and FIFA WC 2018 and 2022 in Russia and Qatar, respectively.

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