Digital Signage Market Size 2022 Competitive Strategies, Regional Analysis Forecast 2023

By Ronak Bora

Digital Signage Market size is set to exceed USD 23 billion by 2023, according to a new research report by Global Market Insights, Inc. The demand for digital signage is expected to grow exponentially in the coming years on account of increasing adoption of targeted advertising technologies. Several companies prefer to distribute their content through digital signage as it comes as an efficient marketing strategy. 
The technology has been proven to be beneficial for a wide range of businesses across the world and has helped firms scale their profits to higher levels of engagement from new customers. Studies suggest that digital displays are better than static displays as they get 400% more views and offer a recall rate of almost 83%.
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Digital signage also offers numerous benefits to public-sector companies like allowing people to improve internal communications. It enables businesses to accelerate their operations by providing instant emergency notifications and ensuring that each user and customer gets the message on time.
Outdoor digital signage is witnessing immense traction as it offers a more appealing and accessible experience to users. It allows businesses to function effectively and target a particular section of the audience.
In terms of applications, the digital signage market is mainly bifurcated into corporate, banking, healthcare, education, transportation and retail. Out of these, the healthcare segment is projected to showcase substantial growth owing to surging adoption of digital displays for multiple purposes like delivering tips and suggestions for improving patient health, sharing essential registration information and displaying notices. 
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Meanwhile, the retail sector was reported to dominate the global digital signage market in 2015 by controlling a revenue share of more than 40%. Retail outlets are adopting the technology to enhance customer experience. In addition to this, digital signage market is proven to help save printing costs, minimize operational costs and increase brand awareness.
On the regional front, Asia Pacific is considered to be a profitable ground for digital signage manufacturers and is anticipated to register a compound annual growth rate of almost 6% over the forecast period. This growth can be contributed to increasing number of funding activities targeted to promote infrastructure development in the region as well as decreasing cost of display panels. Growing demand for improved visual experience coupled with developing educational sector could boost the adoption of digital signage market in the region. 
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Prominent industry players like Samsung, LG, Cisco System Inc., AUO, Panasonic Corporation, Innolux, BrightSign LLC, Scala Inc. and Polk Audio are emphasizing on developing innovative display solutions to help large and small businesses develop creative marketing strategies and interact with their customers. Taking August 2020 for instance, Magnetic 3D developed multiple digital signage kiosk systems incorporated with temperature-check and hand-sanitizing capabilities. Reportedly, these kiosks have adjustable auto-dispensers and can install a thermal-scanning camera for temperature checks.
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About Author

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport....

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