The worldwide sales of the digital signage systems market were estimated at around US$ 17.54 billion in 2022. In 2023, the net demand for digital signage systems, in terms of value, is US$ 19.33 billion. The overall market is anticipated to increase at a CAGR of 11.8% through 2033. By the end of 2033, the global digital signage system market value is projected to reach a valuation of US$ 59.16 billion.
The global digital signage software industry is gaining traction with the growing demand for new integrated features in digital signage systems. The breadth of the digital signage software market is predicted to expand as display device prices decrease in the coming days. The digital signage market problems include a high initial cost of installation, a large investment in maintenance, content creation, support, and hardware and software.
“Wider adoption of LED technology, as it is simple and inexpensive to maintain, is stimulating manufacturers to continue to create flat-paneled OLED and LED displays. Additionally, this enables the brand owners to push sales of the top-performing items or combinations in the market- opines Sudip Saha, managing director and MD at Future Market Insights (FMI) analyst.
Key Takeaways from the Digital Signage System Market Report
The Digital Signage System Market is poised for significant growth across various regions through 2033. In the United States, the market is expected to achieve a CAGR of 10.1%, while the United Kingdom leads in Europe with a CAGR of 9.5%. Germany is projected to have a robust CAGR of 10.4%, emphasizing investment in new technologies. In Asia, China dominates with an anticipated CAGR of 11%, and India is showing remarkable growth with a forecasted CAGR of 12.7%. OLED and LED displays, known for their excellent quality, have become mainstream, capturing nearly 64.3% of the market share in 2023.
Competitive Landscape for Digital Signage System Market:
In order to gain a competitive advantage, prominent market participants seek to provide items of exceptional quality and value at a reasonable price. However, acquiring orders in bulk from advertising companies remains the key strategy for digital signage display manufacturers to expand their customer base.
By concentrating on the development of display and touchscreen technology, leading market players are trying to standardize the layout of digital signage systems. Cloud-based digital signage platforms are now extremely scalable, making them a logical choice for applications requiring content control at remote locations.
Key Players Profiled in the Digital Signage System Market:
The microgrid market is driven by several leading key players, each contributing to advancements in technology and implementation. Lockheed Martin Corporation and Honeywell International Inc. are notable for their innovative solutions in energy management and defense applications. ABB Ltd. and Siemens provide comprehensive grid automation and digital energy solutions. GE Digital Energy and S&C Electric Company focus on resilient and efficient energy distribution. Toshiba Corporation and Chevron Energy integrate energy storage and renewable energy systems. Viridity Energy Inc. and Power Analytics Corporation specialize in real-time energy optimization. ZBB Energy Corporation and Microgrid Energy LLC develop advanced energy storage and microgrid solutions, while HOMER Energy LLC offers robust microgrid design software. Consert Inc. facilitates demand response and energy management, enhancing the overall efficiency and reliability of microgrids.
Recent Developments by the Market Players
Dirty Dough Company teamed up with Hughes Network Systems in June 2023 to incorporate promotional displays and employee communication screens in their locations. The digital signage network and content management systems were integrated to control the content across several screens in the corporation remotely.
The unveiling of Panasonic Corporation’s transparent OLED concept display was unveiled at the lifestyle expo, Salone del Mobile, in April 2019. This new display created by Panasonic Design Kyoto and Daniel Rybakken is expected to change how viewers interact with digital signage systems.
Transparent OLED Touch Signage is the new touchscreen version of LG Electronics Comany’s Transparent OLED display. This brand-new signage display system with interactive OLED technology was made available in April 2020.
Restraints
While the digital signage system market is poised for substantial growth, it is not without its challenges. Some of the restraints include the need for businesses to adapt to evolving technology, navigate potential security concerns, and effectively manage the massive influx of data that accompanies digital signage systems.
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