Digital Signage Analysis Of Industry Trends In 2021

Last year, due to the impact of the COVID-19, the global economy declined, especially in retail, entertainment, sports, etc.. However, the application of digital signage has grown significantly against the trend. The reason is that digital signage advertising is an innovative advertising method that can reach the target audience very well.

According to the data, The global digital signage market size was estimated at USD 23.12 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.7% from 2022 to 2030. And the U.S. digital signage market size was valued at USD 5.3 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.3% from 2022 to 2030. 

Digital signage is used for displaying promotional and informative content in the form of images, graphics, videos, and creative advertising on LED screen or LCD screen. Colorful pictures, dynamic videos, and creative advertising content can attract customers and viewers pass by, engage viewers to notice the promotion, and influence consumers’ purchasing decisions. 

Growth Factors

The rapid growth of the digital signage market is due to the increasing demand for the digitization of products and services, which is an effective means of promotion to attract the attention of the target audience. Compared with traditional printed media or static billboards, digital signage with embedded software and media players can attract consumers' attention at first sight, is cheaper, and can effectively promote business growth.

At the same time, the increasing popularity of digital advertising and the continuous improvement of application scenarios are also one of the important factors driving the growth of the digital signage market. With the development of display technology, digital display technology and software iteration, the content displayed on digital signage is not single, but more and more diverse and interesting. Information is mainly provided in the digital format of animation and pictures. The evolution of LED, UHD, OLED, LCD and super AMOLED is nourishing the industry growth.

The type of digital signage

According to type of screen，the digital signage has been further segmented into video walls, video screens, transparent LED screens, digital posters, kiosks, and others. Video walls and screens are applied in shopping malls, subway, railway station and other public places. And kiosk applied for providing information and for advertising in institutes and retail verticals, such as bus stops, schools, hospitals. The transparent LED screens are anticipated to be the fastest growing segment over the forecast period owing to the high resolution and a transparency offered by them.

But the two main types currently on the mainstream market of digital signage are LCD displays and LED displays. And LED digital signage accounts for 46.4%, occupying the largest market share,  is widely used in marketing and advertising industries. And LCD digital signage is widely used because of its lower manufacturing cost and ease of manufacture. However, high production costs, complicated manufacturing processes, and shorter lifespans associated with LED displays act as restraining factors for the growth of the segment.

Application of digital signage

Digital signage is mainly used in retail, entertainment, public transportation, stadiums, healthcare, hotels and other public places. By 2021, the retail industry will account for about 22.4% of the digital signage market share and is one of the major application markets for digital signage. In increasingly competitive retail industry, retailers want to make their products and services stand out for their competitor, they need to display their products and services to target customers in an effective way. Adopting digital signage is one way, and retailers are increasingly realizing the benefits of digital signage.

With the acceleration of urbanization and the introduction of concepts such as smart cities, the application of digital signage in the transportation industry is becoming more and more extensive. In bus stations, railway stations, subway stations, airports, etc., it is used to display promotions, advertisements, etc.

In the food and drink industry, digital signage is used as a digital menu board or advertising display to display hotel, restaurant promotions, products, discounts, etc., to enhance the customer experience.


It is foreseeable that the application of digital signage will become more and more extensive in the future.

Comments

  1. Digital Signage SolutionsJune 12, 2023 at 8:37 AM

    This blog provides a comprehensive overview of the prevailing trends in the digital signage industry, offering valuable insights into its growth and future prospects. By analyzing key factors such as technology advancements, content personalization, and interactive experiences, the report offers valuable guidance for businesses navigating this dynamic sector. Here you find more information on digital signage templates.

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