Digital Signage Market worth $27.8 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 25, 2021 /PRNewswire/ -- According to the new market research report "Digital Signage Market with COVID-19 Impact Analysis by Offering (Hardware, Software, Services), Product, Display Size, Installation Location, Application (Retail, Healthcare, Hospitality, BFSI, Education), and Geography – Global Forecast to 2026", published by MarketsandMarkets™, the market will grow to USD 27.8 billion by 2026 (forecast year) from USD 16.3 billion in 2021 (estimated year), at a CAGR of 11.2% between 2021 to 2026. The key drivers fueling the growth of this market include the growing adoption of digital signage in commercial applications, increasing infrastructure developments in emerging countries, surging demand for 4K & 8K resolution displays, and ongoing technological advancements in displays.
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The hardware segment to hold the largest market share in 2026
The hardware segment of the digital signage market, by offering is estimated to hold the largest market share in 2026. The rapid adoption of display technologies such as direct-view LED and OLED offering ultra-high definition (UHD), 4K, and 8K resolutions complemented by the growing adoption of digital signage in commercial industries is expected to drive hardware segment market growth. Additionally, the increasing adoption of large screen digital signage in the retail sector and advertising spaces as a suitable replacement for traditional signboards would boost the growth of the hardware segment in coming years.
The outdoor installation segment to register higher CAGR during the forecast period
The outdoor installation segment of the digital signage market, by installation location, is projected to register the higher CAGR during the forecast period. This growth can be attributed to various technological developments related to digital signage display as a result of which businesses have the option to choose from a wide variety of high brightness, highly attractive displays in different sizes and configurations offering brightness of more than 2000 nits, making them perfectly suitable for outdoor locations. Moreover, with recent advancements indisplay technology, digital displays have become less prone to harsh outdoor environments and deliver excellent product life.
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APAC is projected to hold the largest share of the digital signage market in 2026
APAC is expected to hold the largest share of the digital signage market in 2026. Increasing adoption of the Internet of Things (IoT) and technologies that enable digital transformation across various sectors such as commercial, institutional, infrastructure, and industrial has fueled the demand for digital signage in APAC. In addition, strong economic growth, rise in consumerism, growth in the standards of living, increase in disposable income, high technological advancements, growth of retail space, and changes in lifestyles have accelerated the adoption of strong and reliable advertising media in the countries of the region.
Samsung Electronics (South Korea), LG Electronics (South Korea), Sharp Corporation (Japan), Leyard Optoelectronic (US), Sony Corporation (Japan), Barco (Belgium), Panasonic Corporation (Japan), Shanghai Goodview Electronics (China), AU Optronics (Taiwan), and BrightSign (US) are the key players in the global digital signage market. These players are increasingly undertaking strategies such as product launches and development, expansions, partnerships, contracts, and acquisitions to increase their market share.
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