The global digital signage market was valued at nearly $17 billion U.S. in 2015 and should top $27 billion U.S. by 2022, experiencing a compound annual growth rate (CAGR) of 6.7 per cent, according to a new report from research firm MarketsandMarkets.
The demand for emerging ultra-high-definition (UHD) ‘4K’ screens, light-emitting diode (LED) backlit liquid crystal displays (LCDs) and organic LED (OLED) panels (example pictured) is expected to accelerate the digital signage market’s growth between 2016 and 2022. Less visibly, public and commercial displays are also benefiting from the integration of real-time information management, ‘big data’ analytics, dynamic interfaces and ‘smart’ content. Indeed, MarketsandMarkets’ growth expectations for digital signage software are higher than those for hardware devices (including not only displays, but also media players, mounts and other accessories), which do not need to be purchased as frequently.
Kiosks reportedly represented the largest share of the global digital signage market in 2015 and are expected to continue dominating it through 2022, as they can be installed in virtually any location and provide access to information, entertainment, education and many other applications.
In geographic terms, MarketsandMarkets predicts North America’s dominant position will continue, due to the region’s large number of digital signage technology and service suppliers. That said, increasing commercial and infrastructure opportunities offer a promising future for the market in the Asia-Pacific (APAC) region and Europe.