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New Product Launches, Partnerships, Agreements, Joint Ventures, Contracts, and Collaborations Were the Key Strategies Adopted by Digital Signage Market
According to the MarketsandMarkets forecast, the digital signage market size is expected to grow from USD 16.88 Billion in 2015 to USD 27.34 Billion by 2022, at a CAGR of 6.7% between 2016 and 2022. The growth of the market is propelled by the increasing demand for digital signage in public & commercial sectors along with the focus on reducing energy consumption. In addition, the rising demand of OLED-based displays and improvements in technology offerings & infrastructure expansions across the globe is driving the demand for digital signage market.
New product launches, partnerships, agreements, joint ventures, contracts, and collaborations were the key strategies adopted by players to boost their share in the digital signage market between 2012 and 2015. Some of the recently launched products in the digital signage market include Sharp Corporation’s N-E series of LED displays designed for a wide range of professional applications, NEC Display’s ultra-high definition (UHD) display, the new multisync PA322UHD, LG Display’s Ultra-High Definition TV, and so on. Some of the companies such as Sharp Corp. (Japan), Planar Systems, Inc. (U.S.), and ADFLOW Networks (Canada) among others focused on partnerships, agreements, joint ventures, contracts, and collaborations. For instance; in February 2015, Sharp partnered with Chip and PIN Solutions, the U.K.s leading provider of card payment solutions, and together they created a mid-range electronic cash register. This collaboration offered integrated and certifiable solutions for licensed hospitality businesses and small- & medium-sized retailers.
Top 2 Players in digital signage market:
In 2015, the market was dominated by Samsung Electronics Co., Ltd. (South Korea). Samsung Electronics Co., Ltd. engages in the manufacturing and selling of electronics and computer peripherals. The company operates its business through following divisions: consumer electronics, information technology & mobile communications, and device solutions. Samsung Electronics Co., Ltd. adopted new product development as the key strategy for its growth; it regularly introduces new products in the digital signage market. The company mainly focuses on the development of display products, which can serve the future growth of the company. For instance; in October 2014, it launched the Samsung SMART Signage TV for small businesses, which enabled the company to enter into new segments of the market. This would accelerate the innovative capability of the company, which attracts users to its products.
LG Display Co., Ltd. is engaged in the development, production, and sale of thin film transistor (TFT) liquid crystal display (LCD) panels. It operates through the following business divisions: TFT-LCD, flexible display, and organic light-emitting diode (OLED). The company aims to strengthen its portfolio significantly by introducing new products such as Ultra HD Advanced and LCD panel for monitors featuring the Intel® Wireless Display (WiDi) technology in the digital signage portfolio. The company launched various products such as HD LCD panels for smartphones, 55-inch OLED display panels, and so on. It started mass production activities. It is also involved in increasing the manufacturing capacity by setting up new facilities to meet the rising demand of the market. For instance; in September 2014, it opened its first overseas LCD panel fabrication plant in Guangzhou, China to expand its presence by adding to its existing module assembly plant in the city.
Digital Signage Market by Product (Kiosks, Menu Boards, Billboards, Signboards), Offering (Hardware (Display Panels, Media Players, Projectors), Software, and Services), Application, and Geography - Global Forecast to 2022
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