Digital Signage Market Size, Share & Industry Growth Analysis Report by Product (Video Walls, Kiosks, Billboards, System-on-chip), Displays (LCD, OLED, Micro-LED), Resolution (4K, 8K, FHD, HD), Software (Edge Server, Content Management), Display Size, Application and Region - Global Forecast to 2028
Updated on : October 30 , 2023
The Global Digital Signage Market Size is expected to reach USD 26.1 billion by 2028 from USD 18.7 billion in 2023, at a CAGR of 6.9% from 2023 to 2028.Growing adoption of digital signage in commercial applications, increasing demand for digital signage in infrastructural applications, surging demand for 4K and 8K displays and constantly growing technological advancements related to displays are the major factors driving the growth of the digital signage industry.
Digital Signage Market Forecast to 2028
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Digital Signage Market Dynamics:
Driver: Increasing demand for 4K and 8K displays
4K and 8K resolution displays are ultra-HD display resolutions which have gained popularity because of the changing consumer behavior. 4K display makes the portrayed content on the display sharper and easier to read which enhances customer interaction. Upgrading from a full-HD display to 4K and 8K resolution can benefit the business significantly. It grabs the customers’ attention instantly, which increases the number of potential customers of the business. 4K displays are flexible which gives the retailers a chance of managing the complex infrastructure easily. 8K resolution displays have a panel size of ~7 feet long and contrast ratio of 100,000:1 with a viewing angle of 176 degrees. The display offers up to 104 pixels per inch. It can be used when retailers want their customers to read small texts or details while standing close to the screen. Increasing demand for displays with high resolution is expected to drive the market growth for digital signage.
Restraint: High cost of digital signage
Despite the increasing adoption of digital signage, few businesses remain hesitant in using it in their marketing and communication strategies. This hesitation primarily stems from the high initial hardware investment which is needed to install digital signage. The prices of displays, media players, mounts, and connectivity equipment contribute to the total hardware cost. Furthermore, costs with respect to content creation vary as they depend on the complexity and frequency of the updates. Additionally, the content management and scheduling capabilities need software platforms or services. Content creation and management tools such as software platforms or services are paid through subscription fees. In addition to this, costs regarding installation and infrastructure, connectivity, maintenance and support and power and energy consumption contribute to the high cost of the installation and maintenance of digital signage which dampens the market growth.
Opportunity: Growing demand for digital signage in the industrial sector
In the industrial sector, digital signage is used to improve communication, safety, and productivity. It is used in manufacturing plants to display production metrics, real-time performance data and safety information. Digital signage also informs the employees about the production targets, quality standards, and potential hazards. It also assists in warehouse management by screening inventory levels, order status, and picking instructions. Digital signage also improves operational efficiency, reduces errors, and streamlines logistics processes. Moreover, digital signage also notifies about emergencies, to visually represent complex processes, workflow diagrams or assembly line instructions, to display real-time quality control data which includes defect rates, rejects and inspection results. Digital signage is also used for training and educating employees to ensure consistent dissemination of information. It is also used to present key performance indicators (KPIs) and performance metrics to motivate employees and track progress. Therefore, digital signage is used in the industrial sector to benefit the employees and the work performance. The growing adoption of digital signage in the industrial sector is expected to create growth opportunities for market players.
Challenge: Security issues associated with digital signage
Digital signage systems are prone to security risks such as hacking and malware attacks. Users of digital signage fall to phishing attacks or social engineering tactics, as they use weak passwords to the networks or connect to unsecured networks through which hackers can gain access to the network and the information displayed on the screens. Moreover, digital signage is also prone to malware attacks which can spread through email attachments, USB drivers or other channels. If unauthorized access is given into the digital signage networks, it can lead to unauthorized content being displayed on screens. Increasing number of such security concerns are expected to adversely impact the market growth of digital signage.
Digital Signage Market Ecosystem
The key players in the digital signage market are Samsung Electronics Co., Ltd. (South Korea), LG Electronics (South Korea), Sharp NEC Display Solutions, Ltd. (Japan), Leyard Optoelectronic Co., ltd. (China), Sony Group Corporation (Japan). These companies not only boast a comprehensive product portfolio but also have a strong geographic footprint.
Commercial application to account for the largest share of the digital signage market during forecast period
Digital signage displays are extensively used in the retail sector due to their ability to attract customers and enhance the customer experience in retail stores. For commercial applications digital signage such as video walls, kiosks, automated teller machines (ATMs), menu boards, billboards, interactive displays, and system-on-chip displays are used in retail, healthcare, corporate, broadcasting, hospitality, and government sectors. Furthermore, in retail, the growing need for improved customer experience has led to an increased adoption of interactive displays which can be instrumental for wayfinding and information dissemination purposes. Additionally, in the healthcare sector, digital signage displays enable interaction with patients using interactive kiosks and help to display information related to health. Wayfinding displays also help to decrease hallway congestion in hospitals and other commercial places. The growing number of applications that enable the adoption of digital signage are expected to drive the market growth for digital signage for commercial applications.
Software to register highest CAGR in the digital signage market during forecast period
Technological advancements and the subsequent use of technologies such as internet of things (IoT), growing need for real-time content management, and growing usage of smart signage have significantly driven the growth of digital signage software market globally. In recent years, there has been a significant increase in the purchase of digital signage software owing to its benefits. Moreover, the development and growing popularity of system-on-chip displays has also led to the market growth for digital signage software. Regular purchase and upgrade of software licenses is expected to significantly contribute to the market growth of digital signage software.
Standalone displays to account for the largest share of the digital signage market during forecast period
Standalone displays such as kiosks, ATMs, menu boards, billboards, and general-purpose information displays are displays with a single screen that have a simple design and cost lesser than video walls. Unlike video walls, the content in standalone displays is not interrupted by bezels of other displays that are in combination. Standalone displays are easy to install and have a simple architecture with reduced hardware and software infrastructure. Furthermore, the growing need for improved customer experience and the subsequently increasing demand for interactive displays is a major factor contributing to the growth of standalone displays.
North America held the largest share of digital signage market in 2022
North America accounted for the largest share of the digital signage market in 2022. Presence of many digital signage software providers and higher adoption of advanced technologies such as IoT especially in retail and hospitality sectors are some of the major factors driving the market growth in North America. Moreover, the increasing commercialization of 5G technology and fiber optic networks has led to growing use of digital signage in retail, institutions, public, government, and other such sectors that are witnessing rapid digitalization. These developments are expected to drive the growth of the digital signage market in the region. Additionally, Canada, with a relatively stable economy, is also expected to witness significant increase in the adoption of digital signage in the near future due to the increasing retail spaces and transition of conventional retail stores into smart stores.
Digital Signage Market by Region
To know about the assumptions considered for the study, download the pdf brochure
Key Market Players
The prominent players in the digital signage companies are Samsung Electronics Co., Ltd. (South Korea), LG Electronics (South Korea), Sharp NEC Display Solutions, Ltd. (Japan), Leyard Optoelectronic Co., ltd. (China), Sony Group Corporation (Japan). These companies have used both organic and inorganic growth strategies such as product launches, collaborations, joint ventures, and partnerships to strengthen their position in the market.
Digital Signage Market Report Scope
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Report Metric |
Details |
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Estimated Market Size |
USD 18.7 billion in 2023 |
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Projected Market Size |
USD 26.1 billion by 2028 |
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Growth Rate |
CAGR of 6.9% |
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Market size available for years |
2019–2028 |
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Base year considered |
2022 |
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Forecast period |
2023–2028 |
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Forecast units |
Value (USD Billion), Volume (Thousand Units) |
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Segments covered |
By Offering, Display Size, Product Type, Installation Location, Application, Enterprise Size, and Region |
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Regions covered |
North America, Europe, Asia Pacific, and Rest of World |
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Companies covered |
The major players in the digital signage market are Samsung Electronics Co., Ltd. (South Korea), LG Electronics (South Korea), Sharp NEC Display Solutions, Ltd. (Japan), Leyard Optoelectronic Co., ltd. (China), Sony Group Corporation (Japan), Barco (Belgium), Panasonic Holdings Corporation (Japan), Shanghai Goodview Electronics Technology Co., Ltd. (China), AUO Corporation (Taiwan), and BrightSign LLC (US). |
Digital Signage Market Highlights
The study segments the digital signage market based on offering, display size, product type, installation location, application, enterprise size at the regional and global level.
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Segment |
Subsegment |
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By Offering |
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By Display Size |
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By Product Type |
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By Installation Location |
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By Application |
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By Enterprise Size |
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By Region |
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Recent Developments
- In March 2023, Samsung Electronics Co., Ltd. launched an interactive display with software solution for the education sector with enhanced usability and connectivity features.
- In February 2023, LG Electronics announced the launch of its new LED screen, Miraclass which is ideal for theater operators eager to present moviegoers with new, premium services and immersive viewing experiences.
- In October 2022, Sony Group Corporation announced the launch of VPL-PHZ61 and VPL-PHZ51 laser projectors that provide accurate colors and optimal image quality, even in brightly lit classrooms and conference rooms.
- In January 2021, Leyard Optoelectronic Co., Ltd. launched the Micro LED Display Screen which has more than seven 8K resolutions, close to 250 million pixels. The ultra-high-definition image quality of the display makes it highly suitable for indoor applications.
- In March 2020, Sharp Corporation and NEC Corporation formed a joint venture to strengthen their product portfolios together with a range of professional service offerings regarding visual and digital signage solutions.
Frequently Asked Questions (FAQ):
What is the current size of the global digital signage market?
The digital signage market is projected to reach USD 26.1 billion by 2028 from USD 18.7 billion in 2023, at a CAGR of 6.9% during forecast period.
Who are the winners in the global digital signage market?
Companies such as Samsung Electronics Co., Ltd. (South Korea), LG Electronics (South Korea), Sharp NEC Display Solutions, Ltd. (Japan), Leyard Optoelectronic Co., ltd. (China), Sony Group Corporation (Japan), fall under the winners category.
Which region is expected to hold the highest market share?
North America accounted for the largest share of the market in 2022. However, Asia Pacific is expected to register the highest CAGR during forecast period and account for the highest market share by 2028. Presence of established display panel and device manufacturers and rapid urbanization in Asia Pacific are the major factors contributing to the market growth.
What are the major drivers and opportunities related to digital signage market?
Increasing use of digital signage in commercial applications, growing demand for 4K and 8K displays, and constantly growing technological advancements related to displays are the major factors driving the market growth for digital signage globally. Moreover, increasing infrastructure developments in emerging countries and growing adoption of digital signage for industrial applications are expected to provide growth opportunities for market players in the next 5 years.
What are the major strategies adopted by market players?
The key players have adopted product launches, collaborations, joint ventures, and partnerships to strengthen their position in the digital signage market.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
The research study involved 4 major activities in estimating the size of the digital signage market. Exhaustive secondary research has been done to collect important information about the market and peer markets. The validation of these findings, assumptions, and sizing with the help of primary research with industry experts across the value chain has been the next step. Both top-down and bottom-up approaches have been used to estimate the market size. Post which the market breakdown and data triangulation have been adopted to estimate the market sizes of segments and sub-segments.
Secondary Research
In the secondary research process, various secondary sources were referred to for identifying and collecting information required for this study. The secondary sources include annual reports, press releases, and investor presentations of companies, white papers, and articles from recognized authors. Secondary research was mainly done to obtain key information about the market’s value chain, the pool of key market players, market segmentation according to industry trends, and regional outlook and developments from both market and technology perspectives.
Primary Research
In the primary research, various primary sources from both supply and demand sides were interviewed to obtain qualitative and quantitative insights required for this report. Primary sources from the supply side include experts such as CEOs, vice presidents, marketing directors, equipment manufacturers, technology and innovation directors, end users, and related executives from multiple key companies and organizations operating in the digital signage market.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
In the market engineering process, both top-down and bottom-up approaches along with data triangulation methods have been used to estimate and validate the size of the digital signage market and other dependent submarkets. The research methodology used to estimate the market sizes includes the following:
- Initially, the focus was on top line investments and spending in the ecosystem. Further the segment level splits and major developments in the market have been considered.
- Identifying different stakeholders in the digital signage market that influence the entire market, along with participants across the value chain
- Analyzing major digital signage hardware, software, and service providers as well as studying their product and service portfolios
- Analyzing trends related to the adoption of digital signage based on product type and application
- Tracking the recent and upcoming developments in the market that include investments, R&D activities, product launches, collaborations, joint ventures, and partnerships, as well as forecasting the market size based on these developments and other critical parameters
- Carrying out multiple discussions with key opinion leaders to identify the adoption trends of digital signage
- Segmenting the overall market into various other market segments
- Validating the estimates at every level through discussions with key opinion leaders, such as chief executives (CXOs), directors, and operation managers, and finally with the domain experts at MarketsandMarkets
Market Size Estimation Methodology-Bottom-up Approach
Market Size Estimation Methodology-Top-down Approach
Data Triangulation
After arriving at the overall market size from the estimation process explained above, the overall digital signage market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all segments and sub-segments, the data triangulation and market breakdown procedures have been used, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. The digital signage market size has been validated using both top-down and bottom-up approaches.
Market Definition
Digital signage refers to the utilization of digital signboards, billboards, and similar display devices for presenting visual information. Its primary purpose is to convey informational or marketing messages. The objective of digital signage is to communicate specific messages to targeted groups of people, such as internal teams within an office, students in a school, or potential customers of a brand.
This digital installation presents video or multimedia content for informational or advertising purposes. It employs technologies like LCD, OLED, direct-view LED, micro-LED, and other displays that include projection cubes, and e-paper to exhibit digital images, videos, web pages, weather data, restaurant menus, or text. It is used in various settings such as public spaces, transportation systems, museums, stadiums, retail stores, hotels, restaurants, and corporate buildings. Its uses encompass providing wayfinding assistance, exhibitions, marketing materials, and outdoor advertising. The versatility of digital signage enables businesses to achieve a range of objectives, including providing a simple means to update information that undergoes continuous changes.
Stakeholders
- Digital Signage Hardware Providers
- Digital Signage Software Providers
- Digital Signage Service Providers
- Display Panel Manufacturers
- Display Material and Component Suppliers
- Manufacturing Equipment Suppliers
- System Integrators
- Consulting and Market Research Service Providers
- Display and Material-related Associations, Organizations, Forums, and Alliances
- Research and Educational Institutes
- Distributors and Resellers
- End Users
The main objectives of this study are as follows:
- To define, analyze and forecast the digital signage market size, by offering, display size, product type, installation location application, enterprise size, and region in terms of value
- To define, analyze and forecast the digital signage market size, by product type, in terms of volume
- To forecast the market size for various segments with respect to four main regions, namely, North America, Europe, Asia Pacific, and Rest of the World
- To provide detailed information regarding the major drivers, restraints, opportunities, and challenges influencing the growth of the digital signage market
- To study the complete value chain and related industry segments for the digital signage market
- To strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the total market
- To analyze the market ecosystem, trends/disruptions impacting costumer’s business; technology analysis, pricing analysis; Porter’s five forces, key stakeholders & buying criteria; case study analysis; trade analysis; patent analysis; key conferences & events and tariff and regulations related to the digital signage market
- To analyze opportunities in the market for various stakeholders by identifying the high-growth segments of the market
- To strategically profile the key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for the market leaders
- To analyze competitive developments such as product launches, partnerships, collaborations, joint ventures and research and development (R&D) activities carried out by players in the digital signage market.
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:
Country-wise Information:
- Analysis for additional countries (up to five)
Company Information:
- Detailed analysis and profiling of additional market players (up to five)
Generating Response ...
Growth opportunities and latent adjacency in Digital Signage Market
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Digital Signage market, Commercial Displays, Interactive Displays, LCD Video Walls, LED Video Walls: used in retail, venue, food and beverage vertical
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Market share analysis by each player.Market penetration of digital signage in retail vertical; future trends of Digital Signage ecosystem
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