The global digital signage market is projected to grow from USD 16.3 billion in 2021 to USD 27.8 billion by 2026; it is expected to grow at a CAGR of 11.2% from 2021 to 2026. The key factors fueling the growth of this market include increasing 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.
The digital signage market is dominated by key global established players such as Samsung Electronics, LG Electronics, Sharp Corporation, Leyard Optoelectronic, Sony Corporation, Barco, Panasonic Corporation, Shanghai Goodview Electronics, AU Optronics, and BrightSign. These companies focus on adopting both organic and inorganic growth strategies, such as product launches and development, expansions, partnerships, contracts, and acquisitions to strengthen their position in the market.
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Samsung Electronics has been a market leader in the digital signage market in 2020. The company has focused on designing and manufacturing digital signage products of different designs and specifications for various applications leading to its market growth. LG Electronics is another key player with a wide product portfolio of digital signage products. The increase in the global adoption of digital signage for advertisement, branding, and broadcast of information by businesses and institutions in commercial and retail sectors has led to their market growth globally. On the other hand, the ongoing technological advancements in the displays has further boosted the market penetration of digital signage. These factors have together led to the market growth of these companies.
Samsung Electronics is among the largest conglomerates in the world, which was incorporated in 1969 and is headquartered in Seoul, South Korea. The company provides digital signage solutions through Samsung Display solutions. It designs and manufactures various digital signage hardware and software solutions such as videowalls, standalone, outdoor and window-facing signage, interactive digital displays, media players, and accessories.
The company has focused on the adoption of organic and inorganic strategies to cement its position as the market leader in the digital signage market. This includes the various product launches and developments and acquisitions, which have been supported by several contracts, collaborations, and partnerships with businesses from across the world. For instance, in September 2020 Samsung announced its partnership with d’strict, a Seoul-based design company to offer groundbreaking new media art on Samsung’s SMART signage. The partnership will lead to the production of new media art pieces for potential customers of Samsung SMART signage and will showcase enhanced content on the latest display technology.
Another important player in the digital signage market is LG Electronics. LG Electronics is a global electronics company, which is a manufacturer, supplier, and distributor of consumer electronics devices, mobile communications, and home appliances. The Business Solutions division of the company offers a wide variety of digital signage hardware such as video walls, ultra-stretch displays, outdoor displays, interactive signage, digital media players, and standalone signage displays. The company outlines product development as one of the key practices for growing its digital signage business. For instance, in July 2020 LG launched its most advanced LED signage system, LSAA LED signage series. The new product offers giant screen performance, design and integration, and delivers a cable-less block assembly design.
Other major players in the digital signage market are mainly focusing on acquisitions and partnerships along-with new product launches to achieve continuous and sustainable development.
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
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