- Research and Markets has announced the release of its "Digital Signage Market Forecasts To 2024" report.
According to the report, the global digital signage market is projected to reach $29,939.6 million by 2024. Growing demand from end-use industries such as retail and healthcare is expected to drive industry growth over the next eight years. Creating and distributing content via digital signage serves as an effective marketing strategy for enterprises as it has the capability to reach a large audience. This is anticipated to spur adoption particularly in the corporate sector. Larger screen sizes, such as those over 50 inches, are anticipated to gain popularity over the forecast period.
4K digital displays are on the rise to address growing demand for high-resolution images. Software providers have been targeting the new entrants by designing solutions compatible with Android OS. The emergence of IoT, paired with increasing adoption of cloud computing is expected to enable collection of vital operational and marketing data. Use of digital signage drops a company's long term operational cost by reducing the use of paper for advertising and incorporation of LED backlit panels have resulted in considerable energy savings.
North America accounted for the largest market share with more than 35 percent in 2015; growing demand across application areas from a technologically advanced customer base is expected to favorably impact the regional market over the next eight years. Factors including demand for improved viewing experience, educational and government market development, decreasing price of display panels, and increasing spending on infrastructure development are likely to spur Asia Pacific market growth.