The digital signage market has been expanding rapidly in recent years, and according to a market research report by MarketsandMarkets Inc., digital signage is on track to continue that rapid growth through 2024. Due to technological advancements and the increasing adoption of digital signage products, it’s no surprise that the digital signage market is expected to grow from 20.8 billion in 2019 to 29.6 billion by 2024.
This market research report does a great job of outlining how digital signage is growing and how businesses will be impacted by that growth. So today, we’re going to break down some of the key findings within the report and discuss what they mean.
Smart Stores are on the Rise. The market’s rapid growth through 2024 is cited to be a factor of the increasing transition of the traditional store to smart stores in the retail sector. That one factor not only increases the locations using digital signage but also helps drive the demand for a more user-friendly platform.
Ease of Use and Accessibility. Easy to use and accessible digital signage gives smaller operations and mom and pop stores the ability to utilize digital signage that may have been too costly or time consuming to use before. There’s been a notable increase in local restaurants using digital signage for their menus, allowing them to highlight the daily, weekly, or monthly specials. It also makes it easier for them to update their menu with new items and pricing.
Increasing Adoption. The increasing adoption of digital signage products in the commercial sector is also driving the market further. The applications they include in the commercial vertical of digital signage are hotels, hospitals, quick service restaurants, and malls. Digital signage allows companies to reach large groups of customers through advertising as well as promotional offers.
A Large Impact on the Transportation Industry. The industry to witness the biggest growth during the report’s forecast period is the transportation industry. The increase in digital signage usage will allow transportation signage system operators to update their arrival and departure boards almost in real-time with more detailed information while also giving flexibility to display other useful and helpful information, increasing user satisfaction. It may also help them earn advertising revenue if they opt to lease some of their signs for advertising, or if they build in a loop that cycles through arrivals, departures, and alternating advertisements.
North America Will Lead Digital Signage. The report slated North America to see the largest share of the digital signage growth. Noting that the market is driven by various factors such as the high standard of living of customers and the need for accuracy and efficiency in retail services. Being technologically advanced makes North America a pioneer market for new high-end cutting-edge technology.
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