According to Market Research Future (MRFR), the global digital signage market is estimated to grow at USD 26.3 billion with a CAGR of 6% from 2016 to 2022. The study identifies and explores the effects of the outbreak of COVID-19 on the global Digital Signage Market, including possible opportunities and challenges, drivers and risks.
Digital signage can be referred to as electronic signage. Signage is a design or a set of signs and symbols used for marketing. Digital signs use technologies like LCD, LED and projection to display content such as digital images, video, streaming media, and information. Digital signage can be found in public spaces, transport systems, museums, stadiums, retail stores, hotels, restaurants, and others to provide way-finding, exhibitions, marketing and outdoor advertisement.
The report shows that digital signage provides benefits like no paper waste, engagement with audiences, overcoming spatial limitations, dynamic content control and cost-effectiveness, targeted content, interactive digital signage, and others. These numerous benefits are boosting the market. The study shows that the increasing demand for digital signage in the public and commercial sectors, together with its cost-effectiveness and guaranteed return on investment, is driving the growth of the digital signage market. The study shows that there is an increase in demand for in-store digital signage infrastructure for brand value and growing digital technology. Nevertheless, lack of technical expertise and high initial costs and lack of standardization are key factors that hinder the growth of the digital signage market.
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Notable players in the global digital signage market are – Cisco System Inc. (U.S.), Hewlett-Packard Company (U.S.), Samsung Corporation (South Korea), NEC Display Solutions Ltd (South Korea), Bright Sign LLC (U.S.), Panasonic Corporation (Japan), 3M Co. (U.S.), LG Display Co. Ltd. (South Korea), Ad flow Networks (Canada) and Omni Vex Corporation (Canada), among others.
The global digital signage market has been segmented on the basis of product type, technology type, component type, and application type.
By product type, the global digital signage market has been segmented into kiosks, billboards, signboards, menu boards, and others.
By technology type, the global digital signage market has been segmented into LCD, LED, OLED, and front projection.
By component type, the global digital signage market has been segmented into hardware, software, and service.
By application, the global digital signage market has been segmented into entertainment, transportation, retail, healthcare, banking, education, government, and others.
The regional analysis of the global digital signage market is being studied for region such as Asia Pacific, Americas, Europe and Rest of the World.
North America is projected to dominate the market with the highest market share due to the existence of a large network owned by the organization in the region. The study shows that the Asia Pacific region is expected to show positive growth in the digital signage market during the forecast period. Asia Pacific countries like China, Japan and South Korea have a reasonable share of the global market.
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