The report “Digital Signage Market by Product (Kiosks, Menu Boards, Billboards, Signboards), Offering (Hardware (Display Panels, Media Players, Projectors), Software, and Services), Application, and Geography – Global Forecast to 2022”, published by MarketsandMarkets, The market was valued at USD 16.88 Billion in 2015 and is expected to reach USD 27.34 Billion by 2022, at a CAGR of 6.7% between 2016 and 2022.
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The demand for emerging technologies used in ultra-high definition (UHD), LED-LCD, OLED displays is likely to accelerate the growth of the digital signage market during the forecast period. With the increasing demand for digital signage, improvements in technology offerings, and infrastructure expansion is likely to fuel the digital signage market to continue the positive outlook during the forecast period. In addition, the integration of real-time data management tools, big data analytics, and smart content with multiple presentations and dynamic interfaces would further drive the market for public commercial displays.
Digital signage market for software offerings expected to grow at the highest CAGR during the forecast period
The market for software offerings is expected to grow at the highest rate during the forecast period. The expected growth of the digital signage market for software offerings is higher than that for hardware offerings as hardware devices such as displays, media players, projectors, and mounts & other accessories do not require frequent purchases or replacements. The high growth of the market for software offerings is because software licenses need to be regularly updated.
Kiosks held the largest market share of the digital signage market for products in 2015
Kiosks held the largest market share of the global digital signage market for products in 2015 and are expected to dominate the market till 2022. Kiosks plays a significant role in the digital signage market for providing access to information and communication, commerce, entertainment, education, and other applications. Kiosks are quick and effective solutions which can be used virtually in all locations.
North America expected to hold the largest market share,while APAC expected to witness the highest growth rate
North America is expected to hold the largest market share and dominate the Digital Signage Market between 2016 and 2022, owing to the large number of suppliers of digital signage technologies and services in the region. The digital signage market in APAC and Europe is expected to have a promising future with tremendous opportunities, especially in commercial and infrastructural sectors.
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The major players in the digital signage market include Samsung Electronics Co., Ltd. (South Korea), LG Display Co., Ltd. (South Korea), Sharp Corporation (Japan), Sony Corporation (Japan), and Panasonic Corporation (Japan) among others.
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