The report "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" The global digital signage market will grow to USD 27.8 billion by 2026 (forecast year) from USD 16.3 billion in 2021 (estimated year), at a CAGR of 11.2% between 2021 and 2026. The key drivers fueling the growth of this market include 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.  

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The software segment to register higher CAGR during the forecast period

Technological advancements, rising need for real-time content delivery, and increasing applications of smart signage have led to the growth of the software segment of the digital signage market. The higher frequency of purchases and subscriptions associated with digital signage software due to various useful benefits offered by it complemented with the low purchasing frequency of hardware devices due to their long operational life is another major factor contributing to the growth of the software segment. Software licenses need to be purchased and upgraded at regular intervals, which is further expected to accelerate the market growth of software in coming years.

Ongoing technological advancements in displays

With the advent of new display technologies, such as OLED displays, microLED displays, and electronic paper displays (EPD), the global display industry is expected to grow at a rapid pace across the world of digital signage market. Along with the increased adoption of LED displays and LCD in digital signage, OLED displays, microLED displays, and electronic paper displays (EPD) are also expected to witness significant demand in coming years owing to the rising use of advanced displays for presenting the information.

APAC to register higher CAGR during the forecast period

APAC is projected to lead the digital signage market from 2021 to 2026. Increasing adoption of the Internet of Things (IoT) and technologies that enable digital transformation across various sectors such as commercial, institutional, infrastructure, and industrial has fueled the demand for digital signage in APAC. In addition, strong economic growth, rise in consumerism, growth in the standards of living, increase in disposable income, high technological advancements, growth of retail space, and changes in lifestyles have accelerated the adoption of strong and reliable advertising media in the countries of the region. However, the rise of online advertising and issues related to the adoption of digital signage in various applications are expected to restrict the growth of the digital signage market in APAC.

Major players in the digital signage market are Samsung Electronics (South Korea), LG Electronics (South Korea), Sharp Corporation (Japan), Leyard Optoelectronic (US), Sony Corporation (Japan), Barco (Belgium), Panasonic Corporation (Japan), Shanghai Goodview Electronics (China), AU Optronics (Taiwan), and BrightSign (US). The top players have adopted merger & acquisition, partnership, collaboration, and product launch strategies to grow in the global precision farming market.

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