Retail Digital Signage Market Size (2024 - 2029)

The retail digital signage market is experiencing growth driven by the increasing adoption of advanced display technologies that enhance consumer engagement through dynamic content. This market expansion is supported by the retail sector's shift towards digital signage solutions that leverage AI and machine learning for improved consumer analytics. Despite challenges such as high initial costs and maintenance, technological advancements are expected to mitigate these issues, contributing to the market's positive trajectory. The industry's adaptability, particularly in the digital-out-of-home segment, has been crucial in maintaining competitiveness and recovering from disruptions caused by the pandemic.

Market Size of Retail Digital Signage Industry

Retail Digital Signage Market Statistics
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 7.56 %
Fastest Growing Market Asia-Pacific
Largest Market North America
Market Concentration Low

Major Players

Retail Digital Signage Market Major Players

*Disclaimer: Major Players sorted in no particular order

Retail Digital Signage Market Analysis

The retail digital signage market is expected to grow at a CAGR of 7.56% during the forecast period, 2022-2027. The ongoing increase in advertising is expected to supplement the market growth.

  • Digital signage is a display technology showing images, texts, and videos. It uses LED, LCD, projection, and e-paper to display the digital advertisement content. Digital content is more likely to be noticed and remembered by consumers than static print-based signs. There are several reasons at work here, but the primary one is that people are drawn to movement, color, and freshness.
  • For instance, digital billboards are prevalent in many metropolitan areas, marketing everything from real estate and grocery stores to pediatricians, car dealerships, and burger eateries. These massive billboards have been demonstrated to significantly enhance retention rates, sometimes by more than 50%, meaning that people who see a digital billboard rather than a standard print billboard are more likely to recall its information. Many clients are willing to pay for that kind of influence.
  • The retail sector is significantly adopting digital signage, with major and upcoming businesses opting for advanced digital signages featuring AI and machine learning to gain the most out of consumer analytics. According to Zenith Media, the outdoor advertising expenditure in Western Europe is expected to cross USD 6.4 billion by 2022.
  • The market is witnessing various product innovations and developments to keep up with the latest technologies. For instance, in June 2022, Scala announced the launch of its flagship digital signage platform, Scala Enterprise Version 12.70, to allow faster new feature developments.
  • However, drawbacks, such as high initial investments, high maintenance costs, and high power consumption, restrain the market growth. Nonetheless, with the advancement in technologies of digital signage systems, the market is expected to overcome these issues.
  • Since the spring of 2020, digital signage businesses have had to make some difficult decisions and learn to adapt to remain competitive. In particular, the digital-out-of-home (DOOH) business was forced to pivot and think of new ways to reach consumers when many consumers were staying at home. The digital signage business recovered well in 2021. Industry leaders discovered that as more people stepped out in public after months of isolation, they were more likely to detect DOOH, especially if the promotions were original and attention-grabbing.

Retail Digital Signage Industry Segmentation

A digital signage system delivers and displays content, such as digital images, video, streaming media, and information. The displayed content is filed, and the schedule information is edited in the content management system. The data is stored in the CMS and distributed to the media players.

The retail Digital Signage Market is segmented by Solution (Hardware(Display Technology, Media Players, Projectors), Software, Services), and Geography.

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Retail Digital Signage Market Size Summary

The retail digital signage market is experiencing significant growth, driven by the increasing adoption of digital display technologies such as LED, LCD, and projection systems. These technologies are favored for their ability to capture consumer attention more effectively than traditional static signs, due to their dynamic and colorful nature. The retail sector is particularly keen on integrating advanced digital signage solutions that incorporate artificial intelligence and machine learning to enhance consumer engagement and analytics. Despite challenges such as high initial costs and maintenance expenses, the market is poised for expansion as technological advancements continue to address these issues. The digital signage industry has also shown resilience, adapting to changing consumer behaviors and preferences, especially during periods of reduced foot traffic, by offering innovative and engaging digital out-of-home advertising solutions.

North America is anticipated to lead the global retail digital signage market, supported by the presence of major technology vendors and ongoing advancements in display and connectivity technologies. The region's market growth is further bolstered by the decreasing costs of display panels and a strong focus on creating engaging in-store experiences. Retailers are increasingly leveraging digital signage to enhance customer interactions and drive sales, with a notable shift towards targeted marketing strategies. The market is characterized by intense competition, with key players like Samsung Electronics, LG Display, and Panasonic Corporation actively developing and offering comprehensive digital signage solutions. As the market continues to evolve, the integration of digital signage with other technologies and platforms is expected to create new opportunities for growth and innovation.

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Retail Digital Signage Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Value Chain Analysis

    3. 1.3 Key use-cases of Digital signage in retail

    4. 1.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

    5. 1.5 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Solution

      1. 2.1.1 Hardware

        1. 2.1.1.1 Display Technology

        2. 2.1.1.2 Media Players

        3. 2.1.1.3 Projectors

        4. 2.1.1.4 Other Hardwares

      2. 2.1.2 Software

      3. 2.1.3 Services

    2. 2.2 By Geography

      1. 2.2.1 North America

      2. 2.2.2 Europe

      3. 2.2.3 Asia-Pacific

      4. 2.2.4 Latin America

      5. 2.2.5 Middle-East and Africa

Retail Digital Signage Market Size FAQs

The Retail Digital Signage Market is projected to register a CAGR of 7.56% during the forecast period (2024-2029)

Samsung Electronics Co. Ltd, LG Display Co. Ltd, Panasonic Corporation, Planar Systems Inc. and Sharp Corporation are the major companies operating in the Retail Digital Signage Market.

Retail Digital Signage Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)