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Digital signage is the digital imprint of conventional billboards, advertising banners, and mainstream symbols. The growing technological advancements like LCDs, OLEDs, LEDs, their increasing cost-effectiveness, and expansion of conventional features for advertisers remain key to driving growth in the digital signage market. Thanks to the rising demand, the digital signage market is expected to rise by 7.7% CAGR during 2019-2024, and reach $31.3 billion in 2024. The market growth remained in its nascent stages in 2018, and was valued at $20.82 billion.
Growth of Digital Signage for Internal Communication Remains Key Driver
Digital signage still remains an expensive proposition for many SMEs, and this has remained a major challenge for its growth. However, the digital signage also promises to relay information in real-time, which is invaluable to many businesses. Hence, many SMEs company to use digital signage for their internal use to convey information from authorities. The growing demand for digital signage for internal communication remains a major driver for growth in the digital signage market.
Demand for Analytics Continues to Grow in Online and Offline Marketing
Many major tech giants have rooted their advertising models in data harvesting models. This is a major positive for growth for the digital signage market. Thanks to growing demand for technologies like machine learning, and increased efficacy, and proven ROI of targeted ROI promise to drive robust growth for the online market. Furthermore, thanks to high-penetration of smartphone technology, and increased convergence, and communication between businesses, and end-consumers, the digital signage services are well-positioned for an offline market use. The rising demand for analytics to understand consumers, and highly vibrant, and dynamic nature of online marketing, and subsequent challenges for marketing will continue to drive robust growth for the digital signage market.
Growing Focus on Corporate Branding Will Create New Opportunities for Growth
As social platforms like Facebook make way for commercial growth, the demand for corporate branding continues to grow. However, despite major promises in corporate branding, social media dynamics remain challenging for growth. However, the quality of digital signage to be attractive, dynamic, and provide real-time information offline remain a promising aspect of its development for future growth. Major companies like McDonalds have put up digital signage to lure customers to provide feedback on its products, use digital kiosks, and avail world-class branding solutions. The growing demand for interacting with consumers, and growing preferences of millennials to avoid human-based customer service interactions for technical, or troubleshooting queries remain key drivers of growth in the digital signage market.
Standalone Displays Remain Key as Malls Rely on Experience
The retail sector is witnessing an emerging challenge to its growth, as e-commerce drives convenience, cost-effectiveness, and quality products into people’s homes. The retail industry reliant on conventional shopping methods remains heavily reliant on consumer experience to drive growth. This has forced major players like Walmart to adopt advanced consumer tracking technology, and surveillance to drive growth. Moreover, malls continue to bear the brunt of increased e-commerce, and are in dire need of improving consumer experience to drive growth. the growing demand for standalone displays, attractive digital video walls, and entertainment activities promise major uplift for consumer shopping experience globally. The growing demand from shopping malls for digital experience will remain major growth driver in the digital signage market in near future.
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