The digital signage market is projected to grow by $6.71 billion by 2025 with the market's growth momentum reaching 8.80% compound annual growth rate, according to a report from market research firm Technavio Insights.
The report details statistical qualitative and quantitative data on hardware, software, and services, application, retail, QSR and restaurants, education, healthcare and others, according to a press release. The data revealed how regions across the world contribute to the market.
Additional highlights include:
• The high growth of retail space is notably driving digital signage market growth.
• The foremost factor impeding market growth is the growing e-commerce market.
• AU Optronics, Daktronics, E Ink Holdings, HP, LG Electronics, NEC, Panasonic, Samsung Electronics, Sharp, and Sony are a few of the key vendors in the digital signage market.
• 37% of the market's growth will originate from Asian-Pacific countries during the forecast period. China and Japan are the key markets for digital signage in Asia-Pacific. The region has been recording a significant growth rate and is expected to offer several growth opportunities to market vendors during the forecast period.
• The digital signage market share growth by the hardware segment has been significant.
Key drivers and trends
There has been a negative impact on the market growth post-COVID-19, according to the report. Key factors such as the increasing adoption of digital signage in numerous service sectors and the high growth of DOOH signage are notably driving the market. However, improper digital signage implementation and cybersecurity issues are some challenges expected to impede market growth.
The digital signage market is fragmented, and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
Technavio, founded in 2003, is headquartered in Elmhurst, Illinois.