According to the UnivDatos “Digital Signage Solutions Market” report, the global market was valued at USD 24.9 Billion in 2022, growing at a CAGR of 8.4% during the forecast period from 2023 - 2030 to reach USD billion by 2030.
Advancements in Technology: Digital signage solutions are being driven by advancements in technology such as artificial intelligence, machine learning, and the Internet of Things (IoT). These technologies are enabling more sophisticated and interactive experiences for users.
Increasing Demand for Real-Time Data Visualization: As the amount of data generated by businesses and organizations continues to grow, there is an increasing need for real-time data visualization to make sense of this information. Digital signage solutions are well-positioned to meet this need.
Focus on Customer Experience: With the growing importance of customer experience, businesses are looking for ways to enhance their engagement strategies. Digital signage solutions can help create engaging and interactive experiences for customers, improving satisfaction and loyalty.
More Efficient Communication Strategies: Digital signage solutions can help streamline communication and engagement strategies for businesses and organizations. By leveraging these solutions, companies can reduce costs and improve the effectiveness of their communication efforts.
Growing Demand for Digital Signage in Retail: The retail industry is a significant contributor to the growth of the digital signage solutions market. As more retailers look to enhance the shopping experience for their customers, the demand for digital signage solutions is expected to increase.
The Digital Signage Solutions Market was valued at 24.9 billion in 2022 and is expected to grow at a steady rate of around 8.4% in the forecasted period (2023-2030) owing to the increasing focus on customer experience. Also, the growing demand of real-time communication and popularity of kiosks and virtual reality is driving the growth of the market. Furthermore, the Key players in the market, such as Samsung, LG, NEC, Sony, and Intel, play a significant role in driving market growth through their innovative products and services. For instance, in 2020 LG electronics launched "Digital Signage Solutions for Retail “.
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As businesses continue to shift their focus towards providing an exceptional customer experience, the demand for digital signage solutions is expected to rise. Digital signs can be used to create engaging and interactive experiences for customers, providing them with information about products and services, promotions, and more. By leveraging digital signage solutions, businesses can improve customer satisfaction, increase brand loyalty, and ultimately drive sales. In fact, according to a recent study, 73% of consumers say that customer experience is a key factor in their purchasing decisions. As the importance of customer experience continues to grow, the digital signage solutions market is poised to benefit from this trend, with companies investing in these solutions to enhance their customer engagement strategies.
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Some of the recent developments are:
In September 2022, Samsung and Intel announced a collaboration to develop new digital signage solutions using Samsung's "The Wall" technology and Intel's hardware.
In August 2022, LG acquired Lifesize, a video conferencing company, to expand its portfolio of digital signage solutions for businesses.
In July 2022, NEC partnered with Axiomatic Consulting to offer digital signage solutions to businesses in the retail and hospitality industries.
In June 2022, Sony and Zebra Technologies partnered to provide digital signage solutions for retailers and other businesses.
In May 2022, Planar partnered with Google to integrate Google's digital signage software into Planar's displays.
Conclusion
As businesses focus on providing an exceptional customer experience, the demand for digital signage solutions will only continue to grow. Whether it's for retail, education, healthcare, or any other industry, digital signage solutions are poised to revolutionize the way we communicate and engage with one another. The future of digital signage solutions looks bright, and we can expect to see new and innovative products and services emerge as the market continues to evolve.
Key Offerings of the Report
Market Size, Trends, & Forecast by Revenue | 2023−2030.
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities.
Market Segmentation – A detailed analysis By Components; By Display Size; By Location; By Product Type; By End-Users; By Region/Country
Competitive Landscape – Top Key Vendors and Other Prominent Vendors.
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