Businesses are trying to create a distinct experience for the customers during their interaction. In an increasingly connected world, the fusion of physical and digital interactions are heightening customer engagement, thereby making the players stand out in the competition. Retailers always need to stay ahead of the game in their marketing activities to beat their competitors such as ecommerce sites and discount retailers. In the absence of (creative) digital signage, a business is merely letting its potential customers walk away or losing them to their competitors. However, there is a long way for retailers to explore and yield from the signage market. Owing to the various benefits offered to the enterprises, global Signage Market size attained a valuation of $18.7 billion in 2018, and the demand is projected to rise at a CAGR of 8.7% during the forecast period 2019-2025.
Signage offers a myriad of new options to the retailers to make a real difference to their customers. It offers benefits before the customer even set in their foot into a store. For instance, the flow of digital signs rolling on a digital signage screen or a self-service kiosk catches the eye of the passerby. In particular, it benefits small businesses, since they are more flexible than the market giants allowing the transformations to happen rapidly. Consequently, the signage market is thriving to upgrade the marketing activities of the retail sector.
North America Retail Activities Uplift the Signage Market
North America is a dominant region in the global signage market with a regional share of 35% in 2018. The retail sector, one of the predominant end-user of the signage market, is thriving with huge investments in strengthening their digital presence. Also, most of the retail brands are headquartered in the U.S., which adds as an advantage to the signage market of North America. According to the World Federation of Direct Selling Associations, North America held a regional share of 19.3% in global direct sales of retail business. Also, the region has observed a growth rate of 1.1% during 2017-2018. The growth rate and the dominant share of this region is attributed to the rising innovations and marketing activities involving self-service kiosks and digital signage, especially in the retail vertical. As a result, North America signage market is expanding further.
Automation in the Healthcare Sector Strengthens With the Signage Market Demand
Any service industry avails a lot from the signage. They not only act as a marketing and advertising endeavor but also enhance the productivity and efficiency of the service sector. Healthcare is one of the lucrative sectors that can benefit the most with the help of signage. Digital signage can act as an emergency alarming system, in the staff room for sharing information, and as a patient care tool to deliver important information such as announcements, time-sensitive messages, and notices. For instance, while waiting for long hours during the consultation, a slide show of the educational or promotional content that is specifically targeted towards the patients on a large digital screen is quite pragmatic and captivating to the patients. As aforementioned, signage eliminate repetitive tasks and also offer services with low-cost and less-maintenance benefits. Thus, the automation capabilities of the signage market coupled with the thriving need for healthcare services augment the demand for the signage market in the healthcare industry. As a result, the signage market in the healthcare sector is anticipated to grow at a CAGR of 9.7% during the forecast period.
Signage Market Trends and Growth Drivers
Cloud-based services leveling up the game in the signage solutions
Advanced digital signage players in the market make use of ubiquitous cloud technology services to level up their transparency and security. Cloud-based digital signage software enables us to deploy digital signs, update dashboards on a computer, tablet or any internet-connected device and manage the content effectively and remotely. This cloud-based content management system (CMS) is easy to be deployed and maintained. As it is supported by various screens and displays, the CMS is often managed by third-party solutions thereby reducing IT efforts of the businesses. These kind of cloud-based solutions are further thriving with advancements to upgrade themselves to become agile and centrally controlled systems that can be monitored efficiently. These advantages of cloud-based solutions in the signage market are gaining momentum among the businesses.
Advances in Display Technologies Amplify the Efficiencies of Signage Hardware
In the past few years, display technologies are experiencing major advances, and they now offer better resolution at a low-cost. These advancements are disrupting signage hardware market too. Though LEDs are leading TVs and computer screens market, OLEDs and MicroLEDs are dominant in the small-medium screen devices market. However, these devices are gaining huge traction among the signage manufacturers owing to their high resolution, wide color gamut, and self-emission properties.
Recently, Samsung innovated ‘The Wall’ that uses MicroLED technology, and LG Electronics’ MicroLED signage was launched at InfoComm 2019. With these innovations into action, the display technologies such as MicroLEDs are thriving huge demand lately from other players in the global signage market.
Personalized Innovations Elevate the Signage Market Growth
Lately, personalization and customer-centric products and businesses are rising trends in the marketplace. Moreover, these trends are observed in the signage market. Recently, Philips Professional Display Solutions launched Augmented Reality Configurator app, which provides an idea to its consumers about how its signage displays look in any location. The app uses the camera and captures the wall measurements in the selected space. It provides feedback on how the signage display would fit in that area and allows to view in different angles. This kind of innovations serve the unique needs of the businesses and boost the sales of different signage displays in the market.
Increasing Investments for Marketing & Sales Drive the Signage Market Demand
Retailers across the world are finding new innovative ways to retain customers and attract new ones using technological tools. From drawing a window shopper into the store to telling their brand story anything is possible with the help of digital signage.
Sephora, a global leader in featuring about 300 brands in personal and beauty care products, launched self-service and touch screen kiosks that market their products in an interactive way. The touchscreen kiosk launched by Sephora called ColorIQ enables the customers to find a suitable makeup for their skin tones. Another kiosk called SkincareIQ helps consumers find the right skincare treatments for their skin conditions such as dry lips and puffy eyes. These products are launched as a part of their marketing strategy, which involves integrating online and in-store experiences. These kind of marketing strategies from other market players are thriving the demand for the signage industry.
Combination of Biometrics and Signage for Analytics and Security
Biometric technologies such as facial recognition, fingerprint, and retina sensing are generally used in security and access systems. Digital signage combines biometrics and analytics to accurately identify the desired demographics of the consumer, such as gender, location, and age. Today, these technologies are used for marketing purposes to apply statistical techniques, to identify consumer behavior and analyze the data collected. Thereby allows the retailer to understand the buying patterns and recognize the most potential consumer which can further increase the sales of the respective business.
In 2016, NEC Display solutions have combined NEC’s NeoFace facial recognition technology with Microsoft Kinect’s motion-sensing technology and named it as ‘NEC Engage’. This context-aware digital signage is used by increasing numbers of vendors for customer analysis and security purposes. With the growing awareness of facial recognition and the rising demand for the secure and scalable network, biometric technology is surging in the global signage market.
Market Players Perspective in the Global Signage Industry
The giant players operating with a major share in the global signage market include Panasonic Corporation, Samsung Electronics Co., Ltd, Sony Corporation, Sharp Corporation, NEC Display Solutions Ltd, Scala Inc., LG Display Co., Ltd., Planar Systems, Inc., Au Optronics Corporation, E Ink Holdings Inc. Acquisitions and innovative product launches are expanding in the global signage market. Few of them include:
· In 2019, Panasonic Corporation, Japanese based electronics giant recently introduced ‘One ID’ automated airport passenger terminal solution at Passenger Terminal EXPO of ExCel London, the U.K. Powered by facial recognition technology, One ID allows passengers to check-in, pass over immigration, and obtain other personalized flight details using self-board and digital signage. This process does not need any manual ID for verification.
· In March 2019, McDonald’s has recently acquired Dynamic Yield, big data and analytics-based company to customize drive-thru signage in real-time. This acquisition has a dynamic potential to influence digital signage and restaurant apps for years to come. This technology acquired by McDonald’s surfaces in the self-service kiosks at the restaurants and mobile applications of the company.
Talk to one of our sales representative about the full report by providing your details in the link below:
A. LED Digital Signage Market
B. Interactive Kiosk Market
Any other custom requirements can be discussed with our team, drop an e-mail to [email protected] to discuss more about our consulting services.
To request for a quote, provide your details in the below link:
Mr. Venkat Reddy
Email 1: [email protected]
Contact Sales: +1-614-588-8538 (Ext-101)
About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.