INDIA DIGITAL SIGNAGE SYSTEM MARKET ANALYSIS

India Digital Signage System MarketSize and Trends

Digital signage is a centrally located content distribution that uses technologies such as LCD, LED, and projection to display digital images, web pages, video, weather data, and restaurant menus. It uses display screens, mounting accessories, content management systems, player software, power supply & cables, etc. for advertising and promotion. Digital signage system finds applications in airports, retail stores, hospitals, and others and outdoor segment includes digital banner advertisements beside highways, busy roads, stadiums, and other shopping advertisements. Digital signage offers multiple benefits to end users in terms of time and cost saving on marketing campaigns, enhances customer engagement, facilitates easier communication of dynamic information, and improves aesthetics of display of products or services.

The India digital signage system market is estimated to be valued at US$ 604.8 million in 2021 and is expected to exhibit a CAGR of 15.2% over the forecast period (2021-2028).

Statistics:

Figure 1. India Digital Signage System Market Value (US$ Mn), by Region, 2020

Market Trends

Every business strives for a loyal customer base and works out various strategies in order to grow and sustain its volumes. Digital signage helps in effective communication between companies and customers, it also helps in keeping the customers entertained, involved, and rightly informed about the products or services available at the outlet during his/her visit. Various advertising, brand promotion, and marketing activities of products or services are gradually moving towards digital signage. With due course of time amid growing awareness and high penetration more and more digital screens are expected to come online.

A number of corporate, industries and citizens are more concerned regarding the usage of recyclable products and minimize the use of products that pose a threat to the environment. Digital signage helps in cutting down on advertising through print media such as posters, newspapers, leaflets, brochures, and other promotional articles. Digital signage systems establish a dynamic and effective medium of communication with customers with high recall capability. These systems also help in an instantaneous correction in errors if any thus save business loss arising out of miscommunication. Furthermore, movie theatres, gymnasiums, tour operators increasingly utilize digital signage systems for their marketing and promotional activities.

Figure 2. India Digital Signage System Market Share, By Technology, 2020

• The LCD held dominant position in the market and accounted for 4% share in the India digital signage system market in 2020. The segment is expected to reach US$ 1031.8 million in 2028, owing to low cost of LCD device compared to LED.
• In 2020, the Indoor accounted for the largest share of 3% in the India digital signage system market and is expected to be valued US$ 1112.6 million by 2028. This is owing to increased demand of digital signage by shops.