Digital signage is a sub-segment of electronic signage, which uses technologies such as projection, LED, LCD, and e-paper to display digital images, videos, weather data, restaurant menu, or text. Digital signage makes use of advanced technologies, software, network, and display screens for the purpose of displaying static or dynamic content for the purpose of marketing, promotion, or information. The major components of the digital signage include software (player S/W, content management), hardware (display screens, mounting accessories, cables, power supply), and services (technical support, content design, and development, maintenance).
Market Statistics:
The India digital signage system market is expected to surpass US$ 1,628.5Mn in terms of value by the end of 2028.
Market Driver
Declining price trend is expected to propel India digital signage system market growth over the forecast period. Digital signage systems use advanced technologies and equipment such as media players, display screens, and player and content management software. With the advancements in technologies, improving economies of production, and growing adoption the component, accessories, systems, and services price tend to decline due to growing number of industry participants and demand. Moreover, display screens constitute a major portion of system costs and since there is high demand, their prices are expected to decline.
Market Opportunity
High growth of retail and tourism industry can present major growth opportunities in India digital signage system market. Indian retail sector has witnessed significant growth in the recent past, owing to rising urbanization and increasing disposable income. According to Coherent Market Insights’ analysis, the organized retail sector in India accounts for about 8-10% of the total market with more than 1,800 retail outlets. Moreover, expanding the business of organized retailers and the emergence of new market players is expected to result in aggressive and innovative marketing strategies. Promotion of tourism in India at airports, art galleries, historical places, and through other media has led to promising growth in travel and tourism industry in India.
India Digital Signage System Market: Recent Developments
- In November 2019, Samsung Electronics, a South Korea based Electronics company launched digital window display for retailers and restaurateurs
- Key companies are involved in partnerships and collaborations, in order to enhance the market presence. For instance, in May 2018, Sony Corporation partnered with Exterity to improve digital signage.
- Key market players are involved in product launches, in order to gain a competitive edge in the market. For instance, in July 2020, LG Electronics Inc. launched LG LED Signage (model LSAA) in India.
Market Restraint
High maintenance cost is expected to hinder the India digital signage system market growth over the forecast period. Despite its various advantages, high maintenance cost of digital signage system remains a major hindering factor. Since digital signage systems are deployed in outdoor, it is subjected to a harsh environment and weathering. As a result of this, it requires frequent maintenance, incurring additional costs.
India Digital Signage System Market - Impact of Coronavirus (Covid-19) Pandemic
The India digital signage system market witnessed a mixed impacted of the COVID-19 pandemic outbreak. Following the outbreak in China, many countries decided to shut down the international travel and close border temporarily. With this, economic activities witness massive decline worldwide, impacted majority of industries and markets across the globe. However, the pandemic has encouraged businesses to boost the use of voice-based interfaces that use audio-video (AV) interactions in public places including restaurants, airports, and museums, in order to understand the requirements of consumers. Moreover, businesses are increasingly adopting temperature-sensing digital signage kiosks that feature large screens with digital information and touch-free dispensers as well as temperature monitors.
To know the latest trends and insights prevalent in the India Digital Signage System Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/india-digital-signage-system-market-4857
Key Takeaways:
- The India digital signage system market was valued at US$ 604.8 million in 2021 and is forecast to reach a value of US$ 1,628.5 Mn by 2028 at a CAGR of 15.2% between 2021 and 2028. This is owing to Increasing the budget for advertising in various sectors
- The Display segment was valued US$ 234.4 Mn in 2020 and is expected to witness a CAGR of 15.8% over the forecast period. This is owing to low cost solution offered by key market players.
Market Trends
The advancements in information technology or in particular cloud-based computing and services have changed the conventional modes of service process and delivery. Digital signage service or solution providers are also opting for offering software services through cloud computing. The software services are offered as services (SaaS) which is payable as per hours of use or scale of operations. These cloud services are preferred due to their simplicity and capability in deployment over large scale networks.
Gesture controlled systems or touch screen digital signage systems are the new buzz in the market. Recently in 2012, HP launched 42 and 47” touch screen digital signage solutions for use in India retail stores. Gesture control systems are also widely adopted in restaurants where customers are able to scroll for available menu from the screens and place orders. Gaming parlors, wellness centers, and other customer service outlets are expected to quickly adapt this trend.
Competitive Section
Key companies involved in the India digital signage system market are India Systems Pvt. Ltd., Enkay Technologies, Budget Signs, Truknox Technologies, Intellicon, BH Enterprises, BenQ Corporation, Sony Corporation, Sharp Corporation, Panasonic Corporation, LG Electronics Inc., and Samsung Electronics Co. Ltd.
