June 12, 2024

Digital Signage Market driven by increasing marketing and branding applications is estimated to reach US$30.75 billion by 2031

The digital signage market has witnessed significant growth in recent years owing to the increasing utilization of digital signage solutions for marketing and branding applications across sectors such as retail, transportation, healthcare, hospitality, and entertainment. Digital signage uses LCD, LED, and projected technologies to display visual content such as digital images, video, streaming media, web pages, weather data, or text. Digital signage provides various advantages over traditional signage such as the ability to instantly update content remotely, schedule playlists, and track performance through analytics. With digital signage, businesses can enhance customer experiences, grab attention, educate customers, increase brand awareness, and share timely and relevant messages.

The global digital signage market is estimated to be valued at US$30.75 billion in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the digital signage market is the increasing adoption of interactive digital signage solutions. Interactive digital signage engages consumers by facilitating two-way communication through technologies such as touchscreens, gestures, beacons, and sensors. They enable customers to access more information on products and services, place orders, register feedback, play games, and enable additional functionalities. As customers are becoming more interactive in their buying behaviors and engagement, interactive digital signage can enhance experiences. This has driven several retailers, hotels, restaurants, and public venues to implement interactive display networks to create more engagement and yield better business outcomes.

Porter’s Analysis
Threat of new entrants: Low startup costs in digital signage hardware and content creation enables new companies to enter the market easily. However, established players have strong brand image and network effects that make entry difficult.

Bargaining power of buyers: Large buyers such as retail outlets and airports have significant bargaining power due to their strong demand. They can negotiate on hardware and content costs. Small and medium buyers have low bargaining power.

Bargaining power of suppliers: A few global players dominate hardware production. Their components integration capabilities raise entry barriers for new suppliers. Content creation has low entry barriers, increasing supplier bargaining power.

Threat of new substitutes: Alternatives like TV displays, websites and billboards offer partial substitution. However, digital displays have additional features of interactivity and data that reduce substitution impact.

Competitive rivalry: Major players compete on technology, software platform capabilities and content. Fragmented regional markets see fierce price competition. Rivalry is intense in developed markets and increasing in emerging regions.

Key Takeaways
The global digital signage market is expected to witness high growth.

Regional analysis: North America accounts for the largest share currently due to rapid commercial infrastructure growth and early technology adoption. The US and Canada are major revenue generators. However, Asia Pacific is emerging as the fastest growing region with China, India and ASEAN countries posting strong gains in retail commercial real estate and transportation hub development. Japan also shows high potential.

Key players: Key players operating in the digital signage market are Samsung Electronics, Daktronics, Exceptional 3D, LG Electronics, Panasonic Corporation, Sony Corporation, Leyard Optoelectronic Co., Ltd., Scala, E Ink Holdings Inc., Deepsky Corporation Ltd., Intel Corporation, and Microsoft Corporation. Players compete on technology, software capabilities and content to gain market share. Consolidation activities are reshaping the competitive landscape.


  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it