Digital signage for retail is an efficient technology that ensures good internal communication, product information, and public information for brand recognition. Its irresistible visual appeal and automated operations can empower customers and maximize the brand’s potential for any revenue-making opportunities.
Last year, the market for global digital marketing solutions was valued at USD 18,375,000, with North America accounting for the largest market share. This trend is likely to continue for years to come, and this time, with a better CAGR rate.
With all these implications, you must be wondering about the in-store digital signage predictions for 2023. To find out, read the following.
Digital Signage for Retail: The Global Growth Rate
By 2023, the global digital signage market is predicted to be valued at USD 32.84 billion. The CAGR rate for the market might rise by 5.2% (from 2016 to 2023) within the forecasted period as the demand for in-store digital signage from end-use industries increases.
The main reason why in-store digital signage for retail may bloom in the coming years is its efficient use as a promotional strategy. These technological innovations are a blessing for brand advertisements as they can reach out to a larger audience in a hassle-free manner.
High Demand for Ultra HD and Innovative Digital Signage Solutions
When it comes to in-store digital signage solutions, many products dominate the industry, including the 4k digitized sign displays with affordable ultra-HD displays. This combination of good quality and reasonable cost can drive the demand for in-store digital signage in the coming years.
As these technological innovations require best-in-class advertising content, the demand for innovative in-store digital signage for retail is increasing.
Digital signage also fulfills the demand for digitized information management and guidance in remote areas. All these positive factors stimulate the popularity of innovative digital signage and ensure its dominance by 2023.
Kiosks and LED Screens Will Lead the Industry
In-store digital signage for retail is available in different types, including video walls, TV screens, transparent LED screens, kiosks, and digital posters. Last year (in 2021), video walls were the most popular products and accounted for more than 27% of global revenue.
But LCD and LED displays will drive the market in the coming years. Not only are these screens transparent, but they are also more energy-efficient. This is why the demand for such technologies will rise. Moreover, OLEDs will have good growth in the year 2023.
The kiosks are also in line if we dive a little more into the future. For those who don’t know, kiosks are useful for providing information and advertising products in retail/institutes. So, the kiosks may account for the maximum share revenue by 2030.
Asia-Pacific Digital Signage Market Will Continue to Grow
In the Asia Pacific region, digital signage for retail has influenced customers’ purchase decisions in several industries. Not only that, but a large number of sectors are relying heavily on digital signage solutions to engage the audience, whether it’s retail or public transport.
Thanks to video walls and billboard installations in India, Singapore, China, and Japan, the market is witnessing steady growth, and this is likely to continue.
According to the forecast, the Asia Pacific digital signage market will grow at 6.5% CAGR (2016 to 2023). Its higher sales in the APA region include development in government and educational sectors, lower costs for display panels, and good development of infrastructure.
Industry-leading Companies will Come up with More Innovation
Companies such as LG, Cisco Systems, Microsoft, Acer, Panasonic and others are manufacturing in-store digital signage displays. These companies will likely step up their game and make display platforms with good analytics, AI ability, and efficient features for a competitive edge.
These brands will likely collaborate with new entrants in the coming years for more advanced signage networks. They will also launch their products in new regions to cover unexplored areas.
Retail Digital Signage Markets to Bloom by 2023
Digital signage solutions are commonly used in the healthcare and retail industry. The retail sector in the market is likely to be valued at USD 10 billion by 2023. This is because in-store digital signage has helped retail stores to save printing costs and improve operational efficiency.
They are also useful for creating brand awareness, improving the customer experience, and driving footfall in retail stores. So, retailers should not miss out on this technology in 2023.
Growing Demand for Hardware
Hardware has been an important part of in-store digital signage for retail, and it will likely remain the same in the coming years. In 2021, they accounted for the largest share of revenue at about 57.0%.
Technology such as 1080p, 4K, and 8K displays will drive the demand for hardware components. 4K digital signage was valued at USD 3,907 million in 2020, and it may increase by a CAGR rate of 25.7% in about eight years.
That’s it! These were the predictions for the in-store digital signage market in 2023.