With the advent of globalization, the outlook of trade and market has changed to a considerable extent. Wherever you go, the chances of encountering a digital signage are quite high. Whether it’s a big retail store or a restaurant, or you are at a gas station, a digitalized signage presents a brand before you.
From what’s new in the menu to the latest offers, or the petrol gas prices in the state, every bit of information is provided to you through a projection. This rise in the use of signages is a direct result of companies continuously trying to become digitalized.
Understanding the signage industry
A signage typically means a design or any set of signs and symbols which are used for the purpose of communicating to a specific group. A signage is mainly used in case of marketing or advocating a brand of any kind. It started typically with the use of graphics to create and display information for a particular audience.
With evolution in the digital front, graphics got replaced with dimensional projections like 2D or 3D projections, utilizing technologies like LCD, LED, e-paper etc. Some of the areas where a digital signage is commonly used include:
- In public information systems
- For delivering internal information within a corporate structure
- For publishing and promoting information about products especially those used in case of the food and beverage industries
- For improving customer services used in public entertainment sectors like parks, zoos, and museums.
- For general advertisement and promotions
- For the in-store building of a brand and creation of the brand identity
- To influence customer behavior and direct consumers towards certain brands
- In navigation systems
- In reservation systems etc.
At present, there are around 200 operating companies in the digital signage market. However, with the advent of technology and upsurge in the digital inspection market, the signage market forecast seems bright and full of growth opportunities. The digital signage market is expected to grow at a CAGR of 8.04 percent from 2015 to 2020. The net market worth of the signage industry is expected to reach a milestone of 21.92 billion USD by 2020.
At present North America has the major market share in the digital signage industry, however, the significant growth especially in Japan and South Korea from the Asia Pacific region, along with Germany and UK from the EU could be the deciding factors in the market share by the end of 2020.
Digital signage has a remarkable benefit over other traditional systems of advertisement. The changing of information in real time, display of multiple information at a single projection, and commercial buildings with 3D projections act as a magnetic force to attract potential customers. A signage is easy to maintain and this ease of maintenance acts as a key driver of this market.
The ongoing development of technology and infrastructure is having a positive impact on developing nations. Especially, the competition between brands in the Asia Pacific market is acting as the major factors to boost the professional sector for signages.