RETAIL DIGITAL SIGNAGE MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Retail Digital Signage Market Analysis:

The retail digital signage market is projected to experience a compound annual growth rate (CAGR) of 7.56% during the forecast period of 2022–2027. This growth is expected to be supported by the ongoing increase in advertising.

Digital signage refers to a display technology that showcases images, texts, and videos using LED, LCD, projection, and e-paper. Compared to static print-based signs, digital content is more likely to capture and retain the attention of consumers. This is primarily due to the attraction people have towards movement, color, and freshness.

For example, digital billboards are commonly found in metropolitan areas, promoting various products and services such as real estate, grocery stores, pediatricians, car dealerships, and burger eateries. Studies have shown that these large billboards significantly improve information retention rates, sometimes by more than 50%. This means that individuals who see a digital billboard are more likely to remember the information displayed on it. Many clients are willing to invest in this type of advertising for its influential impact.

The retail sector is actively embracing digital signage, with both established and emerging businesses opting for advanced digital signages that incorporate artificial intelligence (AI) and machine learning. These technologies enable businesses to leverage consumer analytics and maximize their benefits. According to Zenith Media, outdoor advertising expenditure in Western Europe is projected to surpass USD 6.4 billion by 2022.

The market is witnessing various product innovations and developments to keep up with the latest technologies. For instance, in June 2022, Scala announced the launch of its flagship digital signage platform, Scala Enterprise Version 12.70, which facilitates faster development of new features.

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