The latest market research report by Technavio on the global digital signage systems market in the retail industry predicts a CAGR of close to 10% during the period 2017-2021.

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Technavio has published a new market research report on the global digital signage systems market in ...

Technavio has published a new market research report on the global digital signage systems market in the retail industry from 2017-2021. (Photo: Business Wire)

The report segments the global digital signage systems market in the retail industry by application (outdoor digital signage, indoor digital signage, and mobile digital signage), by signage type (stand-alone signage system and networked signage system), by components (digital displays, content management system (CMS), and system players), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global digital signage systems market in the retail industry, according to Technavio energy researchers:

  • Advantages of digital signages over traditional advertising tools: a major market driver
  • In 2016, the outdoor digital signage segment dominated the market by occupying almost 43% share
  • The Americas dominated the global digital signage systems market in the retail industry with a share of approximately 42% in 2016.
  • DynaScan Technology, SAMSUNG, LG Electronics, and NEC Display Solutions are the leading players in the market

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Advantages of digital signages over traditional advertising tools: a major market driver

Advantages of digital signages over traditional advertising tools are one of the major factors driving the global digital signage systems market in the retail industry. The rapid growth in technology and innovations have helped advertisements transition to digitization. Digital signage has gained popularity over the last decade due to the effective display of information. Thus, small and large firms are intensively moving toward LED signs. Digital signages are highly adaptable and engaging with significant benefits over printed signs. Technologies used in digital signage have improved and are more affordable. This is also driving the demand in the market.

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Americas: largest digital signage systems market

The major economies in the Americas contributing to the growth of the market are the US and Canada. The US is the largest market for digital signage systems in the region. The retail sector is one of the largest industries, where every year billions of dollars are spent on advertising, the launch of new products, and in other disciplines of marketing. The growth of the retail industry in the region is expected to contribute to the demand for digital signage systems. There will be an increase in advertising activities in the US retail market over the forecast period and this will generate demand for digital signage systems for brand promotion and to increase the footfalls at stores.

According to Neelesh Prakash Singh, a lead analyst at Technavio for research onpower, “The competition in the retail industry in Canada is expected to intensify with the influx of major international retailers in the country. To sustain in the market and enhance market shares, retailers are increasingly investing in promotional and branding activities. International brands stepping into the retail industry in Canada are expected to boost the mortar and brick store business, which is also a key end-user of digital signages.”

Competitive vendor landscape

The global digital signage systems market in the retail industry is fragmented due to the presence of several manufacturers. The retail industry is the major market for digital signage systems that have a wide range of applications for digital signages. The applications include the indoor, outdoor, and mobile use of digital displays for marketing and branding. Major vendors in the market are DynaScan Technology, SAMSUNG, LG Electronics, and NEC Display Solutions.

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