DUBLIN--(BUSINESS WIRE)--The "United States Digital Signage Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The United States Digital Signage market is on a trajectory of substantial growth, forecasted to surge from USD 7.87 billion in 2023 to an impressive USD 11.5 billion by 2028. The sector is expected to witness a commendable Compound Annual Growth Rate (CAGR) of 7.88% during the forecast period (2023-2028).
In this moderately consolidated landscape, major players within the United States are strategically eyeing product innovation as the key avenue for expanding their market footprint. This is leading both established and new entrants to make substantial investments in Research and Development (R&D), launching new products, and embarking on significant product developments to capture the lion's share of the market.
The surge in digital signage adoption can be attributed to recent technological advancements in display, connectivity, and monitoring capabilities. Moreover, this growing adoption has contributed to a significant reduction in the prices of display panels, further boosting the appeal of digital signage across various sectors.
Digital outdoor signage, a dynamic segment within the audiovisual arena, has experienced steady growth over the past decade, with its momentum only accelerating. Its utilization spans a multitude of industries, finding applications in domains as diverse as restaurants, hotels, retail spaces, transit hubs, and entertainment events.
Notably, the impact of digital signage on consumer behavior is remarkable. Statistics from screen fluency in 2021 reveal that 76% of American consumers are enticed to enter previously unvisited stores due to effective signage, and 68% have made purchasing decisions based on attention-grabbing signage.
The potency of digital content in capturing attention and being etched in memory is evident, with its dynamic nature, colors, and novelty holding a magnetic appeal for consumers.
As the need for elevated customer experiences intensifies, a surge in digital integration initiatives is observed, sweeping through various applications on a chain-wide scale. In response, the demand for turnkey solutions is burgeoning to cater to the need for coordination and organization of specialized digital signage elements.
Amid this growth, maintaining consumer trust by safeguarding their privacy remains paramount. Robust self-regulation within the industry is essential to prevent potential backlash and government intervention that could stifle innovation and impede the sector's current explosive pace of growth.
Even during the pandemic, the industry exhibited resilience and adaptability. Companies crafted products that communicated crucial preventive measures. For instance, Allsee innovated hand sanitizer Android advertising displays, seamlessly merging an updatable LCD panel with an automatic hand sanitizer dispenser, effectively contributing to health awareness efforts.
US Digital Signage Market Trends
OLED Displays to Grow Significantly
- OLED technology allows for cutting-edge new consumer display screens and noticeably increased image quality. It is usually praised as the future direction of digital displays and screens.
- Due to the heightened reality and dynamic form that OLED delivers, it is the only technology that gets around the drawbacks of traditional displays. OLED offers greater light and color expression based on light sources that generate light independently. Because of the creation of cutting-edge OLED materials, it is flexible and transparent.
- OLED displays perform remarkably well in contrast (basically delivering an 'infinite' contrast ratio) since they don't have a backlight. OLED displays have an exact black backdrop, which LCDs do not have.
- OLED is increasingly being used in digital signage for indoor branding and experiential media because of its enhanced media presentation, energy efficiency, and lightweight.
- A brand-new display technology known as Quantum Dot OLED, or QD-OLED, was launched in the year of 2022. As a result of new TV models from Sony and Samsung, as well as computer monitors from Dell's Alienware line, QD-OLED has already begun to transform the TV landscape.
Retail Sector to Exhibit Maximum Adoption
- In order to leverage advanced signage technologies, the retail players are integrating the digital tools at their disposal to share relevant and profitable content at their premises and integrate digital ads into their retail stores to create a distinct in-store user experience.
- The companies are fusing the digital and physical modes of shopping to create a cohesive multichannel experience, thus, reshaping different parameters, such as prices, contents, features, mode of advertisement, etc.
- Moreover, retailers are striving to update the user-interactive screens in real-time to reflect the current trends in terms of in-store age or gender demographics to promote specific items or remove sold-out products from the screen.
- According to Scala Digital Signage, 74% of US retailers believe that creating an engaging in-store customer experience is important, and 42% of sales are projected to come from online, mobile, and social commerce sites.
- Most millennial shoppers visit retail stores to have an interactive experience. As retail stores display multiple ads on multiple screens, over 40% of consumers tend to ignore signage, which is a major problem for advertising content providers.
Market Dynamics
Market Drivers
- Evolution of Turnkey Solutions
- Trends Favoring the Growth of Context-aware Advertising as Opposed to Conventional Modes of Advertising
- Steady Increase in DOOH Spending in the United States to Continue to Supplement Market Growth
Market Challenges/Restraints
- Concerns Over Invasion of Customer Privacy
A selection of companies mentioned in this report includes
- NEC Display Solutions Ltd.
- Samsung Electronics Co. Ltd.
- LG Display Co. Ltd.
- Panasonic Corporation
- Sony Corporation
- Sharp Corporation
- Planar Systems Inc.
- Hitachi Ltd.
- Barco NV
- Goodview Electronic Co Ltd.
- Cisco Systems Inc.
For more information about this report visit https://www.researchandmarkets.com/r/evhqa
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