Digital Signage Software Market Introduction, Application and Development Forecast 2023
In today’s world, digital signage plays a crucial role in the in the field of information and advertising network. The digital Signage Software Market was valued at USD 4.48 billion in 2016 and is expected to reach USD 9.24 billion by 2023, at a CAGR of 10.2% during the forecast period.
The growth of the market is propelled by the increasing demand for digital signage in public and commercial sectors, along with its high cost efficiency and assured return on investment. The market is further driven by factors such as increasing focus on energy consumption, the rising demand of OLED-based displays, and improvements in technology offerings & infrastructure expansions. However, the lack of standardization and the lack of awareness about digital signage are inhibiting the growth of the digital signage market globally. Moreover, the protection of digital signage from power issues and the development of equipment suitable for all weather conditions are the key challenges for the players in this industry. Technological innovations such as touch screen technology, near-field communication technologies, and so on have created opportunities for this market.
Digital signage systems such as displays, media players, and others are supported by software for the ease of accessibility. The sales of these digital signage devices are highly dependent on the user interfaces provided by the software for easy accessibility. The different software considered in the report includes edge server software, content management system, and other software solutions including analytics-related software.
The commercial application held the largest share of the digital signage software market in 2016 and is expected to register the highest CAGR during the forecast period. This is mainly due to increasing demand for digital signage in commercial applications along with improvements in technology offerings & infrastructure expansions. In indoor advertising, especially in the commercial application (retail, healthcare, and hospitality sectors), content needs to be managed and changed periodically because of the high customer interaction in these sectors. As the usage of products such as displays, media players, and projectors in retail and hospitality increases, the content management services in the digital signage market would also experience growth.
North America held the largest share of the digital signage market in 2016, followed by Europe. The digital signage software market is expected to have a high growth rate in APAC, mainly owing to the industrialization in this region. APAC is witnessing the transformation in the digital signage industry, and a number of players are entering this market with new innovations.
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The content management system is expected to hold the largest market share during the forecast period
In 2016, the market for content management system held the largest share in digital signage software market and is expected to dominate the market till 2023. The content management system plays a vital role in the customization, scheduling, monitoring, and deployment of content across a network of digital displays. Digital signage content management system is the nerve center of the digital signage network and is necessary to make digital signage effective; it helps ensure the most relevant content is viewed by the consumers.
Commercial application held the largest market share in the digital signage software market in 2016 and is expected to register the highest CAGR during the forecast period
The commercial application is expected to dominate the digital signage software market till 2023. This is mainly due to increasing demand for digital signage in commercial applications along with improvements in technology offerings & infrastructure expansions. In indoor advertising, especially in the commercial application (retail, healthcare, and hospitality sectors), content needs to be managed and changed periodically because of the high customer interaction in these sectors. As the usage of products such as displays, media players, and projectors in retail and hospitality increases, the content management services in the digital signage market would also experience growth.
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