Digital display screens are set to see a massive increase in sales according to a leading trend spotting organisation.
Leading research company MarketWatch has predicted “The digital signage market is expected to be worth USD 32.84billion by 2023, growing at a CAGR of 7.4% between 2017 and 2023.”
The growth is down to many reasons, but they can be summed up easily enough – digital advertising works for many businesses. We have already written about how retailers are using digital display screens to build brand and boost sales – and these figures confirm our experience as one of the UK’s leading supplier of commercial grade advertising screens.
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The report continues:
“Increasing interactivity capabilities of the digital signage systems and growing demand for cloud-based software along with vivid content creation is driving the digital signage market.”
The authors of the report state that their research shows increasing adoption of digital signage products in commercial vertical, growing technological advancements in display products, rising demand for 4K & 8K displays, and increasing infrastructural developments in emerging countries are the major driving factors for the market’s growth during the forecast period. The largest growth was predicted for the markets in the USA and Europe.
The use of digital signage in commercial applications allows businesses to efficiently and effectively reach and interact with customers. Attracting new business opportunities, increasing brand awareness, improving operating efficiency, catching the attention of passersby, promoting new products, and enhancing customer experience are the factors that propel the growth of the digital signage market.
“Retail vertical currently accounts for the largest share of the digital signage market, and this trend is expected to continue during the forecast period. Digital signage has a high demand in retail as it helps in engaging customers with menu boards, billboards, and kiosks to increase impulsive shopping, and display information regarding the usage and benefits of products or services.
Retail companies are adopting display devices to enrich customers’ shopping experience and simplify display management. Digital signage displays utilised in retail for display information such as information about store’s opening hours and corporate identity, way-finding guidance, in-store advertising, screens near point-of-sale and creating a better atmosphere and enhancing customer experience. Also, growing retail space and increasing number of retail stores across the world are propelling the growth of the market.”