Commercial signage market size valued at approximately $ 72.4 billion
London, December 28, 2021 (GLOBE NEWSWIRE) – According to Precedence Research, the global commercial display market size reached US $ 41.2 billion in 2020. The global commercial display market is primarily driven by the growing demand for digital displays. among different end-use sectors such as banking, business, retail and entertainment for the promotion and advertising of their products and services. Technological advancements in display technology and growing demand for energy efficient displays are driving the growth of the commercial displays market across the globe.
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Rapid industrialization and urbanization, increasing government spending on infrastructure development, and changing consumer lifestyles are driving the growth of the commercial displays market. Additionally, the increasing integration of technologies such as AI and machine learning into commercial displays is fueling market growth across the globe. The introduction of 4K and 8K displays accelerates the production of ultra-HD advertising content, which contributes significantly to the growth of the market.
North America has dominated the global commercial display market, achieving a significant market share of around 31% in 2020. The higher adoption rate of advanced digital advertising technologies among various industries for promotion and advertising their products and services has significant contributions in the market. growth. Besides, the increased penetration of retail units and hospitality units such as shopping malls, restaurants, cafes and bars has a huge requirement of the commercial displays which has fostered the growth of the commercial displays market in the region of North America.
Asia-Pacific is expected to be the fastest growing market in the coming years. The region is home to around 60% of the world’s population and the rapid urbanization of this region is poised to boost the penetration of many commercial complexes in the region. Hence, the demand for commercial displays is increasing rapidly in the Asia-Pacific region.
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Scope oF the commercial display market
|Cover of the report||Details|
|Market size in 2030||$ 72.2 billion|
|Growth rate from 2021 to 2030||5.8% CAGR|
|Fastest Growing Market||Asia Pacific|
|The biggest market||North America|
|Year of reference||2021|
|Forecast period||2021 to 2030|
|Covered companies||Cdw Corporation, NEC Display Solutions., Cisco Systems, Inc., Dell Technologies Inc., Koninklijke Philips NV, LG Display Co., Ltd., Samsung Electronics Co., Ltd., Panasonic Corporation, Sharp Corporation, Sony Corporation|
Extensive use of commercial displays in the hospitality and retail industry
Commercial displays are widely used in the retail and hospitality industry due to the high footfall of these units. In addition, the ability of commercial displays to effectively display advertisements and promotions in high light ambiance is driving the adoption of commercial displays across the world. The profitability and energy efficiency of the latest commercial displays due to technological advancements are expected to drive the market growth during the forecast period.
Growing awareness of health and various infections like COVID-19 may reduce the number of people in business units and other public places. The recent COVID-19 outbreak has resulted in travel restrictions and a global lockdown that have drastically and negatively impacted the growth of the market. Such events may hamper the growth of the market in the future.
The growing popularity of the latest technologies such as QLED, OLED, mini-LED and micro-LED are expected to be the main drivers of the market. The latest cost-effective display solution is expected to penetrate various business units such as restaurants, bars and cafes faster and hence drive the market growth in the near future.
The growing penetration of social media and the growing popularity of digital marketing and social media can reduce the importance of traditional business displays. The growing number of internet users is shifting the attention of different industries to invest heavily in social media marketing. This is expected to be a major challenge for players operating in the commercial display market.
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Highlights of the report
- On the basis of the product, digital signage is the dominant and fastest growing segment throughout the forecast period. The rapid growth of the organized retail industry across the globe has spurred the adoption of digital signage. Shopping malls are the most popular business unit that increasingly embraces digital signage. This is mainly due to the higher footfall in shopping centers. In addition, the growing popularity of hypermarkets and supermarkets in developed regions has increased the demand for digital signage.
- On the basis of screen type, the flat panel has dominated the market in 2020. The low cost of production and the easy availability of the flat panel is one of the main reasons for the increasing adoption of flat panel displays on the market. world markets. It is the most widely adopted type of display among end-use industries.
- On the basis of the component, the software is estimated to be the fastest growing segment during the forecast period, owing to the advancements and rapid upgrades in software development. The software is the main organizer and manager of the content displayed on the screens and technological advancements in the software can increase the efficiency of the software.
- Based on this technology, LCD screen dominated the market in 2020. It is one of the widely accepted technologies across the world. LCD screens have been widely adopted by various industries due to their low production cost, easy availability, and easy maintenance of various advertising contents, which promotes the growth of LCD screens all over the world.
- Based on the app, Hospitality is estimated to be the most opportunistic segment during the forecast period. This is attributed to the increased penetration of various fast food chains such as KFC, Pizza Hut, Subway, Domino’s and Yum Brands which make extensive use of commercial displays to showcase their current offers, promotions, advertisements and menus. This has resulted in significant growth in this segment.
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Segments covered in the report
- Digital display
- Show TVs
- Display monitor
By display type
- Curved panel
- Flat screen
- Stadiums and playgrounds
- Health care
- North America
- Asia Pacific
- South Korea
- Rest of the world
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