Digital Signage Market Growth & Advantages
Everywhere you turn today, digital signage is telling you what to eat, what to buy, where to go and even why to do these things. As a result, display screens are as ubiquitous in public spaces as treadmills are in gyms.
In fact, the global digital signage market was valued at $14.63 billion in 2014 and is expected to reach $23.76 billion by 2020. Read the report here.
Advantages of Digital Signage
There are numerous advantages offered by digital signage:
- Flexibility in Messaging (this includes the ease to update content)
- Improved customer experience
- Cost savings on printing and labor
- It is environmentally friendly
- Ease of upselling and cross-selling
- Speed and specificity in internal workflows and operation/distribution
In addition to these unique advantages, the dilution of mass media, shrinking attention spans and decrease in the cost of the infrastructure have made digital signage very popular across a variety of verticals.
We have seen customer traction in specific areas that are driving the adoption of digital signage:
Cross-account Content Management and Delegation (scaled activities)
To guarantee data integrity and communication compliance, corporations are turning to digital signage as a communication solution. The corporations are drawn to platforms that will allow an administrator to control and schedule content centrally and publish that content to targeted sites. They also want solutions that offer different levels of user permissions for collaboration and security.
Network-wide Emergency Notifications (including cross-country deployments)
A lot of end users are now implementing digital signage as part of their emergency notification system. Digital signage is quickly becoming a preferred channel because of the speed the message reaches the audience. The user can override normal content and project attention-grabbing displays to announce an emergency and provide clear instructions about how the audience should respond.
We have seen a growing need for web-based menu management in the foodservice business. Advances in display technologies and the decreasing hardware and software costs have made printed menu boards almost obsolete. Not only do digital menu boards eliminate the cost of printing and maintaining traditional menu boards, they also provide a multisensory experience — people eat with their eyes. Another appeal of digital menu boards is the scheduling capabilities. In fact, you can schedule different menus to be displayed at different times in advance. You can schedule updates remotely from a central location.
Despite the proliferation of digital signage, the industry faces some critical challenges. There is market fragmentation, lack of access to quality content and the bounded vision of utilizing digital signage across projects. There is also a lack of standards for interoperability between signage players. Standardization makes it less superior to other media channels, such as TV and the Internet.
These challenges, however, are not overwhelming. With digital signage being fast-growing, competitive, and highly innovative, we expect to see updates that solve these pains.