Update: Mostly Positive Developments in the Digital Signage Sector
In the ever-evolving world of technology, digital signage continues to make its mark, particularly in the quick-serve restaurant (QSR) sector. The integrator channel can reap benefits from managed services offerings, helping QSRs utilise digital menu boards more effectively and steer clear of the pitfalls associated with poorly designed systems.
According to recent market analysis, North America held the highest market share in the digital signage industry in 2022. Looking ahead, the global digital signage market, as per the IMARC Group, is projected to reach an impressive $45.5 billion by 2032, with a compound annual growth rate (CAGR) of 5.8%. Similarly, MarketsandMarkets forecasts the market to reach $26.1 billion by 2028, with a CAGR of 6.9%.
The retail sector is a significant driver of this growth, with customers' spending remaining robust, even amidst inflation and rising interest rates. In fact, digital signage is increasingly being recognised for its ability to help shoppers find the products they are looking for.
At the forefront of these developments is BrightSign, a leading player in the industry. At ISE 2024 in Barcelona, the company announced Bright Alliance, a comprehensive global support effort for its content management system (CMS) partners. This initiative offers benefits such as remote monitoring, content updates, and potential equipment leasing and maintenance programs.
However, not all market segments are experiencing equal growth. Enterprise and higher education digital signage markets have seen a slowdown in investments, according to AVIXA's VP of market insight, Sean Wargo. He predicts that spending will increase once inflation subsides and recession fears recede.
Steve Durkee, CEO of BrightSign, is focusing on the future, particularly on solutions that offer immersive and personalised experiences. He believes that the sophistication of digital signage is increasing, a trend that is evident in the discussions he's having about interactivity and immersion for digital signage installations.
The Asia Pacific (APAC) region is expected to take the lead in the digital signage market by 2028, according to MarketsandMarkets. Meanwhile, the retail digital signage market continues to exhibit a "clear dominance" and is expected to see the lion's share of digital signage purchases.
The potential revenue stream for integrators in managed services is growing faster in digital signage than in any other service area, Wargo reported. This growth is driven by the potential for upsell opportunities, pricing flexibility, and clarity of offerings that digital menu boards in QSRs provide.
In conclusion, the digital signage market is poised for significant growth, with the retail sector leading the charge. As technology continues to evolve, it's clear that digital signage will play an increasingly important role in helping customers find the products they need, while also offering opportunities for personalised, immersive experiences.
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