According to a study by the Digital Journal, the Digital Signage Market will be worth $36 billion by 2026. Relying on 5G and a plethora of small cell/DAS applications, the market will be driven by efforts to make cities smarter through advanced technology. Urbanization around the globe will create the demand as the report projects people world-wide will move from rural to urban areas. According to UN estimates, by 2050, around 68 percent of the world’s population will be living in urban areas prompting large urban areas to transform cities into smart cities and make governance more efficient and effective. An example given in the report for smart city digital signage application is police authorities in Shenzhen, China deploying facial recognition technology, using AI-based CCTV cameras to catch jaywalkers and implement traffic rules.
The compound annual growth rate (CAGR) is expected to develop at 7.8 percent according to the report. Globally, the digital signage market value was at $19.78 billion in 2018. North America, however, is expected to dictate the market share as the region generated a revenue of $8.32 billion in 2018.
Two of the key recent developments in digital signage, according to Fortune Business Insights have been:
- June 2019: Sony Electronics collaborated with Kramer Electronics to integrate its BZ35F series of BRAVIA™ 4K HDR professional displays with Kramer Control BRAINware. Kramer’s software would enhance any Audio-Visual installation by adding advanced controls and analytics to Sony’s high-quality display.
- June 2019: LG Electronics unveiled its digital signage products at the InfoComm 2019 in Florida. The product line includes Open Frame OLED displays, Transparent OLED signage, and Micro LED signage. This diverse offering of commercial display products boasts of state-of-the-art technologies and would enable LG to augment its footprint in the digital signage market.