Markets and Markets reported that the digital signage solutions market is expected to grow to $32.84 Billion by 2023. This article takes a look at what is driving this wide-scale adoption.
This recent report by Markets and Markets stated three key driving factors for the expected digital signage market growth, from $19.61 Billion in 2016 to $32.84 Billion in 2023, representing a 7.4% CAGR in 2017-2023:
- The increasing demand for digital signage in public and commercial sectors
- Software offerings are expected to grow at the highest rate
- Technological innovations are driving the displays market
Customers and employees alike are driving the need for digital signage solutions
Organisations are seeing an increasing demand for digital signage in both the public and commercial sectors. This is primarily down to customers and employees expecting to be more informed wherever they go, and to have the latest information available in near real-time. Content management software developments have aided this with organisations now able to remotely update their digital signage estate as one, pushing out messages to multiple locations at the same time.
Technological advancements mean that organisations are striving to adopt these technologies to provide customers with a more enhanced, user-friendly customer experience – helping to improve customer engagement and retention rates. Meanwhile, digital signage technology is also being used at an increasing rate for corporate communications. Enabling management to update teams with the latest news, company updates and achievements in any location that they require, it saves money on traditional printout methods and ensures consistent and timely messaging can be delivered.
How digital signage is being used today
Digital signage solutions are being deployed in most industry verticals today, with key examples including healthcare, retail, hospitality, and across the public sector. Leading applications for digital displays include meeting room signage, advertising, infotainment, and real-time information sharing.
Organisations such as healthcare centres, corporate offices and educational institutions are using active meeting room signage to keep people up-to-date with how and when rooms are being used. Similarly, other rooms such as doctor offices or operating theatres in hospitals, are utilising digital signage to display the schedule for the day to keep patients and employees informed about delays.
The retail and hospitality industry are using digital signage meanwhile to better connect customers with their latest promotions, offers and information about the organisation and its products, enhancing their overall experience.
Similarly, public transport organisations have increased their use of digital signage at waiting points and on-board to enable passengers to not only view updates on transport statuses, but to also provide entertainment while they wait or travel – improving their transport experience from start to finish.
How digital signage solutions will be used in the future
So what’s next for digital signage?
Public sector organisations are set to implement large-scale digital signage applications across cities as part of the rising smart city deployments being made to improve citizen safety and experience. For example, digital signage featuring real-time updates could be put in place to inform people of road closures, accidents, weather updates or information on specific public-facing events – keeping the community better informed of what is going on in their area.
We are already seeing some futuristic digital signage applications being deployed in retail stores. Applications such as virtual fitting rooms and interactive dressing room mirrors, which enable customers to “try on” clothing without having to go physically into a dressing room and change, are already cropping up. Retail and hospitality companies have also started to implement personalised signage experiences which leverage BLE and mobile phone app technologies to recognise when a certain customer has arrived in-store, greeting them via the digital displays and showing them personalised offers available to them in-store.
Not only this, more traditional businesses such as automotive dealerships are also starting to realise the benefits of digital signage. Lift and Learn interactive experiences are being adopted to teach customers about the various “add ons” available for their vehicle, delivering a more engaging sales experience.
As technological advancements rise, and we as society become increasingly savvy, our expectations also increase and organisations must meet these – digital signage forming one key part of this. There is no doubt that digital signage solutions form part of the next step in enhancing customer and employee experience, improving information sharing, engagement and ultimately retention rates on both sides.