by Digital signage system involves the use of technology like LCD, LED and Projection to display content such as advertisements, promotions and emergency information. These digital signage systems have become an integral part of retail sector in India as they have a profound impact in communicating with customers. Digital signages are widely being installed by retail stores, shopping malls and other commercial complexes across India to attract customers and enhance in-store experience. The adoption of digital signage systems is growing rapidly owing to high visibility and interactive features which retain customers for longer duration within stores.
The global India digital signage system market is estimated to be valued at US$ 341 million in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing Popularity of Digital Signages in Retail Sector: As mentioned in the heading, growing usage of digital signage systems in Indian retail sector is one of the key drivers of this market. Retailers are realizing the potential of digital signages to engage with customers, showcase products and offers which is increasing their adoption. Customizable and interactive content displayed on digital screens attract more eyeballs within stores.
Advancements in Display Technologies: Continued innovations in display technologies like LCD, LED and OLED have improved visual quality, reduced costs and enhanced features of digital signage screens. This has propelled their installation across different sectors like transportation, corporate, hospitality and healthcare in India. Declining prices of displays along with innovations are positively impacting the digital signage system market.
Segment Analysis
The India digital signage system market is primarily segmented into two types- hardware and software. The hardware segment dominates the market and accounts for over 60% share. This is because of high demand for LCD/LED display panels, media players, and projectors from various industry verticals using digital signage. Within the hardware segment, the LCD/LED display panels sub-segment has around 50% share due to favorable features like high definition clarity, wide viewing angles, and low power consumption of LED/LCD screens.
PEST Analysis
Political: The government of India is taking initiatives to develop smart cities and digital infrastructure across the country. This is promoting investments in digital technologies including digital signage.
Economic: With steady economic growth, India is witnessing expansion of retail, hospitality, healthcare and transportation sectors that widely use digital signage for marketing and communication. This is fueling market revenue.
Social: Increasing consumer awareness about products and services coupled with highly active social media usage is prompting business entities to utilize digital signage networking more effectively.
Technological: Adoption of interactive digital signage using near field communication (NFC), facial recognition and sensors is growing. Also, 4G and upcoming 5G networks are enabling advanced location-based interactive digital signage solutions.
Key Takeaways
The global India Digital Signage System Market Growth is expected to witness high growth during the forecast period due to rapid expansion of organized retail, corporate offices, and public infrastructure.
Regional analysis comprises the southern region dominates India’s digital signage market due to presence of key cities like Bengaluru and Chennai that have advanced commercial infrastructure. Key players comprise Samsung Electronics, LG Electronics, Sharp, Panasonic Corporation, NEC Display Solutions, and so on.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
