June 16, 2024
India Digital Signage System Market

India Digital Signage Market Set to Grow Due to IoT Integration

The digital signage system market in India has been witnessing significant growth over the past few years owing to increasing adoption across various sectors such as retail, healthcare, hospitality and others. Digital signage system allows organizations to share messages and information with customers through a combination of hardware like displays, media players and content management software. The systems also enable interactivity and provide businesses with advanced analytic tools. Growing penetration of IoT has further enabled digital signage to be integrated with other devices and systems, allowing real-time updates.

India Digital Signage System Market is estimated to be valued at US$ 924.63 Bn in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024 To 2031.

Key Takeaways

The key opportunities in the India Digital Signage System Market Size include growing advertising spend on digital mediums across sectors and smart city initiatives undertaken by the government which promotes adoption of digital signage. technological advancements like integration of AI and analytics is further enhancing the experience and making systems more intelligent.

Key players operating in the India digital signage system are Meggitt Sensing Systems (Meggitt PLC), SKF AB, Brüel & Kjaer Vibro, Parker Kittiwake (PARKER HANNIFIN CORP.), Rockwell Automation Inc., Thermo Fisher Scientific Inc., GE Bently Nevada, Perkin Elmer Inc., Emerson Electric Co., Gastops Ltd, Nippon Avionics Co. Ltd, AMETEK Spectro Scientific, FLIR Systems Inc. and Fluke Corporation. The major players are focusing on developing IoT integrated solutions to gain a competitive edge.

Market drivers: The key drivers contributing to the growth of India digital signage system market are rising commercial infrastructure like malls, hospitals and increasing implementation across public transport systems. Growing focus on interactive and engaging communication with customers through digital platforms is also propelling the demand. Implementation across educational institutes to provide interactive learning experience to students is another major factor boosting the market growth.

Challenges in India Digital Signage System Market

The India digital signage system market is facing some challenges currently which are hampering its growth potential. One of the major challenges is the high initial investment required for setting up digital signage solutions. This includes the cost of hardware such as displays, media players, mounts/stands etc. along with the cost of content design and development. Many small and medium businesses find it difficult to justify such a high capital expenditure.

Another challenge is the lack of uniform standards for India Digital Signage System Market hardware and content file formats. There are different types of proprietary systems in the market and lack of standardization makes it difficult to switch between brands. It also increases maintenance and support costs. Changing content frequently on multiple displays also requires dedicated manpower which increases the total cost of ownership.

SWOT Analysis

Strength: Large domestic market with significant growth opportunities in retail, transportation and public sectors. Availability of local manufacturers reducing import dependence.

Weakness: Absence of uniform standards divides the market. High initial investment cost poses barrier for smaller companies.

Opportunity: Mass rollout of digital signage in smart cities programs. Growing digital advertising and promotion budgets can spur adoption.

Threats: Slow pace of digitization in many industries limits shorter term prospects. Aggressive pricing by Chinese manufacturers increases competition.

Geographical Regions

The India digital signage system market is currently concentrated in major cities and urban areas where deployment of digital signage solutions first started. Metros like Mumbai, Delhi, Bengaluru, Chennai and Hyderabad account for around 65% of the total market value currently.

However, smaller towns and rural regions are expected to witness the fastest growth over the coming years. The government’s smart cities mission along with expansion of retail chains, malls and transportation networks to Tier-II and Tier-III cities will drive this growth. North-eastern states which have seen rapid economic development recently also provide promising opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it