July 11, 2024

The Rapid Growth Of The Digital Advertisement Sector Is Anticipated To Open Up The New Avenue For India Digital Signage System Market

The India Digital Signage System Market is estimated to be valued at US$ 802.63 Mn in 2023 and is expected to exhibit a CAGR of 15.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

India digital signage system market comprises products such as hardware, software, and services related to digital signage. The hardware segment includes displays, media players, PC modules, transmitters, and receivers. The software segment includes content management system software which enables user to schedule, create, and display digital media/advertisement on digital signage displays. Digital signage systems are increasingly being adopted across various industry verticals in India such as retail, hospitality, healthcare, education, corporate offices, and transportation systems for digital communication.

Market Dynamics:

The increasing adoption of digital signage in retail stores is a major factor driving growth of the India digital signage system market. Retailers are using digital signage to display advertisements of new products, schemes, and prices of products. Moreover, digital signage offers retailers opportunity to grab customers’ attention quickly and target right messages to them. This drives their purchasing decisions. Furthermore, digitization and rapid growth of transportation sector in India has also contributed to market growth. Use of digital signage displays for transportation updates, route maps, and passenger information systems are increasing steadily at airports, railway stations and metro stations across the country. However, high initial investment remains a major challenge for widespread adoption of digital signage systems.

Segment Analysis

The India digital signage system market is dominated by the Kiosk segment, constituting around 35% of the total market share. Kiosks provide cost-effective and versatile options for displaying informational content such as interactive maps and directories. They are increasingly being deployed in public places like airports, railway stations, shopping malls for interactive communication.

PEST Analysis

Political: The Digital India initiative by the Government of India to transform the country into a digitally empowered society is aiding the adoption of digital signage. Various state governments are also rolling out smart city projects featuring digital signage.
Economic: India’s growing GDP and consumer spending has increased commercial infrastructure development like retail and transportation hubs that are major adopters of digital signage for branding and promotions.

Social: Rising internet and smartphone penetration in India has made people receptive to interactive digital experiences. Digital signage engages customers and aims to enhance their in-store experience.

Technological: Improved LCD/LED display technologies, all-in-one digital media players, and content management software have made digital signage more affordable and user-friendly for businesses. Connected digital displays are also enabling emerging applications.

Key Takeaways

The Global India Digital Signage System Market Size is expected to witness high growth, exhibiting CAGR of 15. over the forecast period, due to increasing commercial infrastructure development and smart city initiatives. The market size for India digital signage system is projected to grow from US$ 802.63 Mn in 2023 to US$ 2,230 Mn by 2030.

Regional analysis

Southern India dominates India’s digital signage market currently due to availability of major commercial hubs like Bengaluru and Chennai that have seen aggressive adoption. Western India is anticipated to be the fastest growing regional market owing to large-scale infrastructure projects in major cities like Mumbai, Pune and Ahmedabad.

Key players operating in the India digital signage system market are India Systems Pvt. Ltd., Enkay Technologies, Budget Signs, Truknox Technologies, Intellicon, BH Enterprizes, BenQ Corporation, Sony Corporation, Sharp Corporation, Panasonic Corporation, LG Electronics Inc., and Samsung Electronics Co. Ltd. Key players are focusing on providing customized applications, interactive features and cloud-based content management platforms to expanded adoption across industries.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it