What will become the main growth drivers around the digital signage market within the next couple of years?

Digital signage solutions continue to make massive inroads into new markets as technological innovations and competition remain primary factors in the marketplace. As the growth of this strategy becomes ever more significant, business owners, manufacturers, and software producers continue to monitor market trends.

With the growth of close to 19.8 billion during 2018 in this field continuing to accelerate, businesses want to find new ways to harness the power of digital signage to grow their brands. But what are the anticipated trends in this field for the near future? Let's take a closer look at the driving forces behind digital signage as a brand differentiator and driver of new advertising and marketing initiatives.

New experiences

By now, the new millennials have demonstrated that new experiences are what motivate their existence. Sell a product that delivers experience and emotion, and the small business owner will be able to get this new group of discerning consumers onboard. Understand how new millennials with deep pockets perceive brands, and the business owner is on route to tapping into this enriching market.

Not only is the market an enriching source of profits for business owners who understand the desire for new experiences, but utilization of the innovative digital signage advertising solution is key to designing the right level of appeal. Those who are skilled at combining digital signage with new experiences are more likely to attract and retain this powerful customer base. All it takes is a good CMS software installation, a good commercial screen, and creativity. Once these basic elements are in place, the business owner can even remote control the experience delivered.

Competitive trends

Businesses must constantly innovate to remain relevant. Digital signage is a relatively new technology, or at least is being used in new ways, which makes it the ideal solution for corporates to differentiate their product offerings. This differentiation is specifically important when it comes to industries such as health and banking where patients and clients can wait long periods to receive service.

A business that entertains and informs its target audience while waiting, attracts more business than those who do not. In other words, digital signage offers solutions that can entertain, promote, inform, and educate---providing an essential value add to waiting customers. The opportunity to support branding in this way involves the audience through distraction and interaction. The appeal is that those waiting for service feel that their time is productively spent rather than wasted.

Hardware display technology advances

From 2015 and growth figures of $15 billion, the projected CAGR is expected to grow at over 7% until 2024. This means that the digital signage industry is set to grow to a value of more than $29 billion by 2024. Driving these figures is the increasing trend toward producing screens that produce focal design points on top of using progressive technology.

As growth and infrastructure in emerging markets continue to develop, so does the demand for new 4K & 8K display designs increase. Also, robustness and availability of screen types and sizes is set to drive market trends as digital signage is required in a variety of infrastructure types. Starting with basic LCD screens, progress with LED and OLED continues to generate trends in this field, making it one of the most exciting marketing and advertising hardware solutions of the decade.

Supportive software trends

With demand, the need for new display types, media players, and/or projectors remains a driving force along with software deliverables. As the digital signage field produces software that is user-friendly, can be remotely controlled and scheduled in advance, so more industries express their interest. Both software applications and support services are available, encouraging different industries to get in on the act to build and maintain their brands.

Among these interested industries are governments that advertise their services within departments, on transport mediums, and in public places. The sports environment has an invested interest in continuing to promote its offerings through diverse software programs. Also, the retail, healthcare, education, and entertainment industries are all on board to promote branding for various purposes, which continues to stimulate the production of unique software to support industry strategies.

The decline in traditional media

As traditional mediums such as print and broadcast continue to decline, something must fill the vacuum. That something is digital signage that can easily be connected to desired RSS fees and transmitted to the relevant audience. As the costs of hardware decrease in Asian markets, so does the trend for corporates to use this medium to inform their customer base. Similarly, growing housing and retail trends in developing economies together with the move away from traditional media encourages the growth of digital signage.

Matching the affordability of display mediums is the cost-effectiveness of support digital signage software. Together, these two elements deliver a satisfying audience experience, but dynamic progress is projected to produce exceptional experiences and ROIs in the next few years.

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