Digital Signage Software Market Growth forecast 2023
Introduction
Digital signage is the use of electronic screens to display information. Digital Signage Software helps users control the content, manage display and measure results. It can also be used to create applications for multiple devices such as smartphones, tablets and laptops.
Digital signage software is a type of software that is used to control digital signage content, manage the display, and measure results of using digital signs. It is usually a software-as-a-service solution
There are three major types of digital signage software:
- Software for dynamic digital sign networks
- Content management software (CMMS)
- Media players (MP).
These three types are often combined into one integrated platform with different levels of functionality available depending on pricing plans. The first type helps create a network of connected displays, while the second manages content and metadata, including artwork, video clips and schedules for each display throughout its lifetime as well as providing other administrative functions like payment processing and reporting. Media players allow you to play back media files stored locally or remotely on your own computer system through an internet connection so that it can be viewed anywhere in real time at any time without having any additional hardware needed besides a monitor screen or TV set if you want to share it with others who don’t have access themselves but still want see what’s going on while they’re away from home base not having been able to watch anything before now due lack
The digital signage software market is expected to grow from USD 6.48 Billion in 2017 to USD 12.90 Billion by 2023, at a CAGR of 12.98% during the forecast period. The base year considered for the study is 2017, and the forecast period is from 2018 to 2023.
The factors that drive this market include growing demand for smart buildings, increase in deployments of digital signage across industries and verticals etc., growing need for effective marketing campaign management tools among others
The growth of this market is fueled by factors such as increasing need for effective marketing strategies and growing awareness of digital signage among SMEs and enterprises. On the other hand, data security concerns may restrain the growth of this market to a certain extent during the forecast period.
The global digital signage software market has been segmented by component, network connectivity type, application, verticals and geography. Based on component, it has been classified into hardware and software and services. In 2017, the hardware segment held largest market share while software & services segment is expected to grow at highest rate during the forecast period.
The growth in demand for smart devices will drive this market over the next five years which is projected to reach USD 20 billion by 2023 at a CAGR (compound annual growth rate) of 3%. This can be attributed to rise in adoption of smart TVs as well as other devices such as PCs/laptops etc., which can be controlled using apps available on these platforms. Major players operating in this space include Microsoft Corporation (U.S.), LG Electronics Incorporation (South Korea), Samsung Electronics Co Ltd(South Korea), Sony Corporation(Japan) etc.,
Conclusion
We forecast that the digital signage software market will grow at a CAGR of 12.98% during the forecast period. It is segmented into hardware, software and services based on components including display units, control systems and media players. Based on application, it has been classified into retail point-of-sale (POS), fleet management system (FMS), media player and others. In terms of verticals, it has been classified into government & defense, manufacturing & logistics firms as well as healthcare & education sector.
