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LED Based Digital Signage Market is Estimated to Showcase Significant Growth by 2023

Author : Ronak Bora | Published Date : 2019-05-09 

LED based digital signage market share is anticipated to witness significant growth over the forecast timeline. The incorporation of LED backlit panels due to its energy saving features which diminishes the operational cost of an enterprise may provide opportunities to the industry.

Global Digital Signage Market was greater than $15 billion for 2015 and is predicted to register CAGR of 5.2% during forecast timeframe. Innovations in display panel production techniques have led to substantial price decline predicted to positively affect global digital signage industry trends. Software dealers are growingly concentrating on entry level items. Execution of flip clip technology leading to good dissipation of heat, reduced LED failure and large availability of light angles is predicted to lessen digital signage market price trend.

Outdoor digital displays segment of the digital signage market offer an accessible and a more appealing experience to users in comparison to conventional static signage. It supports the firm to function and use money effectively. Furthermore, it benefits the firms by helping them to target a specific audience and thereby, enhance user experience.

The digital signage market is segmented into various applications like retail application and healthcare application. Retail application contributed more than 40% of global industry share for 2015. It is predicted to continue its domination in future.

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Healthcare segment features positive regulatory scenario for digital signage market growth. It is predicted to register 7% CAGR during forecast timeframe. Pharmaceutical Research and Manufacturers of America has made such regulations that disallows pharmaceutical firms from following the traditional practice of distributing notepad and branded pens to physicians for marketing their products. The new rules have compelled the firms to explore 3D technology based digital signage as a feasible marketing tool. Further, this technology assists in reducing perceived patient waiting times by curbing their anxiety through entertainment.

Asia Pacific digital signage market is anticipated to witness significant growth at a CAGR of nearly 6% over the next seven years. This growth is attributed to the decreasing cost of the display panels accompanied with the rising funding on infrastructure development in the region. In addition, the demand for enhanced visual experience and educational market development may surge the adoption of the technology in the region.

Key participants in digital signage market are Samsung, AUO, Panasonic, Innolux, and LG Corporation contributed towards a major share of Digital signage industry in 2015. Also, the industry expansion will create high growth opportunities for new entrants and SMB’s owing to buyers’ focus shifting towards cost-effective solutions along with a higher ROI (Return on investment).

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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