The global signage market is projected to experience robust growth, with an estimated valuation of US$ 39.6 billion in 2024. In an increasingly competitive business environment, effective branding and marketing efforts are paramount, and signage plays a crucial role in these strategies. The market is expected to grow at a compound annual growth rate (CAGR) of 6.6%, reaching nearly US$ 75.4 billion by 2034.
Signage Market Trends & Analysis
Shift Towards Digital Signage: Traditional signage is gradually being overshadowed by digital signage due to its flexibility, real-time feedback capabilities, and personalized experiences. The incorporation of customized noise, color contrast, connectivity, and high resolution is making digital signage an ideal marketing tool for modern businesses.
Retail Signage Solutions on the Rise: Signage manufacturers are witnessing a significant shift from traditional business signage to retail signage solutions. Innovations in print signage are rapidly evolving with effective information display technologies and new design elements showcased on LED or Neon signage.
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Historical Analysis and Forecast Outlook
The signage market was valued at US$ 32.5 billion in 2019 and expanded at a rate of 2.1% from 2019 to 2023, reaching US$ 37.4 billion in 2023. While online advertising saw a surge post-pandemic, digital signage remains relevant and continues to see demand, albeit at a slower pace immediately after the pandemic.
Prominent Factors Driving the Signage Market
Automated Content Creation: Integration of IoT with digital signage enables automated content creation that can be dynamically displayed. Enhanced store safety can also be achieved as digital signage can be connected to alarm systems and sensors to monitor store capacity and stock levels.
Digital Signage as a Revenue Generator: Commercial spaces such as retail stores, hospitals, and public areas have increasingly adopted digital signage in recent years. Interactive digital signs improve in-store experiences by allowing businesses to explore a wide array of graphics and designs, capturing shopper attention and enabling easy display changes.
Visual Light Communication Technology: Visible Light Communication (VLC) technologies bring the benefits of GPS indoors, enhancing customer shopping experiences. By connecting mobile phones to digital signage platforms, customers can navigate stores more efficiently, guided by digital signage that highlights trending products and directs them to desired items.
Growth Opportunities:
- Demand for Directional Signage: Increased focus on road safety is driving demand for directional signage along highways and streets.
Market Challenges:
- Competition from Online Advertising: Growing investments in online and broadcast advertising are posing a challenge to traditional signage solutions.
Regional Trends:
- US Market Led by Innovation: The U.S. signage market is expected to witness a CAGR of 4.3%, driven by the adoption of advanced display technologies like LCD and LED panels.
- Strict Regulations Fuel Growth in UK: The UK market is anticipated to grow at a CAGR of 5.5%, fueled by government regulations mandating wayfinding and safety signage.
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Key Segments Covered In Signage Industry Research
Product Type:
- In-store Signage
- Promotional Signage
- Directional Signage
- Outdoor Signage
- Promotional Signage
- Directional Signage
End-use:
- Supermarkets & Hypermarkets
- Stores
- Schools & Offices
- Industrial Sectors
- Entertainment
- Others
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