by The global 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:
Digital signage systems employ display screens or monitors to display dynamic digital content in public spaces. They use display screens integrated with a media player and video card to deliver advertising and informational messages. They have emerged as an effective way for businesses in India to interact and engage with customers. Digital signage allows companies to share messages and branding visually while also providing useful information to customers. With technological innovations, digital signage is becoming more interactive and now supports touchscreens, sensors, and artificial intelligence.
Market key trends:
One of the major trends driving the India digital signage market is the growing adoption of artificial intelligence. AI-powered digital signage systems can analyze customer behavior patterns and interactions using computer vision. They can dynamically change content based on real-time demographic data to enhance customer experience. AI also allows for improved audience targeting and personalization. Another key trend is the rising popularity of 4K and 8K ultra-high definition displays. Their higher resolution provides a more immersive visual experience. Furthermore, digital signage networks are increasingly being integrated with IoT sensors and devices to enable interactive experiences through touchscreens, beacons, and mobile apps.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the India digital signage system market is moderate. High initial investment and technical expertise required to set up digital signage infrastructure acts as a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers is low in the India digital signage system market. Variety of digital signage solutions available as per buyer requirements gives them limited bargaining power.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Major components including hardware, software, and services have multiple global and regional suppliers.
Threat of new substitutes: Threat from substitutes is low. Limited substitutes are available for digital signage systems which provide interactive and real-time content updates.
Competitive rivalry: The competitive rivalry is high. The market is moderately fragmented with the presence of numerous global and regional players. Players compete based on pricing, features, service quality, and technical expertise.
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 preference for digital signage over traditional signage boards.
Regional analysis:
Geographically, northern region dominates India’s digital signage system market holding around 30% share, followed by western and southern regions. Rapid growth of retail sector, transportation industry and rise of smart cities drive the growth of digital signage in these regions.
Key players:
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. Major players focus on providing customized solutions as per customer requirements to strengthen their market position.
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*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
