Sign market comprises of the sales of signs by entities that produce various signs. The sign manufacturing industry encompasses numerous establishments that produce signs & related displays of all materials (except printing paper & paperboard signs, displays and notices). The sign market is bifurcated as digital billboards & signs, traditional billboards & signs and other signs. Sign is a piece of metal, wood, or plastic with words and pictures on it. Signs give information about something, or give an instruction or a warning.
Referring to study, “Sign Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global sign market include Samsung Electronics Co. Ltd.; NEC Display Solutions; LG Display Co. Ltd; Planar Systems, Sharp Corporation among others. The leading players compete in the terms of availability, price, quality, and technology. They mainly focus on the development of sophisticated Digital Signage. Although the global players dominate the market, regional & foreign players with small market shares also have a distinguished presence.
The sign market is driven by rise in penetration of internet, followed by increase in application in the retail stores, hospitals, corporate offices, and hotels. However, complex taxation levied upon installation of digital signage and screens and regulatory processes like licensing may impact the market. Moreover, growth in adoption in the hospitality industry and increase in number of shopping malls & multiplexes are key opportunities for market. Furthermore, growth in evolution of LCD, OLED, LED, UHD, and Super AMOLED is a major trend for market.
There is a rise in demand for digital signage owing to its better information managing capabilities. Digital signage refers as electronic signage that uses various technologies like LED, LCD, and projection of display content such as digital images, streaming media, video, and information. Digital signage is found in basically transportation systems, museums, public spaces, stadiums, hotels, restaurants, retail stores, and others to provide the way-finding, marketing, exhibitions, and outdoor advertising. Digital signage technology is mainly used to deliver the updated information quickly & easily to the public, make the contents more attractive through animations, minimize paperwork, and improve the user experience. Many digital signage manufacturers provide customization options for their products, making the product more productive for their end-users. The customized products are delivered in just 4 to 5 days. Additionally, there is no minimum criterion to order a customized product. A client can demand the delivery of a distinct unit of the digital signage display device.
Based on geography, the Asian-pacific region holds major share in global sign market owing to increase in disposable income and rise in awareness regarding the benefits of digital signage in the region. The North-America and Europe regions are likely to witness higher CAGR due to rise in demand from the retail industry and growth in presence of dedicated product suppliers over the forecast period. It is projected that future of the global sign market will be optimistic on account of introduction of innovative solutions during the forecast period.
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Ankur Gupta, Head Marketing & Communications