Published On : 29 Aug 2018
Digital signage along with the encompassing digital technologies have gained traction as emerging as the new normal in customer engagement by creating interactive medium of communication, especially in outdoor environments. They are increasingly being deployed in public and commercial sectors to meet a range of messaging needs for their customers and clients. This has been proportionately propelling the demand for digital signage software. These software facilitate the ease of use and interactivity with the end users. There is a growing adoption of digital signage technology in the private and commercial sectors for creating more engaging marketing communication content, with an aim to improve customer retention.
According to estimates by QYResearchReports, the global market of digital signage software is projected to expand at a CAGR of 10.5% from 2018 to 2025. The market will witness several attractive avenues from the rising efforts by players to explore lucrative avenues over the next eight years.
Trends underpinning Lucrative Demand for Digital Signage Software
Assured Benefits and Substantial ROI account for Extensive Commercial Applications
The increasingly significant role being played by digital signage technologies in infrastructure developments is a key factor driving the market. The demand for digital signage content management systems and software is also robust among commercial end users since these ensure high cost efficiency and a consistent return on (their) investments (ROI). These systems help in dynamic management of the digital content. The application of the software in remote updating of the content in real time is a promising proposition for their burgeoning demand, especially in the healthcare, retail, and hospitality industries.
Adoption of Modern Signage Technologies opens New Frontiers
Over the past few years, the market has witnessed the declining prices of LED displays. This bodes well for the uptake of digital signage software. The incorporation of OLED-based displays has upped the functionalities of digital signage and further reduced the consumption of energy. This is bolstering the demand for advanced digital signage, which in turn is boosting the demand for the software. The rising efforts of signage manufacturers to launch innovative formats is also opening new, exciting avenues for market players.
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Lack of Standardization Glaring Concern, Spiraling R&D Spend to offer Growth Impetus to Market
The digital signage software market is expected to benefit from the cloud-based technologies. However, several challenges retard the steady expansion of the demand for the software. The lack of standardization in design of digital signage does not augur well for the market. The limited awareness of the benefits of the digital signage communication among end users, especially among users in the public sector, is a crucial factor hindering the market.
Nevertheless relentless efforts by manufacturers to develop high-end digital signage products are expected to impart a robust thrust to the demand for the software. To this end, market players are spending large sums on research and development activities. In recent years, growing efforts world over to address security issues plaguing the working of the software for operating digital signage will also unlock promising prospects in the market.
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