The digital signage system market in India has experienced significant growth in recent years. Digital signage systems are computer-based display devices that help businesses share multimedia content such as images, video, and other marketing messages with customers. They have become an important medium for advertising and promotions for various industries like hospitality, retail, transportation, healthcare, and education. The advantages of digital signage include the ability to instantly update and change content remotely, engage audiences through interactive features, track viewership analytics, and deliver highly targeted messages. Digital signage provides businesses an efficient way to inform customers, enhance their brand experience, and boost sales.
The Global digital signage system market in India is estimated to be valued at US$ 924.63 Bn in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024 to 2030. Increased digitization and growing internet penetration in India are fueling the demand for digital signage systems from various sectors. The medium allows reaching wider audiences through captivating visuals and grabbing their attention for longer periods compared to traditional signage.
Key Takeaways
Key players operating in the India Digital Signage System market are Meggitt Sensing Systems (Meggitt PLC), SKF AB, Brüel & Kjaer Vibro, Parker Kittiwake (PARKER HANNIFIN CORP.), Rockwell Automation Inc., Thermo Fisher Scientific Inc., GE Bently Nevada, Perkin Elmer Inc., Emerson Electric Co., Gastops Ltd, Nippon Avionics Co. Ltd, AMETEK Spectro Scientific, FLIR Systems Inc. and Fluke Corporation.
Key opportunities in the market include growing demand from tier 2 and tier 3 cities of India as digitalization progresses in rural regions. Increased focus on experiential marketing is also fueling adoption.
Major players are focusing on expanding their presence across India to gain from rising opportunities. They are also launching customized and cost-effective solutions for small and medium businesses to increase acceptance of digital signage.
Market drivers:
Increased penetration of internet and smartphones: Growing internet and smartphone access has increased the effectiveness of digital signage for advertising. 2) Declining hardware costs: Falling prices of LED and LCD screens as well as computing devices is supporting the affordability of digital signage systems.
Market restraints:
Require skilled personnel for operation and maintenance: Digital signage needs trained professionals for content management and software handling which increases costs.
Higher initial investment than traditional signage: Though long term benefits offset costs, higher capital requirement currently limits adoption from smaller businesses.
Segment Analysis
The India Digital Signage System Market Demand is dominated by the hardware sub segment. Digital signage hardware includes displays, media players, and other equipment required for digital signage setup. The hardware sub segment accounts for over 60% of the India digital signage system market share as hardware forms the core component of any digital signage solution. Hardware costs tend to be significantly higher than software or services, driving higher revenue for the hardware sub segment. Additionally, hardware requires periodic replacement or upgrades resulting in recurring purchases compared to one-time purchases for software or services.
Global Analysis
Regionally, Southern India dominates the India digital signage system market with over 35% share. States such as Tamil Nadu, Karnataka and Andhra Pradesh are leading adopters of digital signage solutions across various verticals such as retail, transportation and education. The higher GDP growth rates in Southern states compared to other regions have boosted infrastructure and commercial construction activities over the past decade. This has increased the implementation of digital signage networks across public spaces, malls and corporate offices. South India is expected to continue its dominance driven by robust economic growth creating more opportunities for digital transformation of the out-of-home advertising sector. Western India is the fastest growing region on account of rising digital signage adoption in major cities like Mumbai, Pune and Ahmedabad supported by strong economic growth of cities.
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