A digital signage system consists of a computer or contents server, content-management software, a display monitor and other hardware. It enables brands and retailers to display commercial information and advertising to attract customers. Digital signage finds application in transportation systems, museums, retail stores, restaurants and other public places. With the opening of large format retail stores, shopping malls and modern retail outlets across cities in India, digital signage has become an effective tool for branding and promotion of products and services.

The global India Digital Signage System Market is estimated to be valued at US$ 750 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The increase in retail outlets across India is one of the major drivers propelling the growth of the India digital signage system market. According to Indiaretailing.com, India's retail market is forecast to grow to US$ 1.3 trillion by 2020 from US$ 672 billion in 2017, driven by income growth, urbanization and attractiveness of the consumption economy. The strong retail infrastructure gives advertisers and brands an opportunity to leverage digital signage systems for marketing and branding activities. With rising number of shopping malls, supermarkets and retail chains in the country, demand for technologically advanced digital signage solutions is increasing. This is positively impacting the India digital signage system market growth over the forecast period.

SWOT Analysis

Strength: The India digital signage system market is growing rapidly owing to increasing disposable incomes and growing retail sector in the country. Digital signage provides an effective way for advertisers to reach customers. It allows dynamic content and messaging. Real-time updates can be pushed instantaneously.
Weakness: High initial investment requirements pose challenges for small businesses to adopt digital signage solutions. Infrastructure readiness and IT skills shortage limit widespread adoption in some regions of India currently.
Opportunity: Growing mobile and internet penetration in India provides an opportunity to leverage connected digital displays. Integration of AI and IoT offers potential to personalized content delivery. Deployment across various industry verticals like transportation and healthcare can drive further growth.
Threats: Availability of cheaper alternative traditional advertisement mediums act as a threat. Piracy and technology obsolescence also impact the market negatively. Supply chain disruptions due to global events pose operational challenges for vendors.

Key Takeaways

The global India Digital Signage System Market Growth is expected to witness high growth. Rising at a CAGR of 9.1% during the forecast period, the market is projected to increase threefold in value terms.

Regional analysis:

The southern region of India currently dominates the digital signage market owing to high concentration of major cities and businesses. However, northern and western regions are witnessing faster adoption and will likely surpass other regions in coming years supported by infrastructure developments.

Key players:

Key players operating in the India digital signage system market are Samsung Electronics, LG Electronics, Sharp (Foxconn), Panasonic Corporation, Sony, NEC Display, Au Optronics, Leyard Optoelectric (Planar), Scala and Omnivex Corporation.

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For more details on the report,  Read- https://www.pressreleasebulletin.com/biohacking-market-trends-size-and-share-analysis/