Market research firm Hexa Research, according to Canadian company Sign Media, has reported an estimation that the global digital signage market will grow to about US$20 billion by the year 2020, much of which will presumably come from the existing wide-format sector. The research company estimates the digital signage market was worth approximately $13.3 billion in 2013 and is currently enjoying a compound annual growth rate (CAGR) of 6.1 per cent, thanks to such positive factors as improved user experience (UX), price reductions for digital display panels and continued advances in product development.
The report divides the market by technology, application and geography. While liquid crystal display (LCD) technology accounted for more than 50 per cent of global revenues in 2013, for example, the adoption of light-emitting diode (LED) displays is expected to gain ground in the near future. Retail applications, which accounted for more than 40 per cent of the market in 2013, are forecast to dominate over the next six years, even while growth is also seen in the banking, health-care, education and transportation sectors. Geography-wise, Asia-Pacific (APAC) region has the highest potential.
