Digital signage systems are seeing immense growth in India owing to the increased adoption of display technologies across various sectors like retail, hospitality, entertainment and corporate. These systems utilize LCD, LED and other advanced display panels along with embedded technologies and software solutions to deliver critical information to audiences. Their ability to dynamically update content in real-time and engage audiences through interactive features has made them an integral part of brand marketing and communication strategies. The increasing deployment of digital displays in public transit stations, malls, airports and other high traffic locations is boosting their demand.
The global India Digital Signage System Market is estimated to be valued at US$ 802.63 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing adoption of interactive displays: The ability of digital signage systems to leverage touch and gesture controls along with beacon technologies is driving their increasing installation across sectors. Interactive displays enhance audience engagement through polling, surveys, gaming and other participative content. Their deployment is growing across malls, universities, retail stores and public places to offer an immersive experience to audiences.
Rising popularity of programmatic digital signage: Programmatic digital signage involves automating content scheduling and distribution based on predefined algorithms, analytics and machine learning. It allows dynamic personalization of messages for target audiences based on real-time data. Programmatic platforms are gaining popularity due to their ability to precisely measure campaign effectiveness and optimize ad delivery. Their deployment is expected to grow substantially during the forecast period.
Threat of new entrants: The threat of new entrants is moderate as a significant capital investment is required to manufacture digital signage systems. However, manufacturing costs are decreasing with technological advancements lowering the entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate. While buyers have many options to choose from, switching costs are relatively low.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate. Suppliers of components include screen manufacturers, technology providers, etc. However, components are available from multiple global suppliers.
Threat of new substitutes: Threat from substitutes is low as digital signage provides targeted ad delivery and engagement that substitutes cannot match. Traditional ads/billboards do not offer interactivity.
Competitive rivalry: The competitive rivalry is high owing to the presence of many domestic and international players. Companies compete on features, service offerings, and pricing.
The Global India Digital Signage System Market Size is expected to witness high growth. The global India Digital Signage System Market is estimated to be valued at US$ 802.63 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.
The region dominating the market is Northern and Western India owing to the presence of major industrial hubs and consumer population. Northern and Western India dominate the India digital signage system market owing to the presence of major industrial hubs and consumer population in cities like New Delhi, Mumbai, and Bangalore which are the highest adopters. Southern India is also growing faster due to rising consumerism.
Key players operating in the India Digital Signage System Market are Bio Bidet, Kohler Co., Inc., HomeTECH, Toshiba, LIXIL Corporation, Coway Co., Ltd, Roca Sanitario SA, Panasonic Corporation of America, RinseWorks, Inc, Brondell Inc., and TOTO USA, Inc. Key players are focusing on developing advanced features and providing customized solutions to clients operating in various industries.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it