June 13, 2024
India Digital Signage System Market

India Digital Signage Market Grows with Increased Commercial Use

The digital signage system market in India has been witnessing strong growth over the past decade. Digital signage systems enable corporations and businesses to display dynamic digital content and messaging on LED and LCD screens. These systems find extensive usage in commercial places like malls, airports, restaurants, retail stores, and corporate offices for advertising, informing customers, and internal communication. Digital signage allows updating information in real-time without the need for reprinting paper-based signage. It provides an engaging experience to viewers and helps businesses grab more attention. Furthermore, digital signage systems offer various interactive features using touch screens, providing additional convenience.

India Digital Signage System Market 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 2031.

Key Takeaways

The key opportunities in the market include increasing adoption across various sectors like retail, hospitality, healthcare, and more. With growing digital transformation, more companies are utilizing digital signage for branding and marketing. Furthermore, reducing component costs are also supporting the adoption of India Digital Signage System Market Size.

Key players operating in the India digital signage system 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. These players are focusing on developing innovative solutions to strengthen their market position.

The global digital signage market is expanding rapidly with the rising infrastructure development across developing nations. The increase in implementation of digital signage for wayfinding solutions in public places like railway stations, airports is promoting the market growth. Several developing countries offer untapped growth opportunities for players in this industry.

Market drivers

The key driver boosting the India Digital Signage System Market Size is the increasing usage of digital signage in commercial sectors like retail, hospitality, etc. Digital signage solutions help corporate houses and businesses enhance customer engagement and brand promotion. Furthermore, factors like flexibility in content management, lower costs than traditional signage are also propelling the demand of digital signage systems across various industry verticals.

PEST Analysis

Political: The Indian government is focusing on digitization initiatives which is boosting investments in digital infrastructure and driving adoption of digital signage systems across various sectors like retail, hospitality, transportation etc.

Economic: Growth of retail, tourism and real estate industries coupled with rising disposable incomes is fueling demand for digital signage solutions in India.

Social: Younger demographics are more technology-savvy and adapt quickly to new digital mediums which is increasing acceptance of digital signage among consumers.

Technological: Advancements in LED and LCD display technologies along with availability of customized digital content and solutions is supporting widespread deployment of digital signage networks across the country.

Geographical concentration

The digital signage market in India is concentrated majorly in metropolitan cities like Delhi, Mumbai, Bengaluru, Chennai etc due to higher density of retail stores, malls, airports and other commercial establishments adopting these solutions. Tier I and II cities are also emerging as focus areas backed by growing consumerism.

Fastest growing region

The western region of India comprising states like Maharashtra, Gujarat is expected to witness strongest growth in digital signage spending during the forecast period. This can be attributed to robust economic development, expansion of retail and real estate sectors in cities like Pune, Ahmedabad which is translating to rising digitalization of these industries.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it