With so many changes already taking place in the digital signage industry over the last few years, you are probably wondering what more could be changing? After all, it is important to stay in the loop so you don’t settle for outdated smart solutions or make incorrect investments for your organization, retail business or healthcare institute.
So here are a few things that you are likely to see at the forefront of the digital signage industry.
Let us first take a look at the industries that are using electronic signs and LED billboards the most at present. Beginning with education systems, which still partially relies on remote learning, which in turn creates a market for interior signs.
Moreover, the transportation industry is also changing. Over the next five years, there will be a tremendous number of people traveling, which will also benefit the hospitality industry. Hotels can’t go wrong with state-of-the-art custom LED signs and wall signs to add to the aesthetics of their environment. The events industry is also evolving with people attending conferences and other corporate events physically as well as virtually.
LED Signage Industry Scope and Market Size
In 2018, the Compound Annual Growth Rate (CAGR) was $823 million, and experts predict this rate to grow to $1.3 Billion by 2025. Moreover, from 2021 to 2030, a 7% CAGR expansion is expected.
This remarkable growth is a result of the increased demand in digitally promoting goods and services as well as the production of holographic films. The advancements in indoor and outdoor digital signage technology also plays a big role due to the power of enhancing viewer experience.
The Impact of Covid-19 on LED Signage
While Covid-19 has changed pretty much everything else in the world, there has been a significant impact on the electronic sign market as well. Flourishing fields of programmable LED signs are in content management, cloud-based solutions, software licenses, and social distancing communications. However, at the same time, sign manufacturers saw the production of digital signage technologies take a backbench as a result of the halt in manufacturing processes.
Key Market Trends in LED Signage
Bright and Power-Efficient LED Displays
There is an increased emphasis on LED signs with efficient power consumption. Sign manufacturers are promoting LEDs as energy efficient due to quantum dot application.
Rapid Digitalization leads to decline in demand for Traditional Billboards
Large LED billboard signs are more popular now as compared to traditional billboards, particularly in the banking, healthcare, hospitality, education, transport and entertainment industries. For example, the number of ATMs, e-banking centers and remote content management has increased, resulting in more digital advertising billboards and interactive touch screens at point-of-sale for e-commerce shopping.
Moreover, due to the demand for dynamic and interactive marketing strategies, LED billboards are highly trending. They allow retailers to accommodate changes in buying behavior and attract potential customers with real-time, attractive and relevant content.
Increase in demand for 4K and Ultra-HD Devices
High-quality content such as Ultra-HD, 4k, 8k resolution and LED wall signs are in high demand. Consumers are expecting to see extremely sharp imagery and better motion portraying. As a result, small and micro screens are being pushed out of the way. Business owners want must offer an improved viewing experience with larger LED signs.
What Digital Signage looks like in different industries
The retail industry has without a doubt the largest digital signage network. This is understanding, considering statistics that prove that over 40% of shoppers have their buying decisions affected with LED displays. So, if you are in the retail industry and have not invested in digital signs yet, act fast and avoid your business from suffering!
Statistics speak for themselves when it comes to advertisements. 71% of people say they’re more likely to remember an LED billboard instead of an online advertisement. In fact, 46% claim advertisements on LED message boards are even more memorable than TV advertisements.
An enhanced visitor experience and most importantly, indoor digital signage in the hospitality field makes waiting time for customers go by really fast.
Research shows that more than 7 out of 10 educational institutes consider digital signage as a necessity for efficient communication within the campus. Digital display signs can update students about their recent lessons on social media feeds and accordingly present relevant information.
Electronic signs in workplaces will result in a more productive workforce which will in turn be beneficial for your business. Custom signs are a source of internal communication, which is vital in a workplace, increasing productivity levels by 25%.
Restaurant signs can be used as digital menu boards that can be updated instantly as per items in stock. Relevant information can be presented at all times by tweaking the LED display and creating the perfect setup. Digital menus result in 29.5% customers more likely to make a food item purchase.
Tradeshows are when you have just moments to make an impression. In these situations, user-generated content is a blessing. Instead of expensive systems, staff for registration and printing material, digital signage methods such as on-site technology and using tablets for registration is more preferred and half as costly.
It is essential for healthcare systems to invest in digitization so as to provide a better healthcare experience to patients. More importantly, it can ease stress levels and reduce perceived wait time by 35%.
Gym & Spa
At the gym and spa, LED signage is used to motivate customers, build a sense of community, and boost sales.
Digital signage presents a tremendous opportunity when located in areas that have the most consumer traffic so as to understand consumer behavior and generate the necessary insights. Apart from the trends already mentioned, the incorporation of biometric technology is a major contributing factor towards this growth in electronic signs.
The future of digital signage speaks for itself; with AI and other insights, the continuous growth of digital signage is undeniable. People are waking up to the importance of upgrading from offline marketing and traditional billboards to digital signage marketing and creating more impactful advertisements.