The 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 15% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The digital signage system includes displays, media players, and other hardware along with software that deliver content and manage playout. They are widely used for applications such as retail, hospitality, education, corporate, sports & entertainment, transportation, and healthcare. In retail sector, they are used in supermarkets, departmental stores, specialty stores etc. for product promotions, branding, and emergency notifications. The hospitality sector utilizes digital signage for wayfinding, branding, announcements and customer engagement in airports, hotels, restaurants etc.
Market Dynamics:
Growing retail industry: India’s retail market is growing rapidly on the back of rising disposable incomes, increased urbanization, and expansion of modern retailing. According to India Brand Equity Foundation, the retail market in India is expected to reach US$ 1.3 trillion by 2026 from US$ 0.7 trillion in 2017. This rapid growth in retail sector is escalating the demand for digital signage systems for visual merchandising, branding and marketing.
Changing consumer behavior: Today’s consumers are screen obsessed and spend significant time on digital platforms. Marketers are leveraging digital signage networks to grab consumer attention with interactive and engaging content. Furthermore, the ongoing pandemic has boosted contactless shopping trends, driving increased adoption of digital signage for promotional campaigns and product browsing without physical interaction.
SWOT Analysis
Strength: India has a large young population which is technology savvy and adapts new technology quickly. Growing digital infrastructure in the country provides ample opportunities. Many government initiatives are supporting digitization.
Weakness: Lack of standardized content and protocols hinders the growth. High initial investment deters small businesses. Piracy is a major challenge.
Opportunity: Growth of retail industry, malls and airports increases the scope. Rising internet penetration boosts the demand. Education and healthcare sector presents new opportunities.
Threats: Stiff competition from global players. Frequent technological changes necessitate upgrades. Economic slowdown can impact spending.
Key Takeaways
The Global India Digital Signage System Market Size is expected to witness high growth, exhibiting 15% CAGR over the forecast period, due to increasing digitization and growing retail sector.
Regional analysis
Asia Pacific dominated more than 35% share of the global India digital signage system market in 2023. India is the fastest growing market due to growing economy, rising middle class and increasing penetration of internet. North India region accounts for over 30% market share due to presence of major cities like Delhi, Lucknow etc.
Key players
Key players operating in the India digital signage system market are India Systems Pvt. Ltd., Enkay Technologies, Budget Signs, Truknox Technologies, Intellicon, BH Enterprizes, BenQ Corporation, Sony Corporation, Sharp Corporation, Panasonic Corporation, LG Electronics Inc., and Samsung Electronics Co. Ltd. India Systems dominated over 20% share owing to comprehensive solutions and widespread distribution network across India.
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