Digital signage is more like social media was several years back. You would be at your workplace and hear your boss say how much you need to try Facebook or Instagram. You would then hurriedly grab your phone and download this new thing that everyone is talking about to see how it works and how you can use it to your advantage. It is almost the same case with digital signage now. It is part of digital transformation. According to Russell Reynolds Associates research, at least 30% (and frequently more) of managers across all sectors expect modest to significant digital upheaval once they have digital signage onboard.
Whether it is hospitality, healthcare, retail, technology, nonprofit, education, or corporate offices, everyone seems to be adopting digital signage. It is the trending tool of communication and promises exciting times. Digital signage is also relatively easy to install. This is game-changing for businesses that were previously relied on specialized technology and incredibly complex content management systems. You may now convert any display into graphic signage using any media player. Let’s look at the digital signage market in numbers.
How It Looks Now
- More than 40% of customers believe digital screens influence whatever they purchase.
That is even more impressive. This is thanks to providing valuable information at the time of purchase. It makes perfect sense since, as knowledgeable customers, we want more from our buying experiences. The actual goods are fantastic, but what about information to assist and help us near where we shop? People need convincing, and if they can get that just before giving up on a purchase, the better.
- 44 per cent of customers say social media influences their buying choices
Social media is something that any business can't afford to turn a blind eye to. It is where everything seems to take place in this day and age. It is a massive part of retailing and suits digital signage massively.
- Out of every ten customers, eight enter a particular store because of digital signs
This is far more than a static display or store window design. We are hardwired to respond to and engage with digital images, and merchants opt for digital signage because of its more excellent, affordable approach. Its ability to capture your target audience’s attention is second to none, and it explains why it has been doing so well recently.
- Digital displays in public get more attention than videos on social platforms
As per a 2010 Arbitron research, digital signage attracts many Americans and is more memorable than other forms of digital advertising. People do not realize it, but they involuntary end up paying attention to digital displays. It is one of the reasons why using digital signage has become a vital addition for any business that wants to get its brand out there to the market.
- Currently, digital signage has an 83% recall rate
When you want to make an impact, using digital signage the right way will add an advantage. Its recall rate is outstanding and can only get better with improving technology.
Digital signage outlook within five years
Many businesses are beginning to realize how helpful digital signage is in creating and distributing their content. It is one of the best ways of reaching a massive audience cost-effectively. As such, digital signage being so appealing is expected to continue its integration in nearly all industries. Likewise, experts predict that more giant screens will start being used in the next five years.
- Overall Growth
As per Grand View Research, Inc., the worldwide digital signage industry is estimated to be worth USD 31.71 billion by 2025. By 2025, the compound annual growth rate is anticipated to be 8%.
According to the report, the surge would be attributable to increased need from end-use sectors such as healthcare and retail. The digital signage industry had 3.5 million units in 2018. According to projections, it is expected to be responsible for approximately 6.5 million units by 2025. There is no disputing why this growth is so unrelenting, considering that digital signage has already proved useful and a solution for many companies.
- Increased demand for sharper images
In five years, businesses expect that the displays will be sharper than they currently are. As such, as the demand for crisp images grows, so will the need for digital screens using 4K technology.
New displaying technology including microLED and Quantum Dots
As screen technology evolves, display makers look for improvements to give them a competitive advantage over competitors. Quantum dots and small LED displays are developing innovations with improved characteristics over standard LCD and OLED displays. These graphics depend on standard LCD systems. For enhanced efficiency, screen resolution, and power consumption, a combination of nanocrystals and Micro LEDs are added to the LCD matrix.
In quantum dots screens, a layer of nanocrystals is put above a blue LED illumination, which supplies the majority of the blue light visible up on the screen while also supplying the power required for red and green nanocrystals to illuminate their distinct colours. This leads to a more bright display and a broader colour spectrum required for current Ultra-HD screens. These new technologies that have been incorporated into screen technology provide attractive prospects for the expansion of the digital signage display industry.
Globally, the digital signage industry is expected to increase dramatically during the following five years. It has already made routes in nearly all sectors, and things can only get better in the future. Its demand due to its capabilities keeps on increasing, and this trend is expected to hold for several years. As various technological advancements continue being realized, digital signage will get better and part of every business' operations.
Remember, it is a noisy world, and for many businesses coping can be a nightmare. However, with the need to cut through it all and emerge victorious, being among the priorities, digital signage provides the best solution. It is the way to go forward and doesn't seem close to failing those who embrace it.
Sources:
https://www.russellreynolds.com/services/digital
https://tjgdigitalsigns.com/blog/digital-signage-ideas/2010-arbitron-digital-place-based-video-study
https://www.grandviewresearch.com/industry-analysis/digital-signage-market
