The digital signage media player is expected to register a CAGR of over 8. 71% during the forecast period 2021-2026. The COVID-19 outbreak has affected the studied market, as the manufacturing facilities were closed in the initial phase and work from home trends also reflected the demand decrease.
New York, June 16, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Digital Signage Media Player Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06095510/?utm_source=GNW
However, the scenario expanded the scope of marketing through digital signage across many industries, especially in hospitals and public places, which utilized the technology for displaying important information.
- Digital signage has played an important factor in influencing the purchase decision, and institutions, like government, healthcare, public transit, and retail stores, which have been heavily relying on it to better engage their targeted audiences to communicate their message.
- As digital signage enables content and messages to be displayed on an electronic screen or digital sign, the content can be changed without modification to the physical sign. This is aligned toward an aggressive growth over the next few years across various emerging economies. The adoption of digital signage is growing more popular and mainstream with technological improvements and a decrease in price.
- Progressing installations of signage solutions in bars, restaurants, and similar establishments to enhance the customer experience is expected to impel the digital signage media player market demand over the foreseen period. To substitute the conventional way of informing customers through menu cards, these devices are employed to power screens to display attention-grabbing advertisements and providing notable market opportunities to the industry. Furthermore, the penetration of such devices in the retail sector is ascending, following the rising need for brand visibility, servicing the digital signage media player market demand.
- Factors, like the introduction of displays with built-in media players by manufacturers, such as Samsung, LG, and NEC Display Solutions, are coupled with compatibility issues in old digital signage. The embedded displays have the potential to streamline the installation method and enhance the performance and safety of digital signage.
Key Market Trends
Steady increase in DOOH spending
- The traditional out-of-home ad performance nevermore tried to compete directly with internet advertising. The Out of Home Advertising Association of America (OAAA) has updated its guidelines and recommends shifting to an impression-based measurement system. The goal is to provide forecast and “reconciled-as-delivered” daily impressions versus the customary method of relying on ad exposure.
- Also, out of home is forecasted to experience a significant uptick in 2021, primarily digital, as per OAAA. Furthermore, programmatics in out of home is growing over 100% Y-o-Y, despite being relatively small base of spending. The ability to transact and use more common digital ad sales methodologies for advertisers in out-of-home environments has become a huge opportunity for the industry.
- As per Dentsu’s recent report, the recovery of auto and passenger traffic, OOH ad spend is expected to recover at 14.9% growth in 2021. Its 2021 forecast for Global Advertising Spend report analyzes data from 59 markets with results depicting global ad spend growth of 5.8% in 2021, amounting to USD 579 billion. Ad spends in Asia Pacific, suggests that it has become home to 60% of the world’s population, is expected to grow by 5.9%, with a share of digital forecast to increase 9.1% to a share of 57.5% of all spending.
- End users, through strategic partnerships, have been working closely to further the DOOH market. A gradual return to normality is expected as lockdowns have eased in 2021, the impact on media consumption behaviors is likely to continue. However, understanding permanent vs. temporary changes in consumer behavior is witnessed as a number one challenge facing many brands.
- The increasing adoption of specific programmatic buying of DOOH advertisement (software enabled to purchase with no human intervention) is expected to fuel the demand for the DOOH, over the forecast period, across the United States.
United States to Account for Significant Share
- The United States is one of the largest markets for digital signage. The United States was the early adopter of digital signage in various applications, including retail stores, transportation systems, outdoor advertising, restaurants, museums, corporate buildings, and public places.
- The media player is the crucial component for digital signage, which is experiencing a rapid transformation in technology, network connectivity, and ease of use. For instance, in May 2021, BrightSignLLC, a US provider of digital signage media players, launched BrightSignMobile, a new solution to connect media players to the cloud where traditional network connectivity methods are challenging to achieve. For connectivity, this solution includes a USB regional modem with an installed SIM card.
- In addition to that, Sharp NEC Display’s MediaPlayersoftware enables remote operation of digital signage setups in single displays and multiple screens. Users can run files media files from internal memory as well as external USB media. NEC MediaPlayerinterface enables users to select their preferred digital signage CMS partner and additional functions such as browser playback; timeline creation; video streaming over RTP, UDP, HTTP; content scheduling; and screen power scheduling for cost-saving.
- In the post-COVID-19 pandemic situation, digital signage solutions are seeing increased usage in the industry to manage their workforces. Digital signage, particularly health monitoring systems, represents many technologies introduced to incorporate diverse offerings, such as temperature detection, population monitoring identity verification, and more others. For instance, 22Miles’ TempDefend is a digital signage communication and direction tool, which provides the building’s first point of communication and management in the prevention of viral spread.
The digital signage media player market, globally, is characterized by intense competition among key market players and an increase in the number of new entrants. Market players are further focusing more and more on research and development to integrate advanced functions and capabilities into media players. Also, the digital signage media player market is highly fragmented in nature. A huge number of global and regional players are operating in the industry, holding a minimal share in the overall marketplace. Various sectors are heavily investing in these solutions, considering the benefits offered, such as enhanced customer engagement, increased footprint, and improved overall experience.
- March 2020 - Cayin Technology Co. Ltd launched its SMP-2300 fanless embedded digital signage player and Cayin Signage Assistant, an Android app for large scale display networks. The player supports 4K content, dual LAN ports and comes with a built-in firewall.
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