The global India Digital Signage System Market is estimated to be valued at Us$ 802.63 Mn Or 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.
Digital signage systems are designed for visual communication in public spaces, retail stores, hotels, restaurants and corporate buildings using display screens and technology. These systems display real-time information through digital media in the form of images, videos and texts.
Market key trends:
One of the key trends in the India digital signage system market is the growing adoption of artificial intelligence powered interactive digital signs. These AI enabled digital signage systems are capable of understanding the behavior and intent of customers through computer vision and image recognition. They can provide a personalized shopping experience to customers by serving targeted and location-based content and offers. AI also helps digital signs to automate several workflows like content updates and display scheduling based on analytics without any human intervention.
Content: The India digital signage system market is dominated by the hardware segment, which accounts for around 55-60% share of the overall market. This is due to high demand for hardware components such as displays, media players, and sets top boxes for developing digital signage infrastructure across different sectors such as retail, hospitality, transportation, and corporate. Within the hardware segment, displays account for the maximum share owing to large screen sizes requirements of various applications.
Market size: The global India digital signage system market is expected to witness high growth, exhibiting CAGR of 15.% over the forecast period, due to increasing spending on digital advertising and marketing solutions across sectors to enhance customer engagement.
Regional analysis: Regionally, western India dominates the India digital signage system market holding around 30% share, owing to presence of tier 1 cities such as Mumbai and Pune with high consumer traffic and businesses. North India is expected to witness the fastest growth during the forecast period.
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 Pvt. Ltd. and Enkay Technologies together account for over 25% share of the India market owing to their extensive distribution network and focus on native requirements of Indian customers.