According to ResearchAndMarkets.com, the global digital signage software market reached a value of nearly $10 billion in 2023, having grown at a compound annual growth rate (CAGR) of 13.64% since 2018. The market is expected to grow from $10 billion in 2023 to $18.9 billion in 2028 at a rate of 13.47%. The market is then expected to grow at a CAGR of 13.31% from 2028 and reach $35.2 billion in 2033.
Growth in the historic period resulted from the growth in transportation infrastructure, increasing government support, expansion of the hospitality industry and growth in the retail sector. Factors that negatively affected growth in the historic period include data privacy concerns.
Going forward, the rising adoption of digital out of home (DOOH) advertising, rise in smart cities initiatives, increase in demand for digital advertising, increasing focus on customer engagement and rising urbanization will drive the market. Factors that could hinder the growth of the digital signage software market in the future include high initial investment and limited availability of skilled personnel and technical expertise.
Segments
The digital signage software market is segmented by software into edge server software, content management system and other software. The content management system market was the largest segment of the digital signage software market segmented by software, accounting for 51.87% or $5.2 billion of the total in 2023. Going forward, the edge server software segment is expected to be the fastest growing segment in the digital signage software market segmented by software, at a CAGR of 14.48% during 2023-2028.
The digital signage software market is segmented by service type into installation services, maintenance and support services and other service types. The maintenance and support services market was the largest segment of the digital signage software market segmented by service type, accounting for 48.33% or $4.8 billion of the total in 2023. Going forward, the maintenance and support services segment is expected to be the fastest growing segment in the digital signage software market segmented by service type, at a CAGR of 14.33% during 2023-2028.
The digital signage software market is segmented by application into healthcare, retail, corporate, hospitality, entertainment, transportation, banking and other applications. The retail market was the largest segment of the digital signage software market segmented by application, accounting for 28.8% or $2.9 billion of the total in 2023. Going forward, the healthcare segment is expected to be the fastest growing segment in the digital signage software market segmented by application, at a CAGR of 16.42% during 2023-2028.
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Markets Covered:
- Software: Edge Server Software; Content Management System; Other Software
- Service Type: Installation Services; Maintenance and Support Services; Other Service Types
- Application: Healthcare; Retail; Corporate; Hospitality; Entertainment; Transportation; Banking; Other Applications
