by The India digital signage system market is witnessing rising adoption across diverse industry verticals such as retail, healthcare, hospitality, and corporate owing to its ability to provide rich visual experience and engaging content. Digital signage finds wide application in digital menu boards, interactive kiosks, wayfinding, and billboards. It enables businesses to share timely and relevant information with audiences in an attention-grabbing manner. Digital signs help in customer engagement, boosting sales, reducing queue times, and improving brand visibility.
The India digital signage system market is estimated to be valued at US$ 924.63 Bn in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the India digital signage market are Meggitt Sensing Systems (Meggitt PLC), SKF AB, Brüel & Kjaer Vibro, Parker Kittiwake (PARKER HANNIFIN CORP.), Rockwell Automation Inc., Thermo Fisher Scientific Inc., GE Bently Nevada, Perkin Elmer Inc., Emerson Electric Co., Gastops Ltd, Nippon Avionics Co. Ltd, AMETEK Spectro Scientific, FLIR Systems Inc. and Fluke Corporation.
The rising demand for digital signage across public places such as malls, airports and metro stations is driving the growth of India digital signage system market. India Digital Signage System Market Size finds wide application in passenger information systems, wayfinding directories, electronic menu boards and emergency notifications among others.
The global expansion of major digital signage manufacturers into developing regions like India is further augmenting the market growth. Key players are strengthening their distribution networks and engaging in partnerships with local system integrators to tap the opportunities in India digital signage system market.
Market drivers
The escalating demand for better customer experience is a key driver propelling the India digital signage system market growth. Customers today expect engaging, personalized and seamless experience across various touchpoints. Digital signage helps businesses address this need by delivering rich audio-visual content. Furthermore, digital signs enable cost-effective and frequent content updates without incurring heavy costs of printing new materials. This factor is significantly boosting the adoption of digital signage solutions.
Impact of geopolitical situation on India Digital Signage System Market growth
The current geopolitical tensions between Russia and Ukraine is negatively impacting the growth of India Digital Signage System Market Size. The ongoing conflict has led to supply chain disruptions and increased prices of raw materials like semiconductors, metals, and fossil fuels which are key components used in manufacturing digital display panels and other digital signage system components. Many European countries that are major export markets for Indian digital signage systems have cut trade ties with Russia in response to its invasion of Ukraine. This has reduced export opportunities for Indian manufacturers in the short term. Further, rising conflicts between India and its neighboring countries like China and Pakistan over territorial disputes also increase economic uncertainties. This geopolitical instability makes long term investment and expansion plans of players in India Digital Signage System Market risky.
To overcome challenges posed by instability in geopolitics, companies in India Digital Signage System Market need to diversify their supplier base, locally source more components, and focus on developing alternative renewable energy-based solutions. They should also tap into newer non-European export markets in Middle East, Africa and Southeast Asia through favorable trade agreements. Further strategic partnerships could help gain access to critical technologies and expertise to strengthen indigenous manufacturing capabilities in the long run.
India Digital Signage System Market geographically
The India Digital Signage System Market is currently concentrated highly in value terms in major cities like Delhi, Mumbai, Bengaluru, Chennai etc. This is because organized retail, transportation sectors that are major adopters of digital signage are well established only in top tier cities. However, fastest growth over the forecast period in India Digital Signage System Market is expected to be witnessed in tier 2 and tier 3 cities. This is due to government push for digitalization of public services through initiatives like digital India combined with rising spending power of consumers in smaller cities enabling more retail, education and healthcare sectors to install digital signage for advertising and information dissemination purposes. Further expansion of transportation and logistics infrastructure to connect rural and remote areas will accelerate installations of digital signage even in lowest tier towns.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
