India Digital Signage System Market Is Estimated To Witness High Growth Owing To Rapid Adoption Of Large Format Display
India Digital Signage System Market
The India Digital Signage System Market is estimated to be valued at Us$ 802.63 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.
Market Overview:
Digital signage systems are electronic display systems that display various forms of content such as digital images, videos, and information. They are commonly used in public spaces, commercial establishments, and corporate buildings to communicate messages to attract customers, increase sales, and enhance brand awareness. Digital signage systems offer various advantages over conventional signage such as flexibility in content delivery, central management of content across multiple displays, and low cost of ownership.
Market key trends:
A key trend driving the growth of the India digital signage system market is the rapid adoption of large format displays. Large format displays refer to commercial displays with screen sizes above 50 inches. They offer higher clarity, brightness, contrast, and resolution than conventional signage displays. Various industries such as retail, hospitality, education, transportation, and corporate are increasingly adopting large format displays for better visibility and engaging customer experience. In addition, reducing prices of large format displays along with technological advancements are making digital signage an affordable solution for small and medium enterprises in India. The Government of India is also supporting the adoption of digital signage through initiatives such as Smart Cities Mission and Digital India, which is expected to further propel the growth of the market during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. New entrants need substantial capital to set up their operations and establish new distribution channels. There are also well established players in the market that pose a threat for new entrants.
Bargaining power of buyers: The bargaining power of buyers is high. Buyers have a lot of options available in the market, which gives them leverage in negotiations. Buyers can negotiate on price and demand other value-added services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. There are a number of suppliers for components required for digital signage systems. However, some key components have limited suppliers which gives them some bargaining power.
Threat of new substitutes: The threat of substitutes is low as there are limited product alternatives for digital signage systems.
Competitive rivalry: The competitive rivalry is high due to presence of numerous players.
SWOT Analysis
Strength: The India digital signage market is growing at a rapid pace due to increasing digitalization. Various features offered by digital signage such as interactive content and remote management are boosting their demand.
Weakness: High initial investment and maintenance cost can be challenging for small businesses. Technical issues and digital glitches can impact user experience negatively.
Opportunity: Growing retail sector and expansion of airport infrastructure are creating opportunities. Government initiatives to promote digital India are encouraging adoption. Remote education during pandemic increased scope.
Threats: Economic slowdowns can impact marketing and advertising budgets of companies. Compatibility issues of digital displays avec various content formats pose challenges.
Key Takeaways
The Global India Digital Signage System Market Size is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing digitization and promotion of digital India initiatives. The market size for India digital signage in 2023 is estimated to be US$ 802.63 Mn.
Regional analysis: The western region dominates India's digital signage market owing to presence of major cities like Mumbai and Pune. Southern region is also growing rapidly led by cities like Bengaluru and Chennai. Northern and Eastern regions offer immense scope for market expansion.
Key players operating in the India digital signage 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. Key players are focusing on developing innovative products and solutions to cater to diverse industry verticals in India.
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