The digital signage market is growing steadily, with experts anticipating the global industry to be worth nearly $24 billion by 2020. There are many reasons behind this accelerating growth, and several common trends are helping position the technology for continued success in 2016 and beyond.
Here, we take a look at some of the key reasons why digital signage will thrive in the coming years:
The falling prices of digital displays.
Digital signage is rapidly becoming less expensive to acquire and operate over time. According to several studies on the average price of digital signage displays, the cost to acquire and operate a network has decreased by more than 50 percent over the last six years. That’s mostly due to the falling price of LCD screens, as well as lower software and service prices.
As the price of the technology continues to fall, it becomes increasingly attractive to a broader range of customers—which only boosts the use of digital signage in all types of applications.
New technology innovations.
Exciting new features and capabilities are helping make digital signage even more attractive to customers and boost sales for value-added resellers across the country. For example, many more end users are taking advantage of innovations such as social media integration, interactivity, big data gathering, and analytics. Although these features aren’t for everyone—after all, many customers will require relatively basic digital signage systems—they certainly add to the attractiveness of such a solution.
Flexibility for all types of verticals.
The beauty of digital signage lies in its wide range of uses: Your customers in all types of verticals can benefit from the technology, regardless of whether they are in the field of retail, education, healthcare, transportation, or something else.
This high degree of flexibility means that digital signage is thriving in all markets and providing customers with a range of benefits, including improved advertising and customer engagement, brand promotion, better customer service, and infotainment. When a single technology has the potential to cause such significant ripples across various verticals, it is bound to grow rapidly.
Growing acceptance by consumers.
In the vast majority of locations, digital signage has become increasingly accepted by consumers. Today, many simply expect to see technology such as digital menu boards and billboards, video walls, and touchscreen kiosks while they are at work, out shopping, at events, and in other locations. Because the consumer demand and awareness of digital signage are already established, it makes it easier on your customers to implement the technology in their own business and know that it will be well-received.
Potential cost savings for end users.
As always, businesses of all kinds are looking for ways to improve their bottom line. Digital signage presents a compelling opportunity for your customers to either improve sales or decrease costs, depending on their goals and business needs. For example, a retail store might use digital signage in order to improve brand recognition and increase sales, while also cutting down on frequent printing costs—the type of win-win that has prompted so many customers to look into the technology themselves.
How is digital signage currently faring in your market? Do you expect sales to increase or remain the same in 2016?