Poised For Profit: Evaluating The Digital Signage Market In 2020-2021

Poised For Profit: Evaluating The Digital Signage Market In 2020-2021

There’s never been a better time to start a digital signage business. Today’s post reviews market research and peer-reviewed journal articles endorsing the sale of digital signage in 2020 and beyond.

Read on to learn more, or call 888-765-7446 to speak with a Signworld representative about launching your digital signage start-up straight away.

Demand For Digital Signage Is Soaring In 2020 And Beyond

It’s not hard to imagine that the demand for digital signage is on the rise in the Digital Age, but the growth rate might surprise you.

The overall digital signage market, which was valued at USD 20.82 billion in 2019, is now projected to reach USD 29.63 billion by 2024, at a CAGR of 7.3% from 2019 to 2024, according to new market research. This soaring growth is driven by several factors, including:

  • Increasing adoption of digital signage products in the commercial vertical
  • Growing demand from application areas in retail and health
  • Rising infrastructural developments in emerging countries
  • Growing demand for 4K and 8K displays
  • Increasing technological advancements in display products (e.g. predictive analytics, new screen sizes, near field communication tech, interactivity, etc)

Retail Journals Keep Endorsing Digital Signage For Businesses

The Journal of Retailing and Consumer Services recently published a study on the use of digital signage as a means of reducing perceived waiting time for customers (Garaus & Wagner, 2019).

Reviewing a large body of research on the negative effects of long waiting times—which include negative attitudes towards the service provider, decreased loyalty, and decreased store patronage—Garaus & Wagner (2019) discovered digital signage could help.

Using digital signage to display “advertisements, community information, information about a shopping mall or a retailer, entertainment, and news” in their tests, Garaus & Wagner (2019) hypothesized that:

  1. Paying attention to digital signage reduces perceived waiting time
  2. Digital signage cultivates “favorable mental states” that “make time appear to pass more quickly” (p. 335)
  3. Decreased in perceived waiting time increase overall store satisfaction

The study’s results confirmed all three hypotheses, and the report wrapped up with a ringing endorsement for digital signage products:

“This study advances the literature by demonstrating that distracting consumers with digital signage in the waiting area of a grocery store increases overall store satisfaction…. Reduces perceived waiting time and increases affective queuing time” (p. 337).

With a growing body of empirical, peer-reviewed research supporting the effectiveness of digital signage solutions, there’s no doubt that demand for these products will continue to grow for the foreseeable future.

Learn About Starting A Digital Signage Shop With Signworld

Call 888-765-7446 or visit the Signworld business alliance website to learn more about our beginner-friendly, rule-free, royalty-free digital signage opportunity!

References

Garaus, M., & Wagner, U. (2019). Let me entertain you–Increasing overall store satisfaction through digital signage in retail waiting areas. Journal of Retailing and Consumer Services, 47, 331-338.

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