The digital signage system is an electronic display that shows changing images, video clips or other visual graphics and information. It includes both hardware like screens, media players, enclosures and other accessories along with content management software. Digital signage finds applications in various sectors like transportation, commercial, institutional and corporate for displaying advertisements, emergency notifications and real-time information. The demand for digital signage is growing in India due to expansion of modern retail chains, malls and quick service restaurants that use digital displays for branding and promoting offers.
The global 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 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: The rapid expansion of organized retail and quick service restaurants in India presents a major market opportunity for digital signage systems. As per estimates, India's organized retail market is expected to grow to over US$ 1.3 trillion by 2026 fueled by increasing consumerism, changing lifestyle and emergence of more shopping malls and retail chains. Modern retail outlets use digital signage extensively for promotions, branding and guiding customers within the store. Similarly, quick service restaurants are also outfitting their outlets with digital menus and displays to enhance customer experience and engagement. The growth of these modern retail formats in India will augment the demand for digital signage solutions in the coming years. Companies can capitalize on this opportunity by developing retail-specific digital signage products and integrating them with content management software for easy updating of advertisements and promotions. Porter's Analysis Threat of new entrants: The India digital signage system market has moderate threat from new entrants as it requires high initial investment and established distribution network. Bargaining power of buyers: Buyers have moderate to high bargaining power due to large number of existing players offering products at competitive prices. Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute components and differentiated products. Threat of new substitutes: Threat from substitutes is low as digital signage systems offer various interactive and customized features. Competitive rivalry: High due to presence of numerous regional and international players offering wide range of products. SWOT Analysis Strength: Growing retail sector and increasing marketing/branding activities by corporates. Superior display technology and analytics features offer effective digital solutions. Weakness: Require significant investments and infrastructure for installation and maintenance. Technical issues and dependency on network connectivity. Opportunity: Growing adoption in sectors like entertainment, healthcare and transportation due to COVID-19. Emerging technologies like AI, IoT and analytics provide new opportunities. Threats: Piracy issues affecting content development. Economic slowdown affecting marketing budgets of corporate clients. Key Takeaways The India India Digital Signage System Market Trends is expected to witness high growth during the forecast period supported by rapid urbanization, growing retail industry and increasing spending on digital marketing. The global 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 6.7% over the forecast period 2023 to 2030. Regional analysis indicates western region is expected grow at fastest rate during 2023-2030. States like Maharashtra and Gujarat offer significant opportunities due to robust economic growth leading to infrastructure development and retail expansion. Eastern region is also projected show high y-o-y gains with rising disposable income and growing focus on customer experience enhancement across sectors in West Bengal and Odisha. Key players operating in the India Digital Signage System market are Bio Bidet, Kohler Co., Inc., HomeTECH, Toshiba, LIXIL Corporation, Coway Co., Ltd, Roca Sanitario SA, Panasonic Corporation of America, RinseWorks, Inc, Brondell Inc., and TOTO USA, Inc. Key players operating in the India digital signage system market are focusing on developing interactive and customized solutions integrated with latest technologies. Companies are enhancing analytics capabilities to provide advertising solutions and real-time customer insights to clients. Partnerships with system integrators and value-added resellers are helping market players strengthen presence across various customer segments. Get More Insights On This Topic: https://www.newsanalyticspro.com/india-digital-signage-system-market-is-expected-to-be-flourished-by-rising-penetration-of-interactive-digital-displays/
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