The increasing use of digital signage is undeniable and, if the latest industry statistics are anything to be believed, this sector is only set for further growth.
A recent report by research company MarketsandMarkets suggests that the digital signage market could be worth up to $14.9bn by the year 2020, with a compound annual growth rate of 8.94%.
The report said the increase in the market is down to a paradigm shift in the demand for digital signage producers and applications for various sectors in North America, Europe, Asia-Pacific and the rest of the world. Emerging markets such as Africa and Arab countries have also been highlighted as regions that will really help drive growth further in the digital signage sector.
A recent report by research company MarketsandMarkets suggests that the digital signage market could be worth up to $14.9bn by the year 2020”
But what is it that is driving this growth? Well, the report cites software as one of the main growth areas in digital signage, as well as an increase in demand for integrated features into the digital signage system. And while this may be true, wider research suggests that an increased use of digital signage technology in various environments is speeding up an already well-driven industry.
Display and signage specialist
Wavetec reports that one sector taking advantage of technology is the financial one, with its Donatello Digital Signage Solution unique Android-based solution being increasingly utilised by various financial institutions. While the product is already established in the financial sector, Wavetec said it is just as well suited to other environments—a move that could drive the digital signage market further forward.
One major environment Wavetec suggests is retail. Although it is no secret that digital signage is alive and well in retail, there is scope to grow this further. But, what exactly is it about Wavetec’s Donatello solution that can develop the use of digital signage in retail?
Digital signage can be used to offer products and services to customers according to their profiles”
Well, the supply of relevant information offered by Donatello is a good starting point. While this helps keep financial minds up-to-date with the latest news from across the world, in retail it can be is oriented to provide products, services and special offers to provide the opportunity to take the right decision at the right time.
Going back to the report, MarketsandMarkets highlighted customer engagement as a major area of growth in digital signage. And that is exactly what retailers are trying to do, engage with their customers and grab their attention—much like the financial minds that are transfixed by Wavetec’s screens.
Wavetec also suggests that the cross-selling features of digital signage can also work well in the retail environment. Digital signage can be used to offer products and services to customers according to their profiles. This same logic can potentially be applied to improve the retail experience and promote transactions.
