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| Global India Digital Signage System Market Size |
Digital signage systems are electronic display screens that display images,
videos and web pages. They are generally used by retail outlets, restaurants,
museums, stadiums and corporate offices to communicate with customers. Digital
signage allows companies to broadcast advertising, promote new products, share
information and enhance customer experience. The growing retail sector in India
has led to increasing adoption of digital signage by retail chains and malls to
engage customers. Various corporate offices are also using digital signage for
internal communication within office premises.
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 increasing investment by retail and corporate sectors in India provides
high growth opportunity for digital signage system market. Various large retail
chains and malls are expanding aggressively across India which has increased
the footprint of organized retail sector. These companies are focusing on
enhancing customer experience through innovative digital solutions including
digital signage. Similarly, corporate offices of major companies are also
adopting digital signage for branding and internal communication purposes. As
the retail and corporate sectors continue to grow in India, the demand for
advanced digital signage systems is expected to rise significantly. The easy
availability of customized and cost-effective digital signage solutions would
further boost the adoption rate among retail outlets and offices, thereby
driving the growth of India digital signage system market during the forecast
period.
Porter's Analysis
Threat of new entrants: Low as digital signage system is a niche market in
India requiring high initial investments and established distribution channels.
Bargaining power of buyers: Moderate to high as buyers can negotiate on pricing
and demand customized solutions.
Bargaining power of suppliers: Low due to the presence of several signage panel
manufacturers and component suppliers.
Threat of new substitutes: Low as there are no close substitutes that can
provide seamless digital displays and interactive services.
Competitive rivalry: High among existing vendors competing on pricing,
features, and service quality.
SWOT Analysis
Strengths: Growing digitization and adoption of smart technologies in India.
Ability to provide interactive and engaging experiences.
Weaknesses: High initial investment requirements and dependence on import of
key components increase costs. Lack of technology awareness and skills hamper
widespread adoption.
Opportunities: Increasing applications across retail, transportation,
education, and corporate sectors. Rise in experiential marketing and
location-based services.
Threats: Paucity of infrastructure in rural areas. Vulnerability to
technological obsolescence requires frequent upgrades.
Key Takeaways
Global
India Digital Signage System Market Size is expected to witness high
growth over the forecast period driven by rapid urbanization, growing retail
infrastructure and adoption of smart city initiatives across major cities. 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.
The northern
region currently dominates the market owing to the presence of key retail and
transportation hubs in cities like New Delhi and Mumbai. However, southern
states like Karnataka and Tamil Nadu are witnessing faster growth supported by
initiatives to attract investments in technology parks. The government is also
promoting digital signage adoption across public places like railway stations
and bus stands to provide real-time commuter information. However, lack of
digital infrastructure and skilled workforce remain key challenges for
widespread proliferation of advanced systems beyond major economic centers.
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. Major players are focusing on partnerships, product
innovation and targeting tier 2 and 3 cities to expand their footprint in the
high potential market. For instance, Bio Bidet recently launched its IoT
enabled bidet seats with voice command functions to tap into the growing smart
home market.
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