The digital signage market size is forecast to be worth $23.02 billion by 2023,according to new research by Global Market Insights.

Lower paper wastage and LED backlit panel integration have led to significant energy savings, driving digital signage market growth. The emergence of IoT has the potential to transform the technology from content displayers to a hub capable of collecting operational data via cloud computing, stated an announcement.

Specifically designed hardware display panels to be used in digital signage are expected to be rivaled by consumer televisions, which are priced relatively lower. Compatibility and interoperability issues between media players and displays may also act as a growth restraint, the release stated.

Key insights include:

1.The global digital signage display market size was $6.07 billion in 2015, with revenue expected to reach $9.3 billion by 2023, at 5.5 percent CAGR from 2016 to 2023.

The Asia Pacific digital signage market share is forecast to grow at 6.5 percent CAGR from 2016 to 2023. Developments in the government and educational sector, and enhanced user experience, infrastructure development and decreasing display panel prices are forecast to propel growth.

2.Organizational uses include navigation, communication, point of sale, point of transit, promotion and advertising, and infotainment.

An increased demand in healthcare services has contributed to technology implementation. Current healthcare IT trends include deployment of electronic medical records. The segment is forecast to surpass $850 million by 2023, with 7 percent CAGR estimations from 2016 to 2023.

3.LED is the most attractive product segment and is anticipated to gain share over the forecast timeframe. This can be attributed to high efficiency, low power consumption and decreasing cost.

Expected competition between specialized vendors and new entrants is forecast to result in product innovation for achieving differentiation. Solution providers proactively participate in content development strategies as a majority of clients have limited experience in dealing with this medium.

Samsung, LG, AUO and Innolux contributed significantly to digital signage market share in 2015. These systems have gained prominence in the corporate space due to increased awareness of the positive impact on brand awareness and effective communication with employees. The evolution of the digital campus has presented growth opportunities in the education space.