Year after year we constantly hear about new and improving technologies and how they not only affect our daily lives, but the businesses that surround us. 2020 is no exception to that rule, especially in the world of digital signage.
Something that’s constantly evolving and growing, the digital signage market was worth an estimated $20.8 billion. Starting with 2020, the market is expected to grow by 7.3%, with an estimated worth of $29.6 billion by 2024.
But, why is this market, which has been around for some time now, expected to grow so much in such a short space of time? Well, this comes down to the continuous evolution of digital signs. Moving into next year, a number of trends are expected to send this industry on a big growth trajectory.
Below, we highlight five of the key digital signage trends for 2020 that you need to keep your eye on moving forward.
One of the biggest trends, as we move into the next decade, is 8k resolution screens. Yes, moving forward 8k will no longer be a dream, but a reality. However, while the screens are making their way into the market, it isn’t necessarily the digital signage market that’s driving it. No, the driver behind 8k screens is the upcoming 2020 Summer Olympics in Tokyo.
The first global event to be transmitted in 8k, it’ll come as little surprise to learn that the 8k market is expected to boom from 2020 onwards. It’s thought that sales will increase to around 5.8 million by 2022 from 100,000 in 2018. And while this will be dominated by household TVs, premium 8k digital signage was seen in 2019 with more large-format screens expected in 2020, becoming more and more accessible moving forward.
A major trend moving into the next year will also see the introduction of much larger screen sizes. Over the years we’ve seen technology advance, which has resulted in a decrease in cost. Because of this, we could see 65, 75 and even 84-inch-wide screens this year, ushering in a new world of UHD digital signage.
However, bigger screens and extensive video wall settings aren’t the only news in the world of screen sizes. The use of smaller screens to create displays is expected to grow over the next few years due to the lower costs associated with running them, especially in retail and hospitality locations.
The advancements in artificial intelligence over the last few years have been significant, which has seen it move into various areas of our personal and work lives. The world of digital signage is no exception to this. As AI makes data analysis more precise and easier to obtain, companies will be able to create more integrated campaigns and serve ads targeted to specific areas based on this information. This will help to make these ads more relevant to those viewing them.
People love personalised experiences, and AI is now making it much easier to better tailor experiences to customers. One of the big digital signage trends in 2020 will see this AI-powered personalisation technology providing better connectivity, responsiveness and intelligence to the capabilities of digital signage. In turn, this will help to improve customer engagement and increase the opportunities for meaningful interactions.
Customer engagement is one of the big themes moving forward in the digital signage world in 2020. Because of the copious amounts of technology and advancements in digital signage, this allows new applications to consistently be applied to this technology. From browsing product catalogues and requesting data to browsing menus and even placing orders alongside touch screen and facial recognition software, often found in smartphones, expect big things in the year to come from digital signage. Making experiences much better throughout a range of industries, these interactive advancements are sure to help companies get better insights into customers while creating more revenue in the long run.
With so much happening in the year ahead, and with endless room for growth and improvement, you can see why this is an industry with huge space for growth over the next few years. And, for companies working in markets that benefit from digital signage, getting ahead of the game in this quickly developing area can only be beneficial.
If you’d like to learn more about the world of digital signage, why don’t you get in touch, and a member of our team will be more than happy to help you out.