1. Market Drivers Hospitality Digital Signage Industry Analysis
The global Hospitality Digital Signage market size is $3029.39 million in 2024 with a CAGR of 6.83% from 2024 to 2029.
Digital signage is a brand-new media concept. At present, whether it is in Quick Serve Restaurants, high-end restaurants, or leisure and entertainment places, there are digital menu signs to facilitate customers to make more intuitive choices, save time, and improve efficiency. The software displays up-to-date menu items, pricing, and graphics. Annual savings as high as $2200 are possible for each menu board switched to digital, with no paper printing, no frequent installation change, and savings on delivery costs. Swift throughput and efficient customer service are crucial and digital menu boards can greatly support staff in providing a superior customer experience and significant sales uplift.
Global Hospitality Digital Signage Market Size (M USD)
2. Market Drivers
The increasing innovation ability in the software field
Over time, software running digital signage is becoming more and more powerful. Innovations in the software field have promoted technological progress and are easy to use in digital signage solutions. Due to the continuous development of digital signage software technology and the increasing demand for data analysis and content management, the software market is expected to achieve rapid growth during the forecast period. Hardware equipment has a long service life, so downstream customers do not buy it often. Due to the need to regularly purchase and upgrade software licenses, the software market is growing at a relatively high rate.
Increasing technological progress in display products has provided digital signage with higher-resolution screens. The higher the resolution, the more effective the signage is in attracting audience attention. Digital signage helps attract a large number of customers through effective advertising and promotion. Digital signage can increase consumer awareness leading to the increasing adoption of digital signage products in the market, which is the main driver of market growth.
3. Market Challenges
Difficult to promote in small restaurants
At present, the main users of Digital Menu Board are large or neutral catering companies, and small catering stores or personal catering stores use less. For small stores, traditional menus or customized menus can meet most of their needs, so this part of customers is more difficult to win. Cost control determines the competitiveness of enterprises. When digital signage is more and more widely used in digital marketing, manufacturers are also facing cost issues. In the context of huge commercial profits, the maintenance, installation, and operation costs of digital signage have become the primary considerations, and reducing the cost of installing and maintaining digital signs will become a top priority.
4. Market Segment
By type, the Hardware segment accounts for the largest share of the market in 2024.
Based on types, the market is mainly divided into two categories: hardware and software.
The hardware market is expected to reach $2355.27 million in 2024 due to increasing demand for high-quality displays and advancements in technology. The software market is expected to reach $674.12 million by 2024, driven by increased software capabilities and increased demand for data analytics and content management.
The largest segment by application is the Quick Serve Restaurant.
Based on applications, the market includes Quick Serve Restaurants, Casual Dining, Family Style, Fine Dining or High-End dining, etc.
The fast food service market will be $1924.27 million in 2024 due to the rapid development of the fast food industry and the pursuit of efficient customer experience. Other application areas such as casual dining, family style, and high-end dining are also growing with the diversified and personalized needs of the catering industry.
Market Size and Share by Segment in 2024
| Market Size in 2024 | Market Share in 2024 | ||
| By Type | Hardware | 2355.27 | 77.75% |
| Software | 674.12 | 22.25% | |
| By Application | Quick Serve Restaurant | 2285.08 | 75.43% |
| Casual Dining | 410.61 | 13.55% | |
| Family Style | 32.06 | 1.06% | |
| Fine Dining or High End | 164.52 | 5.43% |
5. Regional Market
North America was the largest market in 2017, in recent years, demand in the Asia-Pacific region has gradually increased and surpassed North America to become the main consumer market. China, India, and other population universities have a strong demand for catering services. In recent years, the catering industry in these areas has developed rapidly, foreign brands have continued to flow in, and emerging brands have continued to grow. The catering industry is developing rapidly. Traditional paper menus can no longer satisfy people’s pursuit of customer experience when dining. The emergence of electronic menus has opened up new ways for people to order meals. It not only makes ordering efficient and convenient but also overcomes the problem of regular replacement of traditional paper menus. Therefore, the Digital Menu Board is in strong demand in developing countries such as China, driving market growth. In 2024, Asia Pacific will witness a market size of $1139.75 million and a share of 37.62%.
Global Hospitality Digital Signage Share by Region in 2024
6. Market Competition
The industry concentrate rate is high. The top three companies are Samsung, LG Electronics, and NEC Corporation with a revenue market share of 46.93%.
The catering industry has low market concentration and has the characteristics of market fragmentation and large differences between regions. As far as participants are concerned, most participants are small self-employed, or family-run businesses, and traditional menus can meet their needs. From a regional perspective, in more developed regions such as Europe and the United States, the popularity and utilization of products are higher, so the demand is greater. Therefore, in small-scale catering industry participants and most regions, the threat from substitutes is greater. At present, the main users of Digital Menu Board are large or neutral catering companies, and small catering stores or personal catering stores use less. For small stores, traditional menus or customized menus can meet most of their needs, so this part of customers is more difficult to win. Cost control determines the competitiveness of enterprises. When digital signage is more and more widely used in digital marketing, manufacturers are also facing cost issues. In the context of huge commercial profits, the maintenance, installation, and operation costs of digital signage have become the primary considerations, and reducing the cost of installing and maintaining digital signs will become a top priority.
Samsung: Samsung manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.
LG Electronics: LG Electronics manufactures and markets digital display equipment and home appliances. The Company produces and markets flat panel televisions, A/V products, washing machines, air conditioners, and refrigerators as well as telecommunications equipment such as smartphones and tablets.
NEC Corporation: NEC Display Solutions through its subsidiaries, develops, manufactures, and sells visual display products and solutions.
Stratacache (Scala): Stratacache offers digital signage solutions that enable businesses to create, schedule, and distribute targeted interactions with audiences globally.
NCR Corporation: NCR is a leading global technology provider of software, hardware, and services to banks, retailers, restaurants, small businesses, and the telecommunications industry.
7. Market Recenet Developemnt
Samsung has been the world’s largest digital signage manufacturer for 15 consecutive years. The previously launched QHC/QMC/QBC series of intelligent digital signage marks a significant leap forward in Samsung’s key technical indicators, and the latest upgrade of 98 inches is a milestone in expanding the size boundary of commercial display. The global screen display market is moving towards the era of large screens at an unprecedented pace, and Samsung has provided customers with maximum business value by providing professional equipment, high-quality solutions and perfect services.
Major Players
| Major Players |
| Samsung |
| LG Electronics |
| NEC Corporation |
| Stratacache (Scala) |
| NCR Corporation |
| Goodview |
| Coates Group |
| Daktronics |
| Cineplex Digital Media |
| Fastsigns |
| Dai Nippon Printing |
| TouchBistro |
| Mvix |
| NoviSign |
| Others |
| Total |