A recent report published by Markets & Markets confirmed yet again how quickly digital signage is growing: 8.94 percent CAGR over the next six years. IHS foresees a similar trend, predicting growth between 4.7 percent and 5.6 percent. As for what's driving this growth, both firms agree that data management and analytics will catalyze this continued market expansion.
Live data feeds allow local and corporate managers to adjust marketing messages in real time to affect customers' decisions, boost sales figures and reduce waste. Quick-service restaurants are leading the way. They are "selling smarter" by analyzing their sales data in real time and updating their signage instantly to reflect what they learn. Digital menu boards allow restaurants to make immediate menu changes for promotions and advertising to reflect marketing objectives, as well as manage inventory. Now restaurants can withdraw the advertising immediately when stock of the promoted item is exhausted. Conversely, restaurants can track stock levels and attractively price items that aren't moving, shifting the stock before it reaches its sell-by date.
Other sectors have embraced this opportunity, too. In the financial industry, Western Union International Bank GmbH automatically and instantly updates currency buy and sell prices at its 40 German and Austrian branches — saving staff time and making it more competitive.
Digital signage is no longer a standalone function of a company's outbound marketing efforts. Data is monitored in real time, and integrated, resulting in intelligent digital signage that empowers companies to market more effectively and manage sales more efficiently. This approach is a fundamental change in the way retailers, restaurants and financial institutions run and manage their businesses, and digital signage is driving that paradigm shift.