The GCC LED lighting market is expected to grow at a compound annual growth rate (CAGR) of 16.8 per cent from 2015 to 2020 to reach sales to the amount of $1.97 billion, said a recent study.
The digital technologies have overtaken the more traditional print versions of late. Retailers, entertainment and leisure venues, corporate houses and other businesses are constantly monitoring their marketing and communication approaches to be conspicuous in such a crowded marketplace, said a statement, it said.
As a result, many organizations are taking maximum advantage of powerful signage as choice means of place-based mass communication. Digital signage can be a powerful tool for engaging customers for any business and LED is proving to be the preferred technology, it said.
The LED industry was worth $45-47 billion in 2016 as per reports and represents around 50 per cent of the total lighting industry, it added.
The digital signage industry is mostly catered to by the LED technology and the demand for high definition picture quality complimented with attractive design is driving the demand for displays market.
The market is very attractive and promising as LED’s find great utility for both indoor and outdoor signs. Digital printing will have an impact as a result of this, however, this is being replaced by a vibrant, attractive, economic variant which requires less maintenance. Retail market, especially will find LED technology a boon for its promotional requirements.
Customers tend to be more attentive and inquisitive thereby improving their awareness, loyalty and satisfaction. Factors which lead to a higher average purchase, repeat business and overall sales figures. Digital signage doesn’t just have applications in sales but also for internal communications within the organization.
Additional requirements of pursuing lighting energy conservation, LED lighting will have more opportunities of replacing conventional lighting, it said.
The global digital signage market is expected to grow from $19.61 billion in 2016 to $32.84 billion by 2023, at a CAGR of 7.4 per cent, said a statement.
Research shows that it can be upto four times as captive than static displays, thereby increasing the recall rate and the effectivity of brand awareness campaigns, it stated.