Digital signage is a brand-new media concept. It refers to a multimedia professional that publishes business, financial and entertainment information through large-screen terminal display devices in large shopping malls, supermarkets, hotel lobbies, restaurants, cinemas and other public places. Audiovisual system. Its purpose is to broadcast advertising information to a specific group of people in a specific physical place and a specific time period, so that it can obtain the effect of advertising. In foreign countries, some people put it alongside paper media, radio, television, and the Internet, and call it the fifth media.
Digital signs can communicate multiple messages in the same compact space using static or motion graphics, with or without sound. At present, whether it is in Quick Serve Restaurant, 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. Add new items, remove nonperforming ones, and rotate menus throughout the day or season to maximize the reality. Digital menu boards provide POS messaging on menu choices and special promotions, updated instantly according to the time of day or season and have a proven record of increased sales and per person turnover. 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.
Development Status of Global Hospitality Digital Signage (Digital Menu Board) Industry
North America was the largest revenue market with a market share of 33.59% in 2015 and 31.34% in 2019, a decrease of 2.25%. In recent years, demand in the Asia-Pacific region has gradually increased and surpassed North America to become the main consumer market. The industry concentrate rate is high. The top three companies are Samsung, LG Electronics, NEC Corporation with the revenue market share of 32.75%, 8.67%, 6.20% in 2019.
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Affected by COVID-19, the global catering service industry will be hit hard in 2020. Although demand from downstream has always existed, the demand for products in the catering service industry is bound to decrease in the short term. The market value of the global digital menu signage industry in 2020 was 2372.46 M USD, a year-on-year decrease of 6.93%. This is mainly due to the catering industry in various places has stopped for a long time, and consumers have also consciously avoided eating in offline stores where crowds are gathered to effective prevention and control of the epidemic. The demand for dining still exists, but the passenger flow of the catering industry has been greatly reduced, and the reduction in demand from downstream industries has a greater impact on the digital signage industry.
Development Trends of Global Hospitality Digital Signage (Digital Menu Board) Industry
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.
China, India and other population universities have 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, Digital Menu Board is in strong demand in developing countries such as China, driving the market growth.
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.
According to our research, the Global Hospitality Digital Signage (Digital Menu Board) market has a total revenue of 1893.48 M USD back in 2015, and increased to 2549.15 M USD in 2019. We made a series of functional calculation and deduced the past 5 year’s data with scientific model. Finally, we made the prediction that the value of Hospitality Digital Signage (Digital Menu Board) markets can be 3225.39 M USD by 2025. The CAGR of Hospitality Digital Signage (Digital Menu Board) is 6.34% from 2019 to 2025.
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