The global signage market should see a CAGR of 6.3% between 2022 and 2031, reaching $63.3 billion by 2031, according to a study by Future Market Insights.
The retail industry is witnessing structural changes along with the adoption of refined strategies that will have a direct impact on the demand for signages, according to the report.
A highly fragmented market and increasing competition for offline stores from e-commerce businesses have resulted in changes in conventional retail. This will create opportunities for the expansion of the signage market between 2021 and 2031.
Based on the study, there is also a high focus on outdoor signages as businesses seek to reach a wider audience. As per FMI, outdoor signages will account for over 60% of sales in the market in terms of products available. Meanwhile, rising demand from supermarkets and hypermarkets will continue supporting growth.
Key takeaways from the study include:
- Focus on outdoor digital advertising will drive the U.K. market at 2% year-over-year growth in 2021.
- Expansion of the retail sector will position India as a key market for signage sales within South Asia.
- China’s growing retail sector will propel it as a chief signage market within East Asia
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