Global Outdoor LED Display Market 'To Hit $14bn by 2023'
The worldwide market for outdoor LED displays is set to balloon to $14 billion (£10.5 billion) by 2023.
A new report from Allied Market Research titled 'Outdoor LED Display Market By Type And Application: Global Opportunity Analysis And Industry Forecast 2017-2023' revealed that the global outdoor LED display market brought in $4 billion in 2016.
Growing at a compound annual growth rate of 21.7 per cent, this is set to rocket to $14 billion by 2023 with Asia-Pacific accounting for over 40 per cent of the share in the global market due to the proliferation of the region's electronic manufacturing and telecommunications industries.
Outdoor LED displays have been growing in popularity and evolving technologies to enable wireless control, as well as better brightness and picture quality is improving viewer experience.
The technology is popular for advertising, scoreboards at sports venues, as well as for making travel announcements at major hubs and ports for public transportation.
The technology is an effective marketing tool due to its ability to project engaging advertising and brand messages.
Vice-president of global marketing at NanoLumens Joe Lloyd said: "Content is the basis for the creation of a complete LED visualisation solution that achieves the highest levels of customer engagement ... There are naturally countless questions to be asked and answered regarding the presentation, development and production of that content."
As well as being utilised in large outdoor displays such as score boards and billboards, there is potential for the technology to become interactive in future, allowing customers to explore products further using interactive systems.