Samsung, LG Electronics compete in signage market
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[Courtesy of Samsung Electronics]
South Korea’s two largest electronics manufacturers are continuing a fierce competition in the signage market.
Signage are visual graphics displayed in public and commercial spaces to convey ads as well as visual information. The domain is expected to see rapid growth as it has been used with other digital technology, including virtual and augmented reality, to bring the content to life.
Market research firm Precedent Research found on Sunday that the digital signage market is expected to grow to 57 trillion won ($42.5 billion) by 2030 from 20.4 billion won in 2020.
Samsung Electronics Co. and LG Electronics Inc. are the top two global players in this market, and industry experts said signage will be the duo’s next growth engine.
“Excepting Samsung Electronics and LG Electronics, other operators’ market share is negligible,” according to a source familiar with the industry, suggesting that the two companies are poised to capitalize on the market’s growth.
For Samsung and LG, signage represents an opportunity to diversify their portfolios beyond their traditional focus on business-to-consumer (B2C) operations. As demand for consumer electronics experiences a slower recovery than expected, the business-to-business (B2B) segment, particularly in signage, is considered a potential breakthrough.
Samsung Electronics has the largest market share at 31.1 percent, according to market research firm Omdia. The company, which started its signage business in 2009, emphasizes that signage is no longer solely an advertising display but has evolved into a versatile platform that is used in education, sports, and the arts.
Samsung’s advanced operating software, MagicINFO, has given rise to the next-generation signage operating platform, Samsung VXT, which is cloud-based and focuses on signage as a hyper-connected solution.
LG Electronics is in second place with an 11.9 percent share as of 2022 and aims to narrow the gap with frontrunner Samsung Electronics. According to officials from LG Electronics, its organic light-emitting diode (OLED) technology has been equipped with signage to provide outstanding technology that eliminates installation space limitations and enhances marketing effects.
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]
