GSK Malt-Based Brands Size: Source: Company Press Releases Annual Reports 6wresearch Analysis

GSK Malt-based brands size
Figure – 19: India Digital Signage Market Volume, By Screen Size,

Figure – 18: India GSK Malt-based brands Size (INR Billions)
2011 – 2019 (Units)
105,225
8.17
7.76
7.07
80,215
6.88
44,225
35,075
1.98
1.90
31,720
1.73
1.68
29,070
19,127
19,125
0.03
0.02
0.02
0.01
14,063
12,549
9,800
9,486
9,263
9,180
8,540
7,880
7,000
6,376
6,173
5,262
4,838
4,688
3,920
3,863
3,640
3,080
1,760
1,113
788
560
Quarter 1 Quarter 2 Quarter 3 Quarter 4
(Ending (Ending June) (Ending (Ending
March) September) December) 2011 2012 2013 2014E 2019F
Horlicks Boost Maltova <32" 32-40" 40-50" 50-60" 60-70" <70"
Figure – 20: India Digital Signage Market Volume, By Region, 2011 Figure – 21: India Digital Signage Market Volume, By Application,
– 2019 (Units) 2011 – 2019 (Units)
91,805
98,515
208,620
68,625
96,380
35,075
60,129
25,704
22,415
40,784
17,457
16,601
30,863
14,421
13,163
23,100
10,980
10,930
10,500
10,052
16,371
9,257
8,063
7,756
6,173
5,992
9,816
4,613
3,360
6,638
2,525
4,900
1,619
1,163
840
2011 2012 2013 2014E 2019F 2011 2012 2013 2014E 2019F
North East West South North East Indoor Outdoor
Source: Company Press Releases; Annual Reports; 6Wresearch Analysis
Copyright 2010. Reproduction is forbidden unless authorized. All rights reserved. 41

1.1 GSK – Brand Strategy
Brand Strategy
• Change in Pricing Method: The company is planning to be more rational on pricing. Rather than targeting ascertain proportion of
price increase ahead of India’s CPI inflation level, there appears to be a willingness to consider commodity basket inflation and then
decide the course of action in terms of pricing
•Inability to price well4 / 5 Horlicks old advertisementExperts say that pricing power has been slowly but steadily slipping out of the
hands of brands such as Horlicks owing to slowing category growth as well as competitive intensity from substitutes. Barring the last
two to three years, health food drinks such as Horlicks saw a price increase of 5-6 per cent per annum. This ensured that gross
margins were the highest in the industry for this category at over 65-66 per cent. This is now coming down. In case of GSK owned
Horlicks gross margins for the financial year 2017-18 stood at 66.8 per cent versus 67.5 per cent in the previous year (2016-17).
Analysts estimate this number could slip further as the company focuses on volume growth rather than price growth.
• New Markets:
•GCHL added ~243000 outlets in Q4FY16, taking its distribution reach to ~4.3 million outlets (both direct & indirect) from ~4 million
outlets in Q4FY15. GCHL has ~800000 outlets in its direct coverage & has presence across ~20000 villages. The company further
plans to double the indirect reach in coming quarters.
Copyright 2010. Reproduction is forbidden unless authorized. All rights reserved.

India Digital Signage System Market Forecast, By
Segments (2/6)
Figure – 22: India Digital Signage Market Revenue, By Technology, Figure – 23: India Digital Signage Market Revenue, By Screen Size,
2011 – 2019 ($ Million) 2011 – 2019 ($ Million)
129
141
132
94
96
79
86
69
52
42
41
33
37
30
29
27
26
25
22
23
23
19
18
18
13
15
15
15
13
13
11
9
8
7
5
4
4
3
3
2
2
2011 2012 2013 2014E 2011 2012 2013 2014E 2019F
LCD LED Plasma <32" 32-40" 40-50" 50-60" 60-70" <70"
Figure – 24: India Digital Signage Market Revenue, By Region, Figure – 25: India Digital Signage Market Revenue, By Application,
2011 – 2019 ($ Million) 2011 – 2019 ($ Million)
358
169
158
118
166
130
60
56
49
95
41
78
36
34
33
65
28
27
26
22
20
20
19
36
17
14
12
23
17
14
9
5
4
3
2
2011 2012 2013 2014E 2019F 2011 2012 2013 2014E 2019F
North East West South North East Indoor Outdoor
Source: Company Press Releases; Annual Reports; 6Wresearch Analysis

Segments (3/6)
Figure – 26: India Digital Signage System Market Volume Share, Figure – 27: India Digital Signage System Market Revenue Share,
By Technology (2013) By Technology (2013)
2% 3%
17% 18%
LCD LCD
50,600 $118
Units LED Million LED
Plasma Plasma
81% 79%
• As of year 2013 LCD technology dominates the display screen segment both by volume and value followed by LED and
plasma technologies
• The low cost of LCD than LED and plasma screens and high supply capabilities in LCD technology make them largest
segment among all the display technologies
• The use of LED screens is low due to high cost but their share is expected to grow during the forecast period due to
enhanced picture quality and lower power consumption
• Plasma screens comprise miniscule share in the market as they are expensive and consume more power than LCD or LED
screens

Segments (4/6)
By Screen Size (2013) By Screen Size (2013)
2% 12% 4% 9%
10% <32" <32"
16%
32-40" 32-40"
13%
50,600 40-50" $118 40-50"
Units Million 31%
50-60" 16% 50-60"
38%
60-70" 60-70"
25%
>70" >70"
24%
• 32 – 50” display screens comprise largest share in the India digital signage market due to their low cost, durability, affordability, and
suitability for installing in indoor applications such as retailer outlets
• With improving economies of production in large screens the 50 – 70” size segment is expected to grow at fast pace during the forecast
period
• The upcoming trend of video wall is likely to push sales of mid size screens in nearing future
• The cost of screen size rapidly increases with increase in display size which in-turn raises the total system cost, thus most of the users
opt for screen size below 50”
• Large screen sizes are suitable for airport information display and public displays, which are required in low volumes thus accounting for
low share in the market

Segments (5/6)
By Application (2013) By Application (2013)
19% 19%
50,600 Indoor $118 Indoor

Units Million
Outdoor Outdoor
81% 81%
• Indoor applications of digital signage systems comprise largest market in terms of volume and revenue as of 2013 due to
high growth in number of retail stores, private businesses, hospitals and other service businesses
• The top 8 largest supermarket chains in India run more than 1,800 outlets and apart from organized retail the country is
also witnessing growth in development of mid scale enterprise
• Event driven culture in India is supporting high growth potential in indoor application of digital signage systems
• Infrastructure improvement activities, upcoming sporting events, planning of new air ports are boosting growth in indoor
as well as outdoor segments of digital signage system market

Segments (6/6)
By Region (2013) By Region (2013)
3% 3%
22% 29% North 22% 28% North
East East
50,600 $118
Units West Million West
South South
12% 12%
North East North East
35% 35%
• Northern and Western region in India represent high volume markets for adoption of digital signage systems due to high
commercial activities and presence of corporate offices in the region
• Different levels of adoption across India due to varied number of retail stores, presence of modern infrastructure,
corporate offices, infrastructure projects, and awareness among users are the main reasons for scattered market potential
in India
• Some of the high potential cities in India are Mumbai, Delhi NCR, Chandigarh, Ahmadabad, Bangaluru, Chennai,
Hyderabad, Pune, and Others
• Location and number of sporting event venues, government institutions, corporate offices, and other private and
commercial businesses are the major driving forces behind regional adoption and utilization of digital signage systems

6 Market By Technology

Introduction (1/3)
By Technology 2011 – 2019 By Technology 2011 – 2019
2.4% 2.3% 2.2% 2.1% 1.5% 2.7% 2.6% 2.5% 2.4% 1.8%
9.4% 9.8%
13.4% 14.0%
17.3% 18.8% 18.2% 19.9%
32.6% 34.9%
88.2% 87.5%
84.3% 83.4%
80.5% 79.1% 79.3% 77.7%
65.9% 63.3%
2011 2012 2013 2014E 2019F 2011 2012 2013 2014E 2019F
LCD LED Plasma LCD LED Plasma
Source: Company Press Releases; Digital Signage Today; 6Wresearch Analysis

Introduction (2/3)
Table – 1: India Digital Signage System Market Volume, By

Technology, 2011 – 2019 (Units)
Technology 2011 2012 2013 2014 2019 CAGR% (2014-19)
LCD 24,696 31,613 40,733 60,512 200,995 27.1
LED 2,632 5,025 8,754 14,382 99,430 47.2
Plasma 672 863 1,113 1,607 4,575 23.3
Total 28,000 37,500 50,600 76,500 305,000 31.9
• As of 2013, LCD dominates the market with share of about 80.5% followed by LED with 17.3% and plasma by 2.2%. LCD
to remain largest segment by 2019 with its share expect to decline and reach 65.9%
• Better image quality and lower power consumption features make LED as moderate volume and high growth market. LED
segment is projected to gain market share and reach 32.6% by 2019
• Plasma screens due to their high cost and high power consumption are expected to remain the low volume and low growth
market by 2019

Introduction (3/3)
Table – 2: India Digital Signage System Market Revenue, By

Technology, 2011 – 2019 ($ Million)
Technology 2011 2012 2013 2014 2019 CAGR% (2014-19)
LCD 69 79 94 129 332 20.8
LED 8 13 22 33 183 40.9
Plasma 2 2 3 4 9 18.4
Total 78 95 118 166 524 25.9
• As of 2013, LCD dominates the market with share of about 80.5% followed by LED with 17.3% and plasma by 2.2%. LCD
to remain largest segment by 2019 with its share expect to decline and reach 65.9%
• Better image quality and lower power consumption features make LED as moderate volume and high growth market. LED
segment is projected to gain market share and reach 32.6% by 2019
• Plasma screens due to their high cost and high power consumption are expected to remain the low volume and low growth
market by 2019

LCD Technology
Figure – 36: India LCD Digital Signage System Market Volume, Figure – 37: India LCD Digital Signage System Market Revenue,
2011 – 2019 (Units) 2011 – 2019 ($ Million)
27.1% CAGR 20.8% CAGR 332

(2014 – 2019) 200,995 (2014 – 2019)
129
60,512 94
69 79
40,733
24,696 31,613
2011 2012 2013 2014E 2019F 2011 2012 2013 2014E 2019F
• LCD screen segment volume is estimated to increase about 2.5 times from 2011 to 2014 and is projected to grow at
volume CAGR of 27.1% in nearing future due to high competition from other competing segments
• The gradual shift of small and medium scale businesses towards digital signage systems due to affordability is expected to
drive utilization of LCD screens, most of the retail businesses are skeptical towards heavy spending on advertisement and
the space utilization factor also inhibits them from investing into large format signage systems
• Small LCD screens lead the pack in terms of cost saving and are usually preferred by private businesses, corporate, and
retailers
• Declining price trend and decreasing penetration of LCD in digital signage system is slowing down the pace of revenue
growth in LCD display technology

LED Technology
Figure – 38: India LED Digital Signage System Market Volume, Figure – 39: India LED Digital Signage System Market Revenue,
2011 – 2019 (Units) 2011 – 2019 ($ Million)
47.2% CAGR 40.9% CAGR 183

(2014 – 2019) 99,430 (2014 – 2019)
33
14,382 22
5,025 8,754 13
2,632 8
2011 2012 2013 2014E 2019F 2011 2012 2013 2014E 2019F
• LED display screens achieved tremendous growth during the past three years and are estimated to register about five fold
increase by 2014 from 2011
• Despite of being expensive than LCD screens high growth in LED displays is mainly due to their benefits of power saving
and improved quality of display
• LED screens are also thinner than LCD screens thus provide better aesthetics and easy installation compatibility
• The improving economics of production and growing demand for LED displays is leading to declining pricing trend for LED
displays, thus resulting in relatively low growth in revenue earnings

Plasma Technology
Figure – 40: India Plasma Digital Signage System Market Volume, Figure – 41: India Plasma Digital Signage System Market Revenue,
2011 – 2019 (Units) 2011 – 2019 ($ Million)
23.3% CAGR 4,575 18.4% CAGR 9

(2014 – 2019) (2014 – 2019)
4
1,607 3
1,113 2
2
863
672
2011 2012 2013 2014E 2019F 2011 2012 2013 2014E 2019F
• Plasma display screens are estimated to register about 2.4 fold increase in installations in 2014 from 2011 but their
growth is expected to slow down in nearing future due to their high cost and more power consumption
• Plasma screens are suitable for large screen displays but have relatively less life span than the other competing
technologies
• The quality of images or views varies as per elevation and altitudes which require sophisticated mounting accessories
• Plasma screen display looks fine in dark or cloudy environment, thus are mostly employed in outdoor application thus
leading to low market share

7 Market By Screen Size

Introduction (1/3)
By Screen Size 2011 – 2019 By Screen Size 2011 – 2019
2.0% 2.1% 2.2% 2.3% 2.8% 3.5% 3.7% 3.9% 4.1% 5.2%
11.0% 10.3% 10.4% 10.3% 10.4%
16.2% 15.4% 15.5% 15.6% 16.3%
14.0% 12.5% 12.6% 12.4%

14.5%
16.9% 15.2% 15.5% 15.4%

18.3%
24.7% 24.8% 25.0%

25.0% 26.3%
24.3% 24.4% 24.6%
24.3%
25.2%
35.0% 37.5% 37.8% 38.0%

34.5%
29.2% 31.5% 31.5% 31.4%
27.0%
13.0% 12.9% 12.2% 12.0% 11.5% 9.9%

9.9% 9.2% 9.0% 8.0%
2011 2012 2013 2014 2019 2011 2012 2013 2014E 2019F
<32" 32-40" 40-50" 50-60" 60-70" >70" <32" 32-40" 40-50" 50-60" 60-70" >70"

Introduction (2/3)
Table – 3: India Digital Signage System Market Volume, By Screen

Size, 2011 – 2019 (Units)
Screen Size 2011 2012 2013 2014 2019 CAGR% (2014-19)
<32" 3,640 4,838 6,173 9,180 35,075 30.7
32-40" 9,800 14,063 19,127 29,070 105,225 29.3
40-50" 7,000 9,263 12,549 19,125 80,215 33.2
50-60" 3,920 4,688 6,376 9,486 44,225 36.1
60-70" 3,080 3,863 5,262 7,880 31,720 32.1
>70" 560 788 1,113 1,760 8,540 37.2
Total 28,000 37,500 50,600 76,500 305,000 31.9
• As of 2013, 32-40” screen size lead the volume share by 37.8% followed by 40 -50” (24.8), 50 – 60” (12.6), <32” (12%),
60 -70” (10.4%), and >70” (2.2%)
• High growth in indoor applications such as retail stores and medium scale service enterprises are mainly driving growth in
32 -50” display size segment
• Large screen (70” & above) are expected to grow at high rate due to their increasing use in events such as fashion shows,
product launch events, auto-expo and others
• Small screen (<32”) are also expected to grow at high rate due to their suitability for use in restaurants, clinics, gaming
parlors, ticketing counters, and wellness centers

Introduction (3/3)

Screen Size, 2011 – 2019 ($ Million)
Screen Size 2011 2012 2013 2014 2019 CAGR% (2014-19)
<32" 8 9 11 15 42 23.1
32-40" 23 30 37 52 141 22.2
40-50" 19 23 29 41 132 26.5
50-60" 13 15 18 25 96 30.3
60-70" 13 15 18 26 86 27.1
>70" 3 4 5 7 27 32.1
Total 78 95 118 166 524 25.9
• As of 2013,32-40” screen size lead the volume share by 31.5% followed by 40-50” (24.9%), 50 – 60” & 60 -70” (15.5%),
<32” (9.2%), and >70” (3.9%),
• The cost of digital signage system depends upon the technology of display and size of screens, the cost significantly
increases with the screen size and LED or plasma technology
• High price of larger digital signage systems and their increasing utilization is leading to high growth in revenue earnings in
this segment

<32” Screen Size
Figure – 44: India <32” Screen Digital Signage System Market Figure – 45: India <32” Screen Digital Signage System Market
Volume, 2011 – 2019 (Units) Revenue, 2011 – 2019 ($ Million)
30.7% CAGR 23.1% CAGR 42

35,075
(2014 – 2019) (2014 – 2019)
15
9,180 9 11
6,173 8
3,640 4,838
2011 2012 2013 2014E 2019F 2011 2012 2013 2014E 2019F
• 32” or lesser display size digital signage systems are estimated to register about 2.5 times increase in their market volume
in 2014 from 2011 due to their growing use in restaurants or ticketing counters
• Smaller display sizes are cheaper among the available lot and are therefore suitable for small retailers who do not have
much budget for marketing or promotional campaigns
• These screens are largely suitable for displaying small bundles of information, such screens can be found on railway
platforms, busses, small retailers and others
• Declining average display screen prices is leading to relatively slow growth in revenue earnings in this segment
• These screen sizes are much likely to preferred by supermarket or retail chains who have multiple outlets

32 - 40” Screen Size
Figure – 46: India 32 - 40” Screen Digital Signage System Market Figure – 47: India 32 - 40” Screen Digital Signage System Market
29.3% CAGR 22.2% CAGR

105,225 141
(2014 – 2019) (2014 – 2019)
52
29,070 37
19,127 30
14,063 23
9,800
2011 2012 2013 2014E 2019F 2011 2012 2013 2014E 2019F
• 32 -40” display screens are estimated to register about 3 times volume growth in 2014 from 2011 and are further
projected to grow by 29.3% during the forecast period
• These displays are costlier than the smaller displays and are used widely across retail stores, institutions, and other
businesses due to improved visual display qualities
• These displays constitute high volume segment of the market due to high awareness and suitability for use in small to mid
size retail or service institutions
• Revenue growth is estimated to approximately double in 2014 from 2011 and further its growth is projected to slow down
due to declining price trend

33.2% CAGR 26.5% CAGR 132

80,215
(2014 – 2019) (2014 – 2019)
41
19,125 29
12,549 19 23
7,000 9,263
2011 2012 2013 2014E 2019F 2011 2012 2013 2014E 2019F
• 40-50” display screens are estimated to register about 2.7 times volume growth in 2014 from 2011 and are further
projected to grow by 33.2% during the forecast period
• Revenue during the same period is estimated to increase about two fold and is projected to grow at 26.5% CAGR during
the forecast period
• Enhanced and improved quality of visual display and suitable price range for most of the businesses is driving growth in
this segment

36.1% CAGR 30.3% CAGR

44,225
(2014 – 2019) (2014 – 2019)
96
9,486 25
6,376 15 18
3,920 4,688 13
2011 2012 2013 2014E 2019F 2011 2012 2013 2014E 2019F
• 50 -60” screen size market is estimated to grow about 2.4 times in 2014 from 2011 and further projected to grow by
36.1% during the forecast period
• Revenue during the same period is estimated to increase almost about 2 times during the same period and is further
projected to grow by 30.3% for the same period
• Declining prices of larger display screens is enticing consumers to gradually move towards large format digital signage
systems

32.1% CAGR 27.1% CAGR 86

31,720
(2014 – 2019) (2014 – 2019)
26
7,880 18
5,262 13 15
3,080 3,863
2011 2012 2013 2014E 2019F 2011 2012 2013 2014E 2019F
• 60 -70” screen size market is estimated to grow about 2.6 times in 2014 from 2011 and further projected to grow by
• Revenue during the same period is estimated to increase about 2 times during the same period and is further projected to
grow by 27.1% for the same period
• Large format digital signage systems are being widely used in educational institutes, public gathering places, and
industries for content projection and real time display of information

70” & Above Screen Size
Figure – 54: India 70” & Above Screen Digital Signage System Figure – 55: India 70” & Above Screen Digital Signage System
Market Volume, 2011 – 2019 (Units) Market Revenue, 2011 – 2019 ($ Million)
37.2% CAGR 8,540 32.1% CAGR 27

(2014 – 2019) (2014 – 2019)
1,760 7
1,113 5
788 3 4
560
2011 2012 2013 2014E 2019F 2011 2012 2013 2014E 2019F
• 70” & above screen size market is estimated to grow about 3 times in 2014 from 2011 and further projected to grow by
• The upcoming trends of video wall and installations of wide screens over highways, automobile expo, exhibition and fairs,
fashion shows, defense and police control rooms are driving high growth in this segment

8 Market By Application

Introduction (1/3)
By Application 2011 – 2019 By Application 2011 – 2019
17.5% 17.7% 19.4% 17.5% 17.7% 19.4%

21.4% 21.4%
31.6% 31.6%
82.5% 82.3% 80.6% 82.5% 82.3% 80.6%

78.6% 78.6%
68.4% 68.4%
2011 2012 2013 2014 2019 2011 2012 2013 2014E 2019F
Indoor Outdoor Indoor Outdoor

Introduction (2/3)
Table – 5: India Digital Signage System Market Volume, By

Application, 2011 – 2019 (Units)
Application 2011 2012 2013 2014 2019 CAGR% (2014-19)
Indoor 23,100 30,863 40,784 60,129 208,620 28.2
Outdoor 4,900 6,638 9,816 16,371 96,380 42.6
Total 28,000 37,500 50,600 76,500 305,000 31.9
• As of year 2013, indoor application leads the market share by 80.4% and outdoor application follows by 19.6%, by the
year 2019 the share of indoor applications is projected to decline and reach 68.4%
• Advancements in display technologies, video wall, adoption of small screens across retail stores and its utilization in way
finding and information display end use is driving growth in indoor application
• Enhancing infrastructure conditions, organization of domestic sporting events at regular intervals, and growing awareness
towards effective communication with mass audience is driving growth in outdoor application

Introduction (3/3)

Application, 2011 – 2019 ($ Million)
Application 2011 2012 2013 2014 2019 CAGR% (2014-19)
Indoor 65 78 95 130 358 22.4
Outdoor 14 17 23 36 166 35.7
Total 78 95 118 166 524 25.8
• Revenue share of application is similar to that of volume share as weighted average prices of systems by size and
technology have been used to arrive at revenue estimations
• Outdoor screens are typically expensive as they preferably utilize plasma display which is costlier than the other available
technologies
• Declining price trend in display screens is leading to falling prices of systems hence the revenue earnings are projected to
grow at relatively lower pace for both the applications

Indoor Application
Figure – 58: Indoor Digital Signage System Market Volume, 2011 – Figure – 59: India Indoor Digital Signage System Market Revenue,
2019 (Units) 2011 – 2019 ($ Million)
28.2% CAGR 22.4% CAGR 358

(2014 – 2019) 208,620 (2014 – 2019)
130
60,129 95
40,784 78
65
23,100 30,863
2011 2012 2013 2014E 2019F 2011 2012 2013 2014E 2019F
• Indoor application market is estimated to grow about 2.6 times in 2014 from 2011 and further projected to grow by
• High growth in retail outlets, commercial businesses, travel and tourism business, installation of screens in public
transport busses, and advertising agencies is leading to high growth in indoor application market

Outdoor Application
Figure – 60: India Outdoor Screen Digital Signage System Market Figure – 61: India Outdoor Screen Digital Signage System Market
42.6% CAGR 35.7% CAGR 166

(2014 – 2019) 96,380 (2014 – 2019)
36
16,371 23
9,816 14 17
4,900 6,638
2011 2012 2013 2014E 2019F 2011 2012 2013 2014E 2019F
• Outdoor application market is estimated to grow about 3.3 times in 2014 from 2011 and further projected to grow by
• Revenue during the same period is estimated to increase about 2.5 times during the same period and is further projected
to grow by 35.7% for the same period
• Increasing installation of digital screens over highways, government institutions, and stadiums are leading to high growth
in outdoor digital application market

9 Market By Region

Introduction (1/3)
By Region 2011 – 2019 By Region 2011 – 2019
2.0% 2.1% 2.2% 2.3% 2.8% 3.5% 3.7% 3.9% 4.1% 5.2%
11.0% 10.3% 10.4% 10.3% 10.4%
16.2% 15.4% 15.5% 15.6% 16.3%
14.0% 12.5% 12.6% 12.4%

14.5%
16.9% 15.2% 15.5% 15.4%

18.3%
24.7% 24.8% 25.0%

25.0% 26.3%
24.3% 24.4% 24.6%
24.3%
25.2%
35.0% 37.5% 37.8% 38.0%

34.5%
29.2% 31.5% 31.5% 31.4%
27.0%
13.0% 12.9% 12.2% 12.0% 11.5% 9.9%

9.9% 9.2% 9.0% 8.0%
2011 2012 2013 2014 2019 2011 2012 2013 2014E 2019F
<32" 32-40" 40-50" 50-60" 60-70" >70" <32" 32-40" 40-50" 50-60" 60-70" >70"

Introduction (2/3)
Table – 7: India Digital Signage System Market Volume, By Region,

2011 – 2019 (Units)
Region 2011 2012 2013 2014 2019 CAGR% (2014-19)
North 7,756 10,500 14,421 22,415 91,805 32.6
East 3,360 4,613 6,173 9,257 35,075 30.5
West 10,052 13,163 17,457 25,704 98,515 30.8
South 5,992 8,063 10,930 16,601 68,625 32.8
North East 840 1,163 1,619 2,525 10,980 34.2
Total 28,000 37,500 50,600 76,500 305,000 31.9
• As of year 2013 Western region leads the market with share of 37.8% followed by North (%), South (%), East (%), and
North East (%). Western region is projected to be the largest market until end of forecast period due to high economic
activities, industrialization, and urbanization
• Infrastructure investment in India especially in shopping malls, amusement parks, transportation, and tourism sector is
majorly driving growth in adoption of digital signage systems
• The regions showing high potential in terms of high growth rate include North East, South, and North due to increasing
penetration of organized retail, upcoming infrastructure projects, flourishing private businesses

Introduction (3/3)

Region, 2011 – 2019 ($ Million)
Region 2011 2012 2013 2014 2019 CAGR% (2014-19)
North 22 27 34 49 158 26.6
East 9 12 14 20 60 24.6
West 28 33 41 56 169 24.9
South 17 20 26 36 118 26.8
North East 2 3 4 5 19 28.1
Total 78 95 118 166 524 25.9
• Revenue share of region is similar to that of volume share as weighted average prices of systems by size and technology
have been used to arrive at revenue estimations
• The different levels of penetration of commercial, government, and private businesses across various sectors are the
major reason for different market conditions across India
• The gradual shift of awareness regarding utilization of digital signage systems for advertising and promotion from urban to
rural markets are expected to drive growth in Indian digital signage systems market

North India
Figure – 64: North India Digital Signage System Market Volume, Figure – 65: North India Digital Signage System Market Revenue,
2011 – 2019 (Units) 2011 – 2019 ($ Million)
32.6% CAGR 91,805 26.6% CAGR

158
(2014 – 2019) (2014 – 2019)
49
22,415
34
14,421 22 27
7,756 10,500
2011 2012 2013 2014E 2019F 2011 2012 2013 2014E 2019F
• North India digital signage system market is estimated to increase about 3 times in 2014 from 2011 and is further
projected to grow at CAGR of 32.6%
• Revenue earnings in the same region is estimated to increase about 2.3 times in 2014 from 2011 and is further projected
to grow at CAGR of 26.6%
• Location of government institutions, corporate, industries, and tourist attractions are expected to drive growth in
installations of digital signage systems in the region
• The major cities offering potential growth in the region include Delhi NCR, Chandigarh, Ludhiana, Dehradun, Lucknow, and
others
• The States in the region include Uttar Pradesh, Uttarakhand, Rajasthan, Delhi NCR, Haryana, Punjab, Jammu & Kashmir, &
Himachal Pradesh

East India
Figure – 66:East India Digital Signage System Market Volume, Figure – 67: East India Digital Signage System Market Revenue,
2011 – 2019 (Units) 2011 – 2019 ($ Million)
30.5% CAGR 24.6% CAGR

35,075 60
(2014 – 2019) (2014 – 2019)
20
9,257 14
6,173 9 12
3,360 4,613
2011 2012 2013 2014E 2019F 2011 2012 2013 2014E 2019F
• East India digital signage system market is estimated to increase about 2.8 times in 2014 from 2011 and is further
• High concentration of rural population and lesser penetration of organized retail in this region is the main reason behind
low volume share of the region
• The region includes states such as West Bengal, Assam, Chhattisgarh, Orissa, Jharkhand, Bihar
• Travel and tourism is the major driver for installation of digital signage systems in the region

West India
Figure – 68: West India Digital Signage System Market Volume, Figure – 69: West India Digital Signage System Market Revenue,
2011 – 2019 (Units) 2011 – 2019 ($ Million)
30.8% CAGR 24.9% CAGR 169

(2014 – 2019) 98,515 (2014 – 2019)
56
25,704 41
28 33
17,457
10,052 13,163
2011 2012 2013 2014E 2019F 2011 2012 2013 2014E 2019F
• West India digital signage system market is estimated to increase about 2.5 times in 2014 from 2011 and is further
• Revenue earnings in the same region is estimated to increase about 2 times in 2014 from 2011 and is further projected to
grow at CAGR of 24.9%
• High concentration of urban population, developing organized retail market, high concentration of corporate and
educational institutes in this region is the main reason behind high volume share of the region
• The region includes states such as Maharashtra, Gujarat, Goa, Madhya Pradesh
• Major cities offering potential growth in the region are Mumbai, Pune, Ahemdabad, Indore, Goa, and others

South India
Figure – 70: South India Digital Signage System Market Volume, Figure – 71: South India Digital Signage System Market Revenue,
2011 – 2019 (Units) 2011 – 2019 ($ Million)
32.8% CAGR 26.8% CAGR

(2014 – 2019) 68,625 (2014 – 2019) 118
36
16,601 26
10,930 17 20
5,992 8,063
2011 2012 2013 2014E 2019F 2011 2012 2013 2014E 2019F
• West India digital signage system market is estimated to increase about 2.8 times in 2014 from 2011 and is further
• High concentration of urban population, developing organized retail market, and concentration of corporate in this region
is the main reason behind high volume share of the region
• The region includes states such as Andhra Pradesh, Tamil Nadu, Karnataka, Kerala
• Major cities offering potential growth in the region are Bangaluru, Mysore, Chennai, Trivendrum, and Others

North East India
Figure – 72: North East India Digital Signage System Market Figure – 73: North East India Digital Signage System Market
34.2% CAGR 10,980 28.1% CAGR 19

(2014 – 2019) (2014 – 2019)
5
2,525 4
1,619 2 3
840 1,163
2011 2012 2013 2014E 2019F 2011 2012 2013 2014E 2019F
• North East India digital signage system market is estimated to increase about 3.1 times in 2014 from 2011 and is further
• Less developed retail market, frugal presence of corporate, and sporting venues lead to low volume share of the region
• The region includes states such as Meghalaya, Tripura, Arunachal Pradesh, Manipur, Mizoram, Nagaland, Sikkim
• Major cities offering potential growth in the region are Imphal, Dispur, and Others

10 Market By Component

Introduction

Component, 2011 – 2019 ($ Million)
Component 2011 2012 2013 2014 2019 CAGR% (2014-19)
Display 27 33 42 62 234 30.3
Media Player 22 26 31 42 114 21.9
Software 29 36 44 62 176 23.4
Total 78 95 118 166 524 25.8
Figure – 74: India Digital Signage System Market Revenue Share,

By Component (2013)
• As of 2013 share of software in the market is

more than display screens as most of the market
is dominated by small screen segment in which
37% 36% Display cost of screen is lesser than software
$118
Million Media Player • By 2019 the use of expensive LED screens and
Software large format displays is expected to grow thus
increasing the share of display screens in the
27%
total system as cost of software remains same for
all formats of display

Market By Component
Figure – 75: India Display Screen For Digital Signage System

Market, 2011 – 2019 ($ Million)
30.3% CAGR • The major components in the digital signage

234
(2014 – 2019)
system are display, media players, and
62 software.
27 33 42
• The others include service component such as
2011 2012 2013 2014E 2019F installation, integration, technical support, and
content design and development which vary as
Figure – 76: India Media Player For Digital Signage System Market, per providers
2011 – 2019 ($ Million)
• Number of media players depend upon number
21.9% CAGR
114 of screens and intended content to display
(2014 – 2019)
• For different content on different screens
31 42
22 26 dedicated media players are required and for
same content on all the screens only one media
2011 2012 2013 2014E 2019F
player is required
Figure – 77: India Software For Digital Signage System Market, • With growing use of large format displays and
2011 – 2019 ($ Million) LED technology triggers the system cost
23.4% CAGR 176 significantly whereas the software cost

(2014 – 2019) moreover remains same
62 • For small format displays the cost of software is
29 36 44
more and on the flipside for large format
2011 2012 2013 2014E 2019F displays the cost of screens is more
Source: Company Press Releases; Digital Signage Today; Wirespring; 6Wresearch Analysis

11 Market Outlook

Outlook
Market Outlook
• India represent one among the fastest growing economies in the world and as per media reports in 2013 India ranked 14 in
in retail development index among prominent developing countries way ahead of the countries such as Russia, Mexico, and
Saudi Arabia
• Growing public events such as concerts and auto shows, high profile weddings, corporate events, new metro rail projects
(Hyderabad, Vizag), up gradation of 35 non-metro airports, and other infrastructure projects are expected to drive growth in
the market
• India is on the growth stage of digital signage system market and there are few players providing end to end solution; the
market is open for competition and new market entrants
• Some of the players in Indian Market include Solutions India Systems Pvt. Ltd., Budget Signs, Intellicon, BH Enterprizes,
Truknox Technologies, Enkay Technologies, and others

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Figure – 19: India Digital Signage Market Volume, By Screen Size,

Horlicks Boost Maltova <32" 32-40" 40-50" 50-60" 60-70" <70"

North East West South North East Indoor Outdoor

Source: Company Press Releases; Annual Reports; 6Wresearch Analysis

Copyright 2010. Reproduction is forbidden unless authorized. All rights reserved. 41

Copyright 2010. Reproduction is forbidden unless authorized. All rights reserved.

2011 2012 2013 2014E 2011 2012 2013 2014E 2019F

LCD LED Plasma <32" 32-40" 40-50" 50-60" 60-70" <70"

North East West South North East Indoor Outdoor

Source: Company Press Releases; Annual Reports; 6Wresearch Analysis

Copyright 2010. Reproduction is forbidden unless authorized. All rights reserved. 42

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50,600 Indoor $118 Indoor

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LCD LED Plasma LCD LED Plasma

Source: Company Press Releases; Digital Signage Today; 6Wresearch Analysis

Copyright 2010. Reproduction is forbidden unless authorized. All rights reserved. 48

Table – 1: India Digital Signage System Market Volume, By

Technology 2011 2012 2013 2014 2019 CAGR% (2014-19)

LCD 24,696 31,613 40,733 60,512 200,995 27.1

LED 2,632 5,025 8,754 14,382 99,430 47.2

Plasma 672 863 1,113 1,607 4,575 23.3

Total 28,000 37,500 50,600 76,500 305,000 31.9

Copyright 2010. Reproduction is forbidden unless authorized. All rights reserved. 49

Table – 2: India Digital Signage System Market Revenue, By

Technology 2011 2012 2013 2014 2019 CAGR% (2014-19)

LCD 69 79 94 129 332 20.8

LED 8 13 22 33 183 40.9

Total 78 95 118 166 524 25.9

Copyright 2010. Reproduction is forbidden unless authorized. All rights reserved. 50

27.1% CAGR 20.8% CAGR 332

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47.2% CAGR 40.9% CAGR 183

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23.3% CAGR 4,575 18.4% CAGR 9

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14.0% 12.5% 12.6% 12.4%

16.9% 15.2% 15.5% 15.4%

24.7% 24.8% 25.0%

35.0% 37.5% 37.8% 38.0%

13.0% 12.9% 12.2% 12.0% 11.5% 9.9%

Source: Company Press Releases; Digital Signage Today; 6Wresearch Analysis

Copyright 2010. Reproduction is forbidden unless authorized. All rights reserved. 55

Table – 3: India Digital Signage System Market Volume, By Screen

Screen Size 2011 2012 2013 2014 2019 CAGR% (2014-19)

<32" 3,640 4,838 6,173 9,180 35,075 30.7

32-40" 9,800 14,063 19,127 29,070 105,225 29.3

40-50" 7,000 9,263 12,549 19,125 80,215 33.2

50-60" 3,920 4,688 6,376 9,486 44,225 36.1

60-70" 3,080 3,863 5,262 7,880 31,720 32.1

>70" 560 788 1,113 1,760 8,540 37.2

Total 28,000 37,500 50,600 76,500 305,000 31.9

Copyright 2010. Reproduction is forbidden unless authorized. All rights reserved. 56