The global electronic digital signage market is expected to grow by 62 percent by 2022, according to a new report by the UK-based analytics firm Research and Markets.

The company, which performs research across a variety of industries around the world, says the value of the global digital signage market was $16.88 billion in 2015, and projects a compound annual growth rate of nearly 7 percent in the next six years, resulting in the market being valued at more than $27 billion by 2022.

The report says the digital signage market is driven by factors such as the growth of commercial displays over consumer displays in digital signage, and cost effectiveness and assured return on investment.

“In addition, the rising demand of OLED(organic light-emitting diode)-based displays and improvements in technology offerings and infrastructure expansions across the globe is driving the demand for digital signage systems,” says an executive summary of the report.

Geographically, North America is estimated to hold the largest share of the digital signage market in 2015, whereas the Asian-Pacific region is expected to register the highest compound annual growth rate through 2022.